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 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...
Corporate Law : IRDAI is moving towards adopting Ind AS to standardize financial reporting across insurers. The framework aims to improve transpar...
Corporate Law : Stakeholders sought deferment or phased implementation of Ind AS. IRDAI mandated adoption from April 2026 with limited forbearance...
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 notification addressed mandatory reinsurance cession for general insurance policies. It mandates 4% cession to GIC Re, ensurin...
Corporate Law : The issue was the need to address increasing cyber risks in the insurance sector. IRDAI introduced updated guidelines with enhance...
Corporate Law : The circular shifts SLAs from a renewal-based licensing system to a registration regime with annual fees. This ensures continuity ...
Corporate Law : IRDAI constituted a Joint Expert Group to tackle transition and implementation issues under Ind AS. The group will guide insurers ...
Corporate Law : The IRDAI issued a circular providing clarifications on the implementation of Indian Accounting Standards (Ind AS) by insurers eff...
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).
As Asset Liability Management and Stress testing plays a vital role in the sound management of the insurance business, the Authority prescribes the following additional guideline to the existing framework which is already prescribed in the Appointed Actuary’s Annual Report (AAAR) and Actuarial Report and Abstract. The guidelines shall be applicable to all life insurers and shall come into effect from September 30, 2011.
all the pension products offered shall comply with the following objectives. A pension product (deferred annuity contract) shall have an assured benefit disclosed at the time of sale, where the assured benefit is an amount in absolute terms which becomes payable on the vesting date.
Provisions shall include expenses for brokerage and transaction cost, NPA, Fund Management Charges (FMC) and any other charges approved by the Authority.
The Authority intends to modify the Circular No.031/IRDA/TPA/05, dated 16th December, 2005. Accordingly, the Authority has prepared the Exposure Draft. In this regard, comments/suggestions of all stakeholders on the Exposure Draft are invited. The comments/suggestions on the said draft may be forwarded at meena@irda.gov.in within 10 days.
Please refer to Circular 40/NL/IRDA/08-09, dated 3rd March, 2009 wherein, the Authority has mandated all non-life Insurance Companies to submit quarterly and yearly business information. In view of the changing industry scenario and to make the information analysis more meaningful, the Authority has decided to replace the existing formats with the new ones as provided below:
Attention is drawn to clause 3.2 of the Master Circular 2010 on AML/CFT guidelines wherein Reporting obligations under the Prevention of Money Laundering Act, and the Rules framed thereunder are stipulated to the insurance companies.
CIRCULAR NO. IRDA/F&I/CIR/AML/151/07/2011, DATED 5-7-2011 PREVENTION OF MONEY LAUNDERING (MAINTENANCE OF RECORDS OF THE NATURE AND VALUE OF TRANSACTIONS, THE PROCEDURE AND MANNER OF MAINTAINING AND TIME FOR FURNISHING INFORMATION AND VERIFICATION AND MAINTENANCE OF RECORDS OF THE IDENTITY OF THE CLIENTS OF THE BANKING COMPANIES, FINANCIAL INSTITUTIONS AND INTERMEDIARIES) THIRD AMENDMENT RULES, 2010
IRDA had earlier required that portability of health insurance policies across non-life insurance companies including stand alone health insurance companies would be introduced with effect from 1st July, 2011. The modalities of such portability to be effective and consumer friendly have been discussed with the non-life insurers in the country.
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
