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...
Several branches of the country’s largest insurance company Life Insurance Corporation of India are allegedly causing huge loss to exchequer by issuing receipts without affixing revenue stamps. The matter came to light during a hearing before the Central Information Commission which directed the LIC to make public details of all the revenue stamps purchased by the Corporation between 2006-10.
This has reference to our tender advertisement No.: IRDA/IT/NTC/TNDR/085/05/2011 dated 2nd May, 2011. The dates for submissions of Technical / Commercial bids and for further tendering activities have been re-scheduled as detailed below:
Attention is invited to Guidelines on Insurance Repositories and Electronic Issuance of Insurance policies issued by IRDA vide Ref No.IRDA/ADMN/GDL/GLD/080/04/2011 on 29th April, 2011. In accordance to Clause 5 (2) of the guidelines, Applications are called for from the companies that conform the eligibility criteria laid down in the said guidelines.
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.
