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Insurers are aware that the Insurance Information Bureau (IIB) which acts as insurance data repository of the Authority has been engaged in collecting, collating and compiling inter alia motor insurance data which are useful to the stakeholders.
Insurance Regulatory and Development Authority (Salary and Allowance payable to and other Terms and Conditions of Services of Chairperson and other members) Amendment Rules, 2012- Amendment in rule 3 Notification No. G.S.R. No.307(E), dated 19-4-2012
The purpose of these regulations is to provide for a standard proposal form for individual policies in Life Insurance that has an inbuilt flexibility for seeking additional /specialized information that is product specific or specific to a particular risk category. The regulations provide for a standard format that consists of four parts, namely (A) Details of the prospect (B). Specialised/Additional information. (C). Needs of the prospect. (D). Recommendation, apart from the required declarations. Sections A, C and D are standard and compulsory and Section B may be modified as required. A separate form is to be collected for each individual life proposed.
Vehicle owners will have to pay more towards insurance for their vehicles as the enhanced motor insurance rates has come into effect from April 01. The Insurance Regulatory and Development Authority -IRDA has issued a notification to this effect. As per the new rates, private car owners would have to pay premium depending on the size of the vehicles.
CIRCULAR No: IRDA/F&A/CIR/ACTS/083/03/2012, dated 30-3-2012 -Please refer to Circular Nos: F&A/CIR/011/MAR-04, dated 23rd March, 2004 and IRDA/F&A/002/Apr-07, dated 16th April 2007 and IRDA/F&A/CIR/014/May-09, dated 29th May, 2009 issued by the Authority on declaration of bonus by life insurance companies which have set up operations post opening up of the sector.
It is hereby informed that the 31st Mar, 2012 of financial year 2011-12 falls on a Saturday. Hence, all Life Insurers, in connection with processing of applications of Unit Linked Business shall apply the following rule:
Insurance Regulatory and Development Authority (IRDA) has informed that all life insurance products are approved by the authority before being offered for sale by the insurance companies directly or through intermediaries. IRDA has also informed that it also clears the sale literature at the product approval stage. Focus is laid on making the sales literature relevant, fair and transparent to enable an informed decision by the purchaser of an insurance policy. IRDA has also issued guidelines mandating that “all insurance advertisements are comprehensible in light of the complexity of the product being sold
The Authority refers to its notification no. IRDA/NL/NTFN/MOTP/066/04/2011 dated 15th April 2011 on the captioned subject. As per the said notification the Authority had to review the premium rates for motor third party liability only cover and adjust them annually using the formula:
Insurance Regulatory and Development Authority (IRDA) has reported that there is no proposal to shift the insurance sector to a paperless model. The insurance companies could continue to issue paper insurance policies. However, where an insurer issues e-insurance policies, the company shall do so at the option of the policyholder by utilising the services of an insurance repository licensed by the Authority.
CIRCULAR No. IRDA/F&I/CIR/INV/69/03/2012, dated 26-3-2012 Under Clause 4 of the reference first cited, Life Insurance Companies are required to compute and declare NAV on a daily basis as per the provisions of Circulars 1, 2 and 3 referred to above. In 2009, a one time relaxation was provided vide communication at SI. No. 4 above.
