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...
After the initial hesitation, some of the private sector life insurance companies are launching unit-linked pension plans, but only with a single premium option. While ICICI Prudential has recently launched its single premium unit-linked pension plan
India’s largest distribution network with 1.55 lakh offices has been thrown open to the insurance industry with the industry regulator allowing IndiaPost to sell policies of multiple insurance companies. This opens a new distribution channel for insurers who have been desperately trying to poach bank distributors from rivals to increase their reach.
Circular No. IRDA/F&I/CIR/AML/158/09/2010, dated 24-9-2010 Guidelines on Anti-Money laundering Guidelines issued under Section 34 of the Insurance Act, 1938 updated upto 31st October 2008 into a Master Circular bearing reference 022/IRDA/Master-AML/Nov-08-dated 24th November 2008 is now being updated with guidelines/circulars issued upto 31st July 2010. Pleas find the Master circular 2010 on the subject for […]
Circular No. IRDA/NL/CIR/159/09/2010, dated 27-9-2010 Following examination of credit insurance covers being marketed by general insurers to banks offering credit facilities to debtors, it is observed that such covers appear to be in the nature of credit default insurance. Therefore such covers necessarily need to have a different regulatory treatment. The Authority under the powers […]
Hinting at a major overhaul in the regulations for insurance sector, IRDA said it will soon come out with merger and acquisition norms for the insurers and IPO guidelines are already on the way. At the same time, Insurance Regulatory and Development
Life Insurance Corporation of India has introduced its ULIP plan under the new IRDA regime, following the launch of its Pension Plus which is the first Unit-linked Pension Plan under the new regime.Endowment Plus is LIC’s 14th plan approved and the C
Introduction: Of the Government Departments, Department of Posts (hereafter referred as India Posts) is playing a vital role in extending the financial services with an established network of over 155,000 branches spread over the length and breadth of the country. The Post Office Savings Bank operations, one of the services of India Posts, have significantly […]
Circular No. IRDA/ACT/CIR/MISC/154/09/2010, dated 9-9-2010 1. Objective and target group: The proposed standard product is aimed to provide a comprehensive package of insurance covers relevant to persons belonging to economically weaker sections in rural and urban areas. The standard product is also aimed to be the primary instrument for fulfilment of the rural and social […]
Circular No. IRDA/IT/ORD/MIS/152/09/2010, dated 3-9-2010 The Authority is in the process of developing the new Integrated Grievance Management System (IGMS) which will not only facilitate the policyholder to register/track their complaint online with insurance companies but also facilitate IRDA for monitoring the grievance redressal procedure established in the insurance industry. The system involves mirroring of […]
The Authority had occasion to consider a representation filed by the Indian Insurance Institute for Surveyors and Loss Assessors which raised various issues. On a consideration of the matter, the Authority issued a letter dated August 5, 2010 which has been posted on the IRDA website.
