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...
Reference is invited to the captioned circular issued by the Authority. The Authority is in receipt of representations from the Industry seeking revisiting of certain provisions of the said circular. Accordingly, keeping in view the objective of ensuring higher levels of persistency of life insurance policies as also conserving the agency force, the Authority issues the following modifications.
In partial modification of Clause (1) of the captioned circular the term ‘relative’ is re defined as “the term ‘relative’ shall include spouse, dependent children or dependent step children, whether residing with the employee or not”. Further it is clarified that this clause is applicable only in respect of agents who are licensed or whose agency is transferred to another insurer on or after 01st July, 2011.
With a view to enhancing policyholders’ services for health insurance, the IRDA had conceptualized the Third Party Administrator (TPA), as an intermediary. The IRDA thought it appropriate to define such an intermediary and permit them to operate as an insurance intermediary on a strength of a license to operate issued by the IRDA. The TPAs play an important role in delivering health insurance in a seamless manner to a policyholder. IRDA/NL/CIR/HLTH/207/09/2011 Date:06-09-2011
IRDA, after inviting comments and concerns of Insurers and after a careful consideration of all the submissions made, hereby darify that: Investment In Venture Funds would continue to be categorized under “Other Investments’ as per IRDA (Investment) (4th Amendment) Regulations, 2008 Insurers may Invest in any Venture Fund registered under SERI Regulations which include Venture Funds investing in Micro, Small and Medium Enterprises also No investment shall be made in a Venture Fund which is under the Promoter Group of the insurer
Date- 25.08.2011 – The Authority after notification of IRDA (Investment) (4th Amendment) Regulations, 2008 and after mandating the minimum requirements in respect of Investment Risk Management Systems & Process and Internal / Concurrent Audit Scope (issued through Technical Guides through the ICAI) took the feedback from the Working Group members on (1) Operational Issues (2) Systems issues (3) Audit related issues.
Ref:IRDA/ F&A/CIR/SOLP/195/08/2011 – The Circular clarified the position related to the retrocession of premium received from the TP Pool and excluded it from the calculation for the RSM, the position related to treatment of share of claim retro ceded from the pool remained unclear. The interpretation of the above Circular is taken differently by different companies. As a result, the insurers are following different approach in calculation of Solvency Margin in respect of Motor TP Pool.
IRDA (Protection of Policyholders’ Interests) Regulations, 2002 – Point of sale issues, free look provision, time-limits for underwriting and servicing matters including claims etc.
Guidelines on NAV Process -Note: In supersession of earlier provisions issued vide Circular No. 24/IRDA/ACTL/2009-10, Dt. 5th Aug, 2009 with respect to calculation of NAV, the NAV shall, henceforth, be computed without appropriation/expropriation price as required under the said Circular under Unit Pricing Methodology. The same shall be applicable for all existing policies effective from the date immediately following the date of issue of this Circular.
Insurance regulator IRDA today made it mandatory for insurers to seek prior approval in case of stake transfer to domestic entities or financial institutions and set guidelines for seeking approval. As per a IRDA circular, the regulator will carry out the requisite due diligence of the proposed transferee or shareholder prior to grant of approval for registration of transfer of shares under the provisions of section 6A(4) of the Insurance Act, 1938 and for issue of shares to the proposed transferee or shareholder.
CEOs of all Non-life Insurers and Reinsurers ALM being the critical area of managing the finances of the insurers, 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).
