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...
PRESS RELEASE Ref: — Date: 10-02-2011 Portability of Health Insurance Policies There have been several representations from consumer associations and policyholders for enabling portability of health insurance policies from one insurer to other insurer. Persons shifting from one region to other regions are many times put to disadvantage due to lack of insurers’ office providing […]
The sector regulator IRDA today said guidelines for initial public offer of life insurance companies will be out within the next 10 days. “The IPO guidelines for life insurance companies should be out in next 10 days,” IRDA Chairman J Harinarayan to
There have been several representations from consumer associations and policyholders for enabling portability of health insurance policies from one insurer to other insurer. Persons shifting from one region to other regions are many times put to disadvantage due to lack of insurers’ office providing necessary policy servicing at the new location. Further, employees shifting from one organization to another organization many times lose health insurance cover due to lack of portability of the health insurance policies. It is essential to protect the policyholders against discontinuity and consequential loss of Pre Existing Diseases (PED) cover by making the health insurance plans portable across the insurance companies. The portability will also ensure that the policyholder is not tied to one single insurer throughout his life for fear of losing the cover of PED.
More than 10 years after opening up of the insurance sector, regulator Irda today proposed to allow mergers and acquisitions in the general insurance business that requires consolidation among the 24 industry players, most of which are loss-making.
Under the new IRDA regime, the Life Insurance Corporation of India has launched two new non-linked plans Bima Account I and Bima Account II. The plans guarantee minimum returns, transparent charges and provide risk cover. According to the press relea
CIRCULAR NO. 305.2/1/F&AILAB2008/277/2011-12, DATED 9-2-2011 Section 35 of the Insurance Act, 1938 lays down the framework for amalgamation and transfer of life insurance companies. However, a similar provision is not available in case of non-life insurance companies. This anomaly is proposed to be rectified in the Insurance Amendment Bill, 2008. Against the background of the […]
Insurance – Guidelines on Outsourcing of Activities by Insurance Companies Reference: 1. INV/CIR/031/2004-05 dated 27th July, 2004 2. INV/CIR/058/2004-05 dated 28th December, 2004 3. RBI/2006/167 DBOD.NO.BO.40/21.04.158/2006-07 4. Regulation 7(c) of IRDA (Registration of Companies) Regulations, 2000 IRDA/LIFE/CIR/GLD/013/02/2011, DATED 1-2-2011 1. Introduction 1.1 Insurers in India are increasingly using outsourcing, as a means of both reducing […]
Insurance – Creation of Reserve for Unexpired Risk (URR) by the Non-life Insurance Companies for Health Segment CIRCULAR No. IRDA/F&I/CIR/F&A/015/02/2011, dated 2-2-2011 Authority vide Circular No. IRDA/F&A/ClR/49/Mar-09, dated March 24, 2009 had relaxed the requirement of section 64(1)(ii)(b) of the Act for computation of Reserve for Unexpired Risk for Health segment for the year 2008-09 […]
Insurance- Spurious calls identifying themselves as IRDA Employees in a bid to sell Insurance policies Circular No. CAD/1/10-11, dated 21-1- 2011 The Authority has received complaints from various Individuals about certain spurious calls as mentioned above. While IRDA has already filed a police complaint at New Delhi and also issued a notice cautioning the public […]
Circular No. IRDA/F&A/CIR/SOLVN/011/01/2011, dated 27-1-2011 Various general insurance companies are running health insurance schemes which are sponsored/subsidized by Central/State Government. However, the premium of such schemes are not paid upfront but paid at a later stage. The IRDA (Assets, Liabilities and Solvency Margins of Insurers) Regulations, 2000 lay down the manner of computation of solvency […]
