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Corporate Law : As per requirement of Ministry of Corporate Affairs, to use the word Insurance, prior no-objection certificate shall be obtained f...
Corporate Law : Explore IRDAIs consolidated Master Circular on Submission of Returns effective April 2024. Simplify compliance with 202 regulatory...
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Corporate Law : Learn about the draft IRDAI (Protection of Policyholders' Interests & Allied Matters of Insurers) regulations 2024, including prov...
Corporate Law : Explore the key provisions & implications of IRDAIs proposed regulations on rural, social sector & motor third party obligations. ...
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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 : IRDAI issues a penalty of Rs. 37 lakhs to Prowess Insurance Brokers for regulatory violations. Read the full order details and imp...
Corporate Law : Explore IRDAI's final order on Aegon Life Insurance (now Bandhan Life) regarding violations of AML and policyholder protection reg...
Corporate Law : IRDAI introduces new insurance reforms focusing on policyholder empowerment, grievance redressal, and transparency in operations. ...
Corporate Law : Read about the latest reforms in the Indian life insurance sector by IRDAI, aimed at simplification, transparency, and informed de...
Corporate Law : Explore IRDAI's comprehensive reforms in the general insurance business post de-tariffication, focusing on customer-centric measur...
The Authority proposes to issue the Regulations on IRDA (Issue of Capital and Disclosure Requirements for Life Insurance Companies) Regulations, 2011. Accordingly, the Authority has prepared the Draft Regulations (attached as pdf and doc. documents) for the same. In this regard, comments/suggestions of all stake holders (including insurers, policyholders, academics, analysts etc.) on the Exposure Draft are invited
The Government of India has enacted the Right to Information Act, 2005 (http://www.persmin.nic.in) which has come into effect from October 13, 2005. The Right to Information under this Act is meant to give to the citizens of India access to information under control of public authorities to promote transparency and accountability in these organisations. The Act, under sections 8 and 9, provides for certain categories of information to be exempt from disclosure. The Act also provides for appointment of a Chief Public Information Officer to deal with requests for information.
ORDER NO. IRDA/F&I/ORD/RSS/114/06/2011, DATED 7-6-2011 – The insurer was obliged under sections 32B and 32C of the Insurance Act, 1938 read with the IRDA (Obligations of Insurers to Rural or Social Sectors) Regulations, 2002, as amended from time to time, to cover prescribed percentage of Gross Direct Premium in the Rural Sector and prescribed number of lives in the Social Sector of its general insurance business.
The IRDA had constituted a Committee on Bancassurance vide Order No. IRDA/AGENTS/ORD/02/APR 2009, dated May 4, 2009 to study the distribution of insurance products through Banks. The Committee had invited for comments/views from key stakeholders, insurers, consumer associations, distributors, etc., and after analysis of these views the Committee had submitted their recommendations to the IRDA on 26th May, 2011. Chairman, IRDA had addressed the Governor, Reserve Bank of India for his remarks on the recommendations made by the Committee.
These regulations may be called the Insurance Regulatory and Development Authority (Scheme of Amalgamation and Transfer of General Insurance Business) Regulations, 2011. They shall come into force on the date of their publication in the official Gazette. These Regulations shall apply to all general insurance companies other than wholly owned Government companies which fall within the purview of General Insurance Business (Nationalization) Act, 1972.
These regulations may be called the Insurance Regulatory and Development Authority (Scheme of Amalgamation and Transfer of General Insurance Business) Regulations, 2011. They shall come into force on the date of their publication in the official Gazette.These Regulations shall apply to all general insurance companies other than wholly owned Government companies which fall within the purview of General Insurance Business (Nationalization) Act, 1972. NOTIFICATION NO. [F. NO.IRDA/REG/1/55/2011], DATED 20-5-2011
CIRCULAR NO. IRDA/ACT/CIR/MIS/111/05/2011, DATED 25-5-2011 – This technical note describes the framework for estimating Economic Capital (EC hereafter) for general insurance companies including standalone health insurers of India. Typically EC is calculated using “standard formula” approach or through the use of internal models (company specific models). This technical note describes the “standard formula” approach for estimating EC.
Emphasizes on Putting Proper Regulatory Mechanism in Place to Protect the Interest of Policy Holders – Shri S.K. Sharma, Secretary, Department of Financial Services, Ministry of Finance launched the online grievance portal i.e. Integrated Grievance Management System (IGMS) of Insurance Regulatory & Development Authority (IRDA)) in a seminar on ‘Policyholder Protection and Welfare’, here today.
Effective from the year ending March 2011, all insurers are required to file a Certificate confirming compliance with the stipulations on public disclosures as under: (1) Compliance with disclosure requirements on the Insurer’s website (Annexure 1) ; and (2) Compliance with the requirements on publication in the Newspapers (Annexure 2).
Every claim made against an insurance company in respect of a loss, would be a claim within purview of claims “requiring to be paid or settled” under section 64UM(2) of Insurance Act.
