There shall be a ‘Board-approved policy’ set up by the Insurer containing ects relating to operational matters, accounting (including provisioning requirements) and disclosures for addressing the issue pertaining to cancellation of policy including claw-back of commission....
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Authority issued Guidelines relating to Fire and Allied perils standard products covering Dwellings, Micro and Small businesses, namely,
- Bharat Griha Raksha (BGR),
- Bharat Sookshma Udyam Suraksha (BSUS) and
- Bharat Laghu Udyam Suraksha (BLUS)...
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IRDAI has committed to enable ‘Insurance for All’ by 2047, where every citizen has an appropriate life, health and property insurance cover and every enterprise is supported by appropriate insurance solutions and also to make Indian insurance sector globally attractive....
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Every Indian Re-insurer including Foreign Re-insurance Branches (FRBs) shall maintain a minimum retention within India of 50% of Indian reinsurance business underwritten. Any retrocession to an IIO up to 20% of Indian reinsurance business underwritten shall be reckoned towards the required minimum retention of 50%....
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Salient features of the Draft IRDAI (Expenses of Management of Insurers Transacting Health & General Insurance Business) Regulations, 2022 are as under - Regulations supersede the IRDAI (Expenses of Management of Insurers transacting General or Health Insurance business) Regulations, 2016...
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Draft IRDAI (Payment of Commission or Remuneration or Reward to Insurance Agents and Insurance Intermediaries) Regulations 2022 is revised to IRDAI (Payment of Commission) Regulation 2022....
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Key changes being proposed in Draft IRDAI (EOM of Insurers Transacting Life Insurance Business) Regulations, 2022 are as under - Introduction of Objective Clause - To enable and give flexibility to the insurers to manage their expenses within overall limits based on their gross written premium to optimally utilize their resources for enha...
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Exposure Draft of IRDAI (Re-insurance) (First Amendment) Regulations, 2022 proposes a. To reduce compliance requirements on submission of Advance Reinsurance programme; b. To revise order of preference while placing the Reinsurance business; c. To increase the cession limits of the cedants while placing business with Cross Border Reinsu...
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Insurance Regulatory and Development Authority of India Exposure Draft of the Insurance Regulatory and Development Authority of India (Actuarial Report and Abstract for Life Business) (First Amendment) Regulations, 2022 1. In exercise of the powers conferred by clauses (g), (y), (z) of subsection (2) of section 114A read with Sections 13,...
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Insurance Regulatory and Development Authority of India Exposure draft of IRDAI (Assets, Liabilities and Solvency Margin of General Insurance Business) (First Amendment) Regulations, 2022 1. In exercise of the powers conferred by clauses (y), (z), (za) and (zab) of subsection (2) of section 114A read with Sections 64V and 64VA of the Insu...
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