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...
Circular No. 70/IRDA/HLT/Coverage of HIV/2011-12, -The Authority has received representations from various stakeholders including public bodies and Government Authorities, to provide insurance cover to people living with HIV and to people in general including doctors and nurses etc. who are vulnerable to HIV/AIDS, in Health Insurance policies.
On 18th June, 2010, the Authority had put up a draft in the nature of a Discussion Paper on the need to prescribe standards and procedures for Needs Analysis for sale of life insurance policies. Needs Analysis by the intermediaries and the insurance companies is necessary before effecting the sale of a life insurance policy in order to ensure that the product that is proposed to be sold is suitable for the prospect and meets his or her needs.
Insurance companies are required to conduct detailed due diligence while taking insurance risk exposure to individuals/entities connected with countries identified by FATF as having deficiencies in their AML/CFT regime …
Circular no. IRDA/AGTS/CIR/GLD/017/01/2012, A. As per clause 3 (b) of the guidelines only entities registered as Company under the Companies Act, 1956 and Societies and Trusts registered under Societies Registration Act shall be eligible to apply for accreditation as ATIs. The following is added in the above clause:
The IRDA had issued guidelines for pension products vide its circular dated November 8, 2011 and insurance companies were required to withdraw all insurance products which do not conform to the guidelines with effect from January 1, 2012. In accordance with this circular, insurance companies had filed 22 revised products as on date out of which 21 products were filed only in the month of December 2011 and of which the largest number were filed in the last week of December 2011. During examination of the products, certain insurers have sought clarifications and in that context, the IRDA issues clarification on clause (17) of the Circular dated November 8, 2011 as follows:
As Asset Liability Management plays a vital role in the sound management of the insurance business, Authority vide its Circular No: IRDA/ACT/CIR/MISC/081/05/2010, May 13, 2010, has mandated all the non-life insurers to provide the details of ALM activities undertaken by them Section-11 on ‘Investments and ALM’ of Financial Condition Report (FCR) and also discussed the framework of ALM in its guidelines on Corporate Governance. On thorough examination of the details of ALM activities submitted by the non-life insurers in the FCR for the year ended March 31, 2010, it appeared that these details are incomplete and inconsistent. As the mandate by the Authority was very broad, each insurer had adopted their own measures in reporting such details in FCR. In this regard, the following framework shall be put in place by the insurers.
order No. IRDA/Nl/ORD/MPL/004/01/2012, dated 3-1-2012 In order to ensure that the setting up of declined risk insurance pool and matters connected to its operations, the Authority constitutes the Operational Committee with following members to oversee a smooth transition to the new system, operates in an efficient & effective manner, protect the interests of the policyholder address issues that may arise during the course of its functioning:
In accordance with the Order No Ref: IRDA/NL/ORD/MPL/046/03/2011, dated 12-03-2011, the Authority had appointed Government Actuary’s Department, UK to evaluate the liabilities of the Indian Motor Third Party Insurance Pool (IMTPIP) under the Insurance Act, 1938 in order to assess the adequacy of the reserves which are to be calculated as per the IRDA Regulations and in particular as per reference 2 cited.
In exercise of the powers vested under Section 14(2) of the IRDA Act, 1999, the Authority issues the following order reforming the Indian Motor Third Party Pool System. The Authority hereby orders the dismantling of the existing Indian Motor Third Party Pool with effect from 31.3.2012.
ORDER NO. IRDA/NL/ORD/MPL/277/12/2011, Independent review conducted by the Authority through various agencies has revealed that the current framework of the pool is severely affecting the financial viability of the general insurance sector due to alarming capital depletion in the sector. The analysis of the data also revealed huge inefficiencies in claim settlement by the companies reflected in the average claim ratio which differed by as much as 100%.
