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 line with the nation’s approach to economic reforms, the IRDA has initiated reform measures around the principle of sustainable growth along with public accountability. Therefore protecting the interests of policyholders is the main mission of IRDA and the Authority’s efforts have been constantly directed towards this end.
The Authority proposes to come out with the Guidelines on Distance Marketing and Sale of Insurance Products to streamline the manner of sale of insurance products and to address some of the issues which are specific to protection of interests of policyholders buying insurance over distance modes such as telephone and the internet.
Life Insurance Corporation of India is likely to submit new unit-linked insurance plans Ulips with the regulator in light of its two plans coming to a close. The corporation’s endowment plan Wealth Plus closed on May 8 while another pension plan Market Plus will close at the end of next month. It is likely to float new schemes to ensure that there are enough products in its stable.
To make unit-linked insurance plans (Ulips) more transparent, the Insurance Regulatory and Development Authority (Irda) on Tuesday proposed to standardize definitions of lapsing, reviving and surrendering of these policies.
Based upon the insurance related data as of year ending March 31, 2010 and related discussions, the Authority issues the following clarifications in continuation of the ULIP guidelines “Guidelines on Unit Linked Products” issued vide Circular No. 032/IRDA/Actl/Dec-2005 dated 21.12.2005:
Insurance regulator IRDA has asked life insurers to disclose the commission paid to agents for unit-linked products amid a debate over huge pay-outs given to them vis-a-vis mutual funds.
The Insurance Regulatory and Development Authority (IRDA) has reported that every life insurance company registered under the IRDA (Registration of Indian Insurance Companies) Regulations, 2000, can transact life insurance business which includes ‘linked business’. After clearance from IRDA, the insurance companies must launch the products within three months from the date of clearance. The number of new products cleared by the IRDA during the financial year 2009-10 in respect of private insurance companies was 236.
Capital Market regulator Securities and Exchange Board of India said on Friday that it was working together with the insurance watch dog to expeditiously find a “legally binding” resolution to who controls unit linked products and there are no restrictions on investment in existing schemes.
LIFE Insurance Corporation is likely to gain market share if the dispute between Sebi and Irda over Ulip regulation is not resolved. Insurers say the finance minister’s decision asking both regulators to refer the dispute to a court would turn prospective Ulip buyers wary.
The periodic disclosures have been notified by the Authority. In order to have uniformity among the insurers on disclosures and to clarify the doubts raised by certain insurers and other stakeholders, Authority provides the following guidelines on periodic disclosures.
