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...
The Unexpired Premium Reserve [UPR] provisions formed part of Para 2 of Schedule B of IRDA (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) Regulations, 2002. On notification of Insurance Laws (Amendment) Act, 2015, the provisions of Section 64V (1)(ii)(b) have been deleted. Accordingly, the said provisions of UPR mentioned in the Regulation were amended through a circular as a stop gap arrangement.
IRDAI directs Insurers to classify Infrastructure investments, issued by Infrastructure Companies, rated not less than A along with an Expected Loss Rating of EL1 as part of Approved Investment and should be listed under Category Code IELB as per Category of Investment under Master Circular – Investments.
For the purpose of Regulation 9 of the IRDAI (Assets, Liabilities and Solvency Margin of Life Insurance Business) Regulations, 2016 and Regulation 9 of the IRDAI (Assets, Liabilities and Solvency Margin of General Insurance Business) Regulations, 2016, it is clarified that the Appointed Actuary will be intimated well in advance through a communication to be sent by an officer of the Authority not below the rank of Deputy General Manager about the reasons for seeking his/her personal visit to the Authority.
The penalty amount of Rs. 5 lakhs (Rupees five lakh only) shall be remitted by the Insurer by debiting the shareholders’ account within a period of forty five days from the date of receipt of this order through NEFT/RTGS (details for which will be communicated separately).
he penalty of Rs. 10,00,000/- (Rupees ten lakh only) shall be remitted by the insurer through NEFT/RTGS (bank account details will be communicated separately) within a period of 15 days from the date of receipt of this order.
Insurers and insurance intermediaries are therefore advised to upload the Half yearly data on POS portal commencing from the financial year 2020-21. The half yearly data upto September shall be uploaded by 31.01.2021 and the data upto 31.03.2021 by 30.04.2021. In future the half yearly data upto 30/09 shall be uploaded on or before 30/10 and data upto 31/3 by 30/4.
IRDAI vide its Ref. No: IRDA/IT/GDL/MISC/ 082/04/2017 dated 07-4-2017 had issued Information and Cyber Security Guidelines containing comprehensive cyber security framework for Insurance sector for the purpose of implementing appropriate mechanism to mitigate cyber risks
Insurance Regulatory and Development Authority Ref: IRDAI/Life/Cir/MISC/302/12/2020 29th Dec 2020 This has reference to the Master Circular on Point of Sales Products and Persons — Life Insurance Ref: IRDAI/Life/Cir/M ISC/215/12/2019 dated 2nd December 2019. On consideration of representations received from Life Insurers, the following relaxations/modifications are allowed with immediate effect. Annexure II (a) – Pure […]
This notification issued in terms of Section 64 ULA (1) of the Insurance Act, 1938 provides for de-notification of the rates, advantages and terms and conditions laid down by the Tariff Advisory Committee under Section 64 UC of the said Act which were deemed to continue to be in force until such de-notification.
Obligatory Cession for the financial year 2021-22- This notification shall be applicable to Indian Re-insurers and other applicable insurers as per the provisions of Section 101A of the Insurance Act, 1938.
