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Corporate Law : Explore the key provisions & implications of IRDAIs proposed regulations on rural, social sector & motor third party obligations. ...
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There are reports of certain network providers (hospitals) charging high rates and insisting on cash payments from the policyholders for providing treatment to COVID-19 infected patients despite having cashless arrangement with Insurers.
nvestments-Master Circular permits insurers to invest in Units of listed Infrastructure Investment Trusts (InvITs) and Real Estate Investment Trusts (REITs). Consequent to Finance Act, 2021 permitting Trusts to issue Debt Securities, the following conditions shall apply to Insurers investing in Debt Securities issued by InvITs / REITs
It is clarified by IRDAI that where insurers have an arrangement with the hospitals for providing cashless facility, such network hospitals are obligated to provide cashless treatment for all treatments including treatment for COVID-19.
These regulations may be called the Insurance Regulatory and Development Authority of India (Manner of Assessment of Compensation to Shareholders or Members on Amalgamation) Regulations, 2021.
The inspection, inter-alia, revealed that the insurer had been transacting motor insurance business through certain Automobile Dealers without appointing them as Motor Insurance Service Providers (MISP) to distribute and/ or service motor insurance policies. Based on the motor insurance premium register for the period 1st November, 2017 to 31st January, 2018, submitted by the insurer during the inspection, it was observed that the insurer had transacted the insurance business through automobile dealers who were not appointed as MISPs.
Insurance Regulatory And Development Authority of India Ref: IRDA/NL/ORD/MISC/91/04/2021 Order in the matter of M/s Liberty General Insurance Limited. Based on the (i) Show Cause Notice (SCN) reference no. IRDAI/NL/Liberty/ SCN/207/2020-21 dated 29th September, 2020 in connection with onsite inspection by Insurance Regulatory and Development Authority of India (the Authority or IRDAI) from 30th July, […]
IRDAI Penalises SBI General Insurance Company Ltd. for Non-Compliance with minimum obligations under Motor Third Party business as specified in IRDAI (Obligation of Insurer in respect of Motor Third Party Insurance Business) Regulations, 2015 for the financial year 2017-18
1. (1) These rules may be called the Insurance (Appeal to Securities Appellate Tribunal) Amendment Rules, 2021. (2) They shall come into force on the date of their publication in the Official Gazette.
1. (1) These rules may be called Indian Insurance Companies (Foreign Investment) (Amendment) Rules, 2021. (2) They shall come into force from the date of their publication in the Official Gazette.
iolation of para 15(16) of MISP Guidelines by utilizing services and making payments to motor dealers under existing arrangements with whom no MISP distribution agreement was in place.
