IRDA

Directions by the Insurance Regulator on Genetic Disorders

Corporate Law - IRDAI has directed all the insurance Companies for not including 'Genetic Disorders' as one of the exclusions in the health insurance policies...

FAQ’s on Insurance Ombudsman Rules 2017

Corporate Law - Any person including a sole proprietor, micro entrepreneur, members covered in a group insurance policy who has a grievance against an insurer may by himself or through his legal heirs, nominee or assignee or employer as the case may be can approach an Insurance Ombudsman for Redressal of any grievance arising out of an insurance policy b...

Why a personal accident insurance policy is the first insurance that you should buy?

Corporate Law - Chances are high that you might have already bought term and health insurance policies and now you are happy that you have properly protected yourself. But before you put your insurance planning on a back seat, it is necessary to find out the gap in your insurance portfolio....

Convergence to IFRS (Ind AS) – Indian Insurance scene

Corporate Law - Insurers are supposed to adopt (Ind AS) as per above timelines though they would have been sending proforma (Ind AS) financial standards to IRDA from the quarter ended December 31, 2016 onwards. ...

Analysis of Stewardship Code for Insurers in India

Corporate Law - IRDA in its exposure draft has defined 7 Principles of Stewardship which an insurance company as an institutional investor will be required to adopt. Intention of Stewardship Code is to strengthen role of insurers as stewards on behalf of policyholders....

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Constitution of Central Database of Licensed Insurance sales persons in India (ENVOY) at IIB – Phase II

Corporate Law - The Insurance Regulator, IRDA of India has come out with another circular in furtherance to its previous Circular No. IRDAI/INT/CIR/CDB/19708/2017 dated 24.8.2017 which laid down the road map for the constitution of a Central Database of all the Licensed Insurance Sales Persons in India at Insurance Information Bureau of India (IIB), wher...

Exposure Draft on repealing of IRDA (Standard Proposal form for Life Insurance ) Regulations 2013

Corporate Law - Presently life insurers file proposal forms with IRDAI and reviewed under the File and Use procedure at the time of product clearance. The proposal forms are customized by Life Insurers for the specific products and there is no useful purpose served by mandating a uniform proposal form format for all companies and products....

Exposure Draft Guidelines for Independent Assessment of Statutory Actuarial Valuation

Corporate Law - The insurers carrying out Life, General and Health insurance business need to value their insurance business liability every year by Appointed Actuary of the insurer. This is also applicable to the Reinsurers operating reinsurance business. As per the existing Assets, Liabilities and Solvency Margin Regulations the Appointed Actuaries of ...

Second Amendment to IRDAI’s (Payment of commission, remuneration or reward to insurance agent or insurance intermediaries) Regulations, 2016

Corporate Law - Attention is drawn to IRDAI’s (Payment of commission, remuneration or reward to insurance agent or insurance intermediaries) Regulations, 2016 notified on 14th December, 2016 in the official gazette....

Unclaimed Deposits in Banks and Insurance Companies

Corporate Law - (i) All insurers are required to display the information about any unclaimed amount above Rupees 1000/- of Policyholders in their respective web-site. (ii) A facility shall be given in the web-site of the insurer to enable Policyholders / or its dependents to find out whether any unclaimed amounts due to them are lying with the insurer....

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Every claim made against an insurance company in respect of a loss, would be a claim within purview of claims “requiring to be paid or settled” under section 64UM(2) of Insurance Act

New India Assurance Co. Ltd. Vs. Union of India (Delhi High Court) - Every claim made against an insurance company in respect of a loss, would be a claim within purview of claims “requiring to be paid or settled” under section 64UM(2) of Insurance Act....

Insurance company liable to pay compensation till vehicle owner’s name is in register

Pushpa @ Leela & Ors. Vs Shakuntala & Ors. (Supreme Court of India) - The Supreme Court held recently held in the case of Pushpa @ Leela & Ors. Versus Shakuntala & Ors that the insurance company will be liable to pay compensation for road accident death even if the owner had sold the vehicle so long as his name is the official register. The previous owner m...

Recent Supreme Court Judgment Misinterpreted to Infer That Date Of Rejection of A Claim is Irrelevant

Limitation period means the time within which a person must file his case before a judicial authority for exercising his rights. This period is to be calculated from the date of the cause of action. This term does not have any definition, but it is well settled that “cause of action” is a mixed ...

Payment for non-compete right is not an intangible asset eligible for depreciation

M/s Srivatsan Surveyors P. Ltd. Vs. Income Tax Officer (ITAT Chennai) - Srivatsan Surveyors Pvt. Ltd. ('Appellant') is engaged in the business of licensed surveyors and loss assessors under the Insurance Act, 1938. The Appellant entered into a non-compete covenant with its director, Mr. Srivatsan and paid a sum of Rs.10 million, on which depreciation was claimed, treati...

Applicability of TDS in case of Third Party Administrator (TPA) providing health insurance claim services

The Medi Assist India TPA Pvt. Ltd. Vs DCIT (TDS) [Karnataka High Court] - Having regard to the agreement entered into inter se between the hospital and the TPA for payment of money to the hospital, it cannot be said that the TPA, who is the authority or the person to pay the amount to the hospital, is not required to deduct the tax at source and section 194J is not attrac...

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IRDA warns IFFCO Tokio for Violations of Group Insurance Guidelines

IRDA/HLT/WRN/ORD/009/01/2018 - (19/01/2018) - However, taking into consideration the rectification measures stated to have been initiated, your company is warned for violating the within referred provisions of Guidelines on Group Insurance Policies and your company is also directed to ensure compliance of the within referred Guidelines hereafte...

IRDA issues Clarification on MISP Guidelines

IRDA/INT/CIR/MISP/5/01/2018 - (11/01/2018) - Clarification on MISP Guidelines 1. Creation of panel of insurers by insurance intermediary or MISP 2. Role and responsibilities of MISP vis-à-vis Original Equipment Manufacturers (OEM’s)...

IRDAI (Obligatory Cession), Notification, 2018

Notification No. F. No IRDAI/RI/1/148/2018 - (09/01/2018) - Central Government, hereby makes following notification namely: Obligatory Cession. This notification shall be applicable to Indian Re insurers and other applicable insurers as per the provision of Section 101A of Insurance Act, 1938....

Linkage of Aadhaar number to Insurance Policies is mandatory

IRDAI/SDD/MISC/CIR/248/11/2017 - (08/11/2017) - Linkage of Aadhaar number to Insurance Policies is mandatory under the Prevention of Money-laundering (Maintenance of Records) Second Amendment Rules, 2017....

Clarifications on Guidelines on insurance e-commerce and electronic issuance of insurance policies

IRDA/ BRK/ CIR/ INSRE/211/09/2017 - (07/09/2017) - The Authority as part of its developmental mandate and to reach out to the policyholders in a cost efficient manner has taken number of steps. This includes issuing revised guidelines on insurance repositories, insurance e-commerce, issuance of electronic insurance policies, maintenance of electroni...

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