Corporate Law : Explore the complexities faced by insurers and TPAs as data fiduciaries, navigating regulatory landscapes. Learn strategies and im...
Corporate Law : Explore the impact of Insurtech on India's insurance sector, regulatory challenges, and the potential of technology-driven innovat...
Corporate Law : Explore financial statements and accounting standards for insurance companies as per IRDAI regulations and Companies Act 2013. Lea...
Corporate Law : Learn about insurance claim delays faced by policyholders and their rights as per IRDAI Regulations. Understand the claims procedu...
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...
Corporate Law : Discover how IRDAI's recent regulatory overhaul aims to foster innovation, competition, and sustainable growth while protecting po...
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. ...
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...
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...
In the insurance sector, like in any other financial service sector, keeping the vulnerable public protected from unfair practices is of utmost importance. Unfair practices could arise in a scenario of increasing number of insurers, intermediaries and insurance products and severe competition for business.
Reserve Bank of India Foreign Exchange Department, vide circular No. RBI/2009-10/445 A.P. (DIR Series) Circular No. 49 dated May 04, 2010 has notified change in pricing guidelines of equity shares, compulsorily convertible preference shares and compulsorily convertible debentures (Equity instruments) to be issued / transferred to a resident outside India. The guidelines are applicable to an Indian Company in sectors other than financial sector.
Various queries have been raised by insurers on who can be termed as customer(s) for the purposes of AML guidelines. Keeping the objective of the PMLA and AML guidelines in view, it is hereby clarified that details of the person who funds/pays for an insurance contract, either as beneficial owner or otherwise become relevant and important. Stipulations under clause 3.1 of the AML guidelines will therefore have to be applied to such persons. The term customers also refer to the Proposer/policyholder; Beneficiaries and Assignee for the purposes of AML guidelines.
Attention is drawn to section 31B(2) of the Insurance Act, 1938 by virtue of which “Every insurer shall before the close of the month following every year, submit to the Authority [a statement, in the form specified by the Regulations made by the Authority,] showing the remuneration paid, whether by way of commission or otherwise, to any person in cases where such remuneration exceeds (such sum as may be specified by the regulations made by the Authority.)”
The Finance Minister, Shri Pranab Mukherjee has asked insurance industry to give more focus to generate the required level of awareness about the benefits of insurance to rural people particularly those living in semi-urban and rural areas. They should make all efforts to take the necessary steps to ensure the reach of insurance to general masses.
Finance Minister Pranab Mukherjee has said unit-linked insurance plans (Ulips) need further reforms on the back of the changes already announced by the insurance regulator. The finance minister also hinted at a resolution to the dispute between Sebi and Irda over Ulip regulation.
The next time you plan to buy an insurance policy through a corporate agent, please check whether the agent is legally authorised to sell the policy or not. This has become necessary because the Insurance Regulatory and Development Authority has said that 4,261 corporate agents out of 7,000 in the country were not authorised to sell policies from March 31, 2010.
Instances have come to the notice of the Authority that a large number of firms were floated by the same set of individuals under different or similar names to act as Corporate Agents. Some of corporate agents were observed to utilize the services of a large number of people not having requisite Licence/Certificate to solicit or procure the insurance business, and paid remuneration for procuring the insurance business.
The Insurance Regulatory and Development Authority (Irda) has now proposed to streamline the promotion of insurance products through distance sales channels, such as the telephone and the internet. It has said it will issue rules in this regard and these will cover selling by ‘voice mode’, which includes telephone calls, ‘electronic mode’ (e-mails, internet and interactive television) and also the ‘physical mode’, though postal mail and newspapers.
The Insurance Regulatory and Development Authority (Irda) has not cleared any unit-linked insurance plans (Ulips) for nearly two months, following the recent changes to the norms and the regulatory tussle over the investment-cum-insurance products.
