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 approved in-principle drafting and publication of new and amended regulations following the Sabka Bima, Sabki Raksha (Amendm...
Corporate Law : IRDAI approved drafting regulations for implementing a Risk Based Capital framework to strengthen solvency assessment and align In...
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...
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 regulator held that agreements lacking clear fee provisions undermined contractual clarity and regulatory compliance. A penalt...
Corporate Law : IRDAI has directed insurers to disclose performance-linked remuneration details of Key Management Persons on their websites. The c...
Corporate Law : The case involved a broker implementing substantial shareholding changes without obtaining IRDAI's prior approval as required by r...
Corporate Law : The Authority found that core survey functions were carried out by unlicensed personnel. It held that such outsourcing violated re...
Corporate Law : The regulator cancelled a surveyor’s licence after finding false records, mismatched filings, and inaccurate disclosures. The ru...
Dear Friends, we know that insurance has become one of the essential needs of people during their trying times. Insurance provides us financial safety against insured perils or risks. The risks may be man made or natural. We are facing today one of the greatest and dangerous pandemic COVID-19. This is man made and emerges […]
In case the shares of the insurance company are offered as ESOPs to Managing Director / Chief Executive Officer / Whole Time Directors, then: i. If the CEO/MD/WTDs is one of the promoters / investors or directly related to the promoters, then the same will be governed by the provisions of SEBI (Issue of Sweat Equity) Regulations, 2002 as amended from time to time except those relating to pricing of shares. The manner of pricing of shares shall be disclosed upfront to the Authority. ii. In other cases, the same will be governed by the SEBI’s ESOP guidelines
IRDAI imposes Penalty of Rs. 30 Lakh and issued to Advisory M/s 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 2018-19. Insurance Regulatory and Development Authority Ref: […]
The Authority is in receipt of complaints stating that some of the insurance companies are not issuing Corona Kavach and Corona Rakshak Policies. In this regard, it is clarified that all General and Health Insurers are mandated to offer Corona Kavach Policy vide guidelines dated 26.06.2020.
Title Insurance products are currently offered by only a few General Insurers in the Indian market. The features of these products, namely the terms and conditions, scope of coverage etc vary from insurer to insurer.
IRDAI penalises Universal Sompo 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 years 2018-19 and 2019-20. Insurance Regulatory and Development Authority of India Order Ref. No: IRDA/NL/ORD/MISC/124/05/2021 Date: 07-05-2021 […]
Considering violations noticed in case of 6 sample cases, as per Section 102(b) of Insurance Act, 1938; IRDAI levies a penalty of Rs.6,00,000 (Rs.Six Lakh) on Shriram General Insurance Company Limited.
Time limit for ensuring compliance with the directions regarding Public Disclosures on websites by insurers, for the period ended on 31.03.2021, is also extended by a period of 30 days. The insurers may avail the additional time and ensure compliance with the requirements of all regulatory filing and uploading of the public disclosures.
INSURANCE REGULATORY UPDATES –MAY, 2021 The IRDAI and Insurance Law updates provides synopsis of the introduction, amendments and changes brought by the Government the previous month ( April 2021) is being published in this bulletin. Sr. No. Particulars Page No. 1. IRDAI through Circular No. IRDAI/ACT/CIR/MISC/070/04/2021 dated 1st April,2021 has instructed the insurers to submit Technical […]
Insurance Regulatory and Development Authority of India (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) (First Amendment) Regulations, 2021
