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IRDA news

Exposure Draft on Long-Term Motor Products covering both Motor Third Party Insurance and Own Damage Insurance

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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Posted Under: Corporate Law |

Exposure Draft on Long-Term Fire Insurance products 

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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Posted Under: Corporate Law |

Insuring India by 2047 – New landscape for Insurance Sector

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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Posted Under: Corporate Law |

Draft IRDAI (Re-insurance) (First Amendment) Regulations, 2022

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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Posted Under: Corporate Law |

Draft IRDAI (Expenses of Management of Insurers Transacting Health & General Insurance Business) Regulations, 2022

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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Posted Under: Corporate Law |

Exposure draft- IRDAI (Payment of Commission) Regulations, 2022

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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Posted Under: Corporate Law |

Draft IRDAI (EOM of Insurers Transacting Life Insurance Business) Regulations, 2022

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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Posted Under: Corporate Law |

Exposure Draft of IRDAI (Re-insurance) (First Amendment) Regulations, 2022

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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Posted Under: Corporate Law |

Exposure Draft of IRDAI (Actuarial Report and Abstract for Life Business) (First Amendment) Regulations, 2022

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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Posted Under: Corporate Law |

Exposure draft of IRDAI (Assets, Liabilities and Solvency Margin of General Insurance Business) (First Amendment) Regulations, 2022

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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Posted Under: Corporate Law |

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