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Insurers maintain separate current accounts with banks at different operational levels, i.e., Branch offices, Controlling offices, Corporate office, etc., for the purpose of premium collection, management expenses, policy payments, investment operations, etc. Maintenance of current accounts at different operational levels for specific purposes helps the insurers in managing funds, reconciliation of transactions and servicing claims of policyholders efficiently.
The charge pertains to non-submission of requisite information by the Broker to the inspection team such as solicitation related documents, mandate letters, comparison chart, quotes, proposal form, policy documents, complaints related documentation etc.
TPA did not fulfill the Minimum Business Requirements during 2019-20 in any of the parameters as specified under regulation 14 of TPA Regulations, 2016 read with the Minimum Business norms as stipulated under Annexure-11 of Circular Ref: IRDAI/TPA/REG/CIR/130/06/2020 dated 03rd June 2020. It is also observed that on an average basis for the years under […]
Insurers may note that the revised instructions shall come into effect from the financial year 2021-22 and the uploading of disclosures on website shall be on quarterly basis from the period ending 30th September, 2021 whereas publishing in Newspapers will be on half yearly basis from the period ending 30th September, 2021.
IRDAI permits Insurers to classify investments in Preference Shares and Equity Shares as part of Approved Investment of for at least 2 consecutive years immediately preceding (as required under Regulation 3(a)(4) and 3(a)(S) of IRDAI (Investment) Regulations, 2016) for the period from 1st October, 2021 to 31st March, 2022.
Survey either engaging unlicensed surveyor or surveyors who are not holding license in relevant areas of risk. Provision: Regulation 12(1) and Regulation 16(5) under Chapter VI (Code of Conduct) of IRDAI Insurance Surveyor and Loss Assessors) Regulations, 2015.
Charge: Undertaking survey not in commensurate with their resources. Provision: Regulation 4(15) (4) and 12(1) of IRDAI (Insurance Surveyors & Loss Assessors) Regulations, 2015
In view of the continuing situation of Covid 19 pandemic, it is decided by the Authority to further extend the exemptions granted vide the above referred Circulars up to 31/03/2022.
As per the data submitted by the SLA regarding the surveys performed by the surveyors, some of the surveyors have performed the survey work in areas for which they do not hold the license.