Corporate Law : IRDAI's Bima Vahak initiative aims to expand insurance reach in rural areas. It introduces a women-centric distribution channel fo...
Corporate Law : Overview of IRDAI's 2024 Corporate Governance Regulations for Insurers, covering board composition, committee structures, KMP appo...
Corporate Law : Learn about Bima-ASBA, IRDAI's new facility for insurance premium payments. This mechanism blocks funds in a prospect's account vi...
Corporate Law : Summarizing IRDAI's 2024 regulations on insurance advertising, this text covers definitions, mandatory disclosures, prohibitions, ...
Corporate Law : Understanding the framework for export of goods and services in India, covering roles of DGFT, RBI, banks, and exporters under FEM...
Corporate Law : IRDAI formed a sub-committee to review private health insurance and improve policyholder experience. The initiative focuses on exp...
Corporate Law : The issue concerns identification of systemically important insurers. The regulator retained the same entities, emphasizing their ...
Corporate Law : IRDAI directs insurers to follow anti-dark pattern guidelines and submit compliance reports. The move strengthens consumer protect...
Corporate Law : IRDAI is moving towards adopting Ind AS to standardize financial reporting across insurers. The framework aims to improve transpar...
Corporate Law : Stakeholders sought deferment or phased implementation of Ind AS. IRDAI mandated adoption from April 2026 with limited forbearance...
Company Law : Vinay Jaidka Vs Chief Secretary (Delhi High Court) Abhishek Nanda, ld. Counsel who appears for the Insurance Regulatory and Develo...
Corporate Law : Every claim made against an insurance company in respect of a loss, would be a claim within purview of claims “requiring to be p...
Corporate Law : The Supreme Court held recently held in the case of Pushpa @ Leela & Ors. Versus Shakuntala & Ors that the insurance co...
Income Tax : Having regard to the agreement entered into inter se between the hospital and the TPA for payment of money to the hospital, it can...
Income Tax : Srivatsan Surveyors Pvt. Ltd. ('Appellant') is engaged in the business of licensed surveyors and loss assessors under the Insuranc...
Corporate Law : The notification addressed mandatory reinsurance cession for general insurance policies. It mandates 4% cession to GIC Re, ensurin...
Corporate Law : The issue was the need to address increasing cyber risks in the insurance sector. IRDAI introduced updated guidelines with enhance...
Corporate Law : The circular shifts SLAs from a renewal-based licensing system to a registration regime with annual fees. This ensures continuity ...
Corporate Law : IRDAI constituted a Joint Expert Group to tackle transition and implementation issues under Ind AS. The group will guide insurers ...
Corporate Law : The IRDAI issued a circular providing clarifications on the implementation of Indian Accounting Standards (Ind AS) by insurers eff...
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.
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%.
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
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.
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 enhancing benefits to policyholders
General Insurers are advised to consider capturing / collecting HPR ID as a verification to validate / authenticate medical practitioners while issuing / renewing policies for Medical Malpractice under Professional Indemnity cover.
AA is Non-Banking Finance Company that provides service of retrieving or collecting financial information from Financial Information Providers (FIP) pertaining to a customer and consolidating, organizing and presenting such information to the customer or any other Financial Information User (FIU), on the basis of explicit consent of the customer.
The Insurer has to adhere to the Client level and Participant level position limits prescribed by SEBI and stock exchange while undertaking SLB. Insurer can only lend securities to the extent of not more than 10% quantity of those “scrips” of that particular fund(s). These prescribed limits shall be adhered at the time of lending
INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA Circular Ref: IRDAI/IID/GDL/MISC/225/10/2022 | Dated: 26.10.2022 To, All General and Health Insurers Sub: – Master Guidelines on AML/CFT 2022 – extension of time for Implementation This has reference to Master Guidelines on Anti-Money Laundering/ Counter Financing of Terrorism (AML/CFT), 2022 issued vide ref. IRDAI/IID/GDL/MISC/ 160/8/2022 dated 1st August 2022. […]
The request to repatriate the assigned capital shall be submitted by the Foreign Reinsurer, who is engaged in reinsurance business through a branch established in India, justifying the reasons for such request;
