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Corporate Law : Explore financial statements and accounting standards for insurance companies as per IRDAI regulations and Companies Act 2013. Lea...
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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 : Explore the key provisions & implications of IRDAIs proposed regulations on rural, social sector & motor third party obligations. ...
Corporate Law : Explore the proposed IRDAI Regulations 2024, consolidating key insurance rules. Learn about changes, clarity on capital structure,...
Company Law : Vinay Jaidka Vs Chief Secretary (Delhi High Court) Abhishek Nanda, ld. Counsel who appears for the Insurance Regulatory and Develo...
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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 circular on 12th August 2024 updates KYC requirements for insurers, reflecting amendments in the Prevention of Money-Launder...
Corporate Law : IRDAI mandates life insurers to submit data for specified categories to IIBI by 30 Sep 2024. Annual submissions to continue from F...
Corporate Law : Explore IRDAI's order on HDFC Life Insurance Co. Ltd., addressing violations, regulatory issues, and the insurer's submissions. De...
Corporate Law : IRDAI directs insurers to expedite claims for Wayanad landslides, with specific guidelines for response, claim processing, and com...
Corporate Law : Explore IRDAI's order against Care Health Insurance Ltd. for ESOP violations. Detailed analysis of legal implications, penalties i...
IRDA requests for Proposal from reputed IT firms / Organizations for the development and implementation of Integrated Surveyor Licensing Management System (ISLMS), maintenance and hosting the same. For details, please visit http://www.irda.gov.in. Last date for receipt of application for technical bid is 7th May 2011 by 3.00 PM
I. Annual Filing of Compliance Status- a) All insurers are required to file a Report on status of compliance with the C G Guidelines on an annual basis w.e.f. the Financial Year 2010-11. This report shall be filed within 90 days from the end of the Financial year (i.e., before 30th June). The report should be filed in the format as placed in Annexure-1. b) Clause 9 of the CG Guidelines requires confirmation of disclosures made in the Annual Accounts. In such instances, where the finalization of Annual Accounts extends beyond 90 days of the close of the financial year, the status on disclosure in the Financial Statements as required under the aforementioned clause may be made within 15 days of adoption of the Annual Accounts by the Board of Directors of the insurers. This is in line with the stipulations issued by IRDA vide Circular No. IRDA/F&A/013/2005-06 dated 9th June, 2005.
Based on the detailed scrutiny of the Technical & Commercial Proposals submitted by the Shortlisted IT firms and further evaluation based on Combined Quality Cum Cost Based System (CQCCBS), M/s L & T Infotech has been formally selected as an Implementation Agency for the implementation of Business Analytics Project.
The objective of creating an insurance repository is to provide policyholders a facility to keep insurance policies in electronic form and to undertake changes, modifications and revisions in the insurance policy with speed and accuracy in order to bring about efficiency, transparency and cost reduction in the issuance and maintenance of insurance policies.
IRDA requests for proposal from reputed Firms/Organizations to report on industry-wide trends of fraudulent behaviour affecting the insurance industry. The detailed RFP document is attached (.pdf document) .Last date for receipt of BIDS is 20th May 2011 by 3:00 PM
The pay revision of the officers and employees has been carried out by the Public Sectors Insurance companies in the year 2010-11 and Government by Gazette, Notification dated May 24, 2010 has revised upward maximum limit for Gratuity under “Payment of Gratuity Act 1972” from Rs. 3,50,000/- to Rs. 10,00,000. The above factors will lead to the increase in liability on account of gratuity which in turn will impact the insurers profitability significantly as they need to provide the same in the financial year 20010-11. This will cause a strain on their solvency as well as on their performance results. Ref:IRDA/F&A/CIR/ACT/069/04/2011 Date:18-04-2011
Owning a vehicle would now pinch your pockets even more, with third-party motor insurance premiums set to rise by up to 65 per cent for two-wheelers, private cars and heavy load carriers from April 25. The premiums are being revised after a gap of four years, the sector watchdog Insurance Regulatory and Development Authority (IRDA) said, adding, from now onwards the third-party motor insurance premium rates would be revised annually.
IRDA/NL/NTFN/MOTP/066/04/2011 – By virtue of the power vested in the Authority under Section 14(2) (i) of the IRDA Act, 1999, it is hereby notified that with effect from 25.04.2011, the rates of premium applicable to Motor Third Party Liability Insurance business shall be as set out in Annexure-I to this notification. The Authority has noted that Motor Third Party premiums were revised in the past at 4/5 year intervals. Such long intervals between rate revisions cast an avoidable strain on policyholders as well as on the insurance companies. Premiums need to be reviewed regularly depending upon the average claims which have been awarded by the various courts, frequency of claims for each class of vehicle and inflation amongst other factors. During the consultation process, certain stakeholders had also suggested that an annual review would ease the burden of adjusting to changes in premia consequent to changes in these financial parameters.
IRDA/IT/CIR/MISC/056/04/2011 Date:08-04-2011 Based on the detailed scrutiny of the Technical Proposals submitted by the various IT firms, subsequent clarifications and also based on the evaluation of the presentations made before the Technical Committee, the following IT firms have been short-listed for the Phase-III of Business Analytics Tendering Process- i.e.) Financial Bidding
Tele-callers of insurance products should be trained according to the syllabus prescribed by IRDA and they should inform clients that the call is being recorded and that the client is entitled to a voice copy, according to the new guidelines issued by the insurance watchdog. “The training shall be for duration of not less than 25 hours as per syllabus to be prescribed by the IRDA in matters related to regulations, disclosures, ethical conduct of business and specific instructions to be complied with while making the calls,” the Insurance Regulation and Development Authority (IRDA) said.
