Category Archives: IRDA

Stewardship Code for Insurers in India 2017 -Exposure Draft

Ref: 309/3/FandA/2016-17 Date: 19-01-2017 Exposure Draft Stewardship Code for Insurers in India The growth in the Insurance Industry in recent years has resulted in a significant increase in the Funds of insurance companies. They are also significant investors in the securities markets and act as investors on behalf of the policyholders. There is increased emphasis… Read More »

IRDAI List of Holidays 2017

INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA CIRCULAR List of Holidays — 2017 In terms of Chapter-VI of IRDA Staff (Officers and Employees) Regulations, 2016, the Chairman is pleased to declare the following Holidays to be observed by all offices of IRDA during the calendar year 2017. Download IRDAI List of Holidays  2017

Insurers can’t accept Old Notes of Rs 500/1,000 note towards premium

Ref:IRDA/ACTL/CIR/MISC/238/11/2016 Date:29-11-2016 Clarification on “Extension of grace period for payment of renewal premium of life insurance policies in light of recent demonetization To All the CEOs of the Life Insurance Companies   Re: Clarification on “Extension of grace period for payment of renewal premium of life insurance policies in light of recent demonetization” Reference is… Read More »

Extended grace period for payment of life insurance policies renewal premium

Extension of grace period for payment of renewal premium of life insurance policies in light of recent demonetization Ref:IRDA/ACTL/CIR/ULIP/236/11/2016 Date:25-11-2016 To All the CEOs of the Life Insurance Companies   Re: Extension of grace period for payment of renewal premium of life insurance policies in light of recent demonetization We are in receipt of a… Read More »

Book on Insurance Law and Practice

Insurance Law and Practice (English)  (Hardcover, Dr. C.L. Tyagi, Dr. (Mrs.) Madhu Tyagi) BUY The book is primarily prescribed for B.com, BBA and MBA students offering Insurance as a major or minor subject. The book covers new topics like creditability theory, back dating, insurance frauds and is comprehensive. Those offering insurance as a professional may find… Read More »

IRDAI (Investment) Regulations 2016

IRDAI (INVESTMENT) REGULATIONS, 2016 NOTIFICATION F.NO.IRDAI/REG/22/134/2016, DATED 1-8-2016 In exercise of the powers conferred by clause (i) sub-section (2) of Section 114A read with Sections 27, 27A, 27B, 27C, 27D and 28 of the Insurance Act, 1938 (4 of 1938), the Authority, in consultation with the Insurance Advisory Committee, hereby makes the following Regulations. Short… Read More »

IRDAI Guidelines on Standardization in Health Insurance

Circular Ref: IRDA/HLT/REG/CIR/146/07/2016 dated 29.07.2016 Guidelines on Standardization in Health Insurance Related Post IRDAI Guidelines on Product Filing in Health Insurance Business IRDAI Health Insurance Regulations 2016 IRDA Expenses of Management of Insurers transacting General or Health Insurance business Regulations 2016

IRDAI Health Insurance Regulations 2016

THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4] INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA NOTIFICATION Hyderabad, the 12th July, 2016 Insurance Regulatory and Development Authority of India (Health Insurance) Regulations, 2016 F. No. IRDAI/Reg/17/129/2016.—In exercise of the powers conferred under Section 114A of the Insurance Act, 1938 and Section 14 read with Section… Read More »

IRDAI conditions for reinsurance cessions to “Indian Reinsurer”

THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4] INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA NOTIFICATION Hyderabad, the 13th July, 2016 F. No IRDAI/RI/18/130/2016.—In exercise of the powers conferred by Sub-section (2) of the Section 101A of the Insurance Act 1938, the Authority, after consultation with the Advisory Committee constituted under section 101B of… Read More »

Advance Discharge Voucher not executed :Life Insurer shall not withhold payment

Source : Insurance Regulatory and Development Authority of India Date:13-07-2016 Life Insurers discharge contractual obligations when making policy payments be it maturity or death claims or surrender value etc. Contracts of life insurance are not indemnity contracts but fixed benefit type and the claim amount is usually not in dispute. It is a standard practice… Read More »

e-Insurance Policies norms issued by IRDAI

THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4] INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA NOTIFICATION Hyderabad, the 13th June, 2016 Insurance Regulatory and Development Authority of India (Issuance of e-Insurance Policies) Regulations, 2016 F .No. IRDAI/Reg/16/128/2016 – In exercise of the powers conferred by section 14 (2) read with clause (gb) of sub… Read More »

IRDA removed maximum credit hours per day for training of Insurance Sales Person

Removal of cap on maximum credit hours per day pertaining to training requirements for Principal Officer and Insurance Sales Person(s) of Insurance Marketing Firms. The Authority recognized Insurance Institute of India (III), Mumbai as the training institute for providing on-line training to Principal Officers (PO) and Insurance Sales Persons (ISP) of Insurance Marketing Firms (IMFs).… Read More »

Draft guidelines for listed Indian Insurance Cos.

The Authority, in exercise of the powers conferred by Section 14 of Insurance Regulatory and Development Authority of India Act, 1999, read with clause (b) of sub-section (4) of Section 6A of the Insurance Act, 1938, proposed to issue Guidelines for Listed Indian Insurance Companies. A summary of these guidelines is as under 1.        These… Read More »

IRDA extension to insurers for implementation of Corporate Governance guidelines

Insurance Regulatory and Development  Authority of India Ref. : IRDA/FM/GDL/CG /100/05/2016 Date:6th June, 2016 Guidelines for Corporate Governance for insurers in India Addendum The Authority has Issued a revised set of Guidelines on Corporate Governance for insurers in India on l8th May, 2016. The guidelines inter-alia incorporate the stipulations regarding the qualifications and other eligibility… Read More »

Caution List of Service Providers (Outsourcing Entities) :IRDA

In pursuance to the Final Order No. IRDA/LIFE/ORD/MISC/267/12/2014 dated 1st December, 2014 in the matter of Future Generali India Life Insurance Co. Ltd., while conducting an audit by an independent Chartered Accountant firm (Verma Mehta & Associates, Mumbai) into the outsourcing arrangements and the structure/shareholding pattern/composition and existence of all the outsourced entities, it was… Read More »

Corporate Governance for insurers in India :IRDA Guidelines

Ref:IRDA/F&A/GDL/CG/100/05/2016 Date:18-05-2016 The Authority had initially issued Guidelines on Corporate Governance for insurance companies vide circular dt. 5th August, 2009. The Authority had also issued separate guidelines for appointment/ reappointment and remuneration of MD/CEO/ WTD as well as other Key Management Persons (KMPs), as also the Appointment of statutory auditors of insurers through various circulars.… Read More »

IRDA Expenses of Management of Insurers transacting General or Health Insurance business Regulations 2016

THE GAZETTE OF INDIA : EXTRAORDINARY [PART III —SEC. 4] INSURANCE REGUALTORY AND DEVELOPMENT AUTHORITY OF INDIA NOTIFICATION Hyderabad, the 27th April, 2016 Insurance Regulatory and Development Authority of India (Expenses of Management of Insurers transacting General or Health Insurance business) Regulations, 2016 F.No. IRDAI/Reg./12/124/2016.—In exercise of the powers conferred by clause (je) of sub-section… Read More »

IRDA Assets, Liabilities, and Solvency Margin of Life Insurance Business Regulations 2016

THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4] INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA NOTIFICATION Hyderabad, the 13th April, 2016 Insurance Regulatory and Development Authority of India (Assets, Liabilities, and Solvency Margin of Life Insurance Business) Regulations, 2016 F. No. IRDAI/Reg/9/121/2016.—In exercise of the powers conferred by clauses (y), (z), (za) and (zab)… Read More »

IRDA Appointment of Insurance Agents Regulations 2016

THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4] INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA NOTIFICATION Hyderabad, the 15th April, 2016 INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA (APPOINTMENT OF INSURANCE AGENTS) REGULATIONS, 2016 F. No. IRDAI/Reg/11/123/2016 – In exercise of the powers conferred by section 114A of the Insurance Act, 1938 (4 of… Read More »

IRDA Actuarial Report and Abstract for Life Insurance Business Regulations

INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA NOTIFICATION Hyderabad, the 13th April, 2016 Insurance Regulatory and Development Authority of India (Actuarial Report and Abstract for Life Insurance Business) Regulations, 2016 F. No. IRDAI/Reg/10/122/2016.— In exercise of the powers conferred by clauses (g), (y), (z) and (za) of sub-section (2) of section 114A read with sections… Read More »

Assets, Liabilities, and Solvency Margin of General Insurance Business Regulations, 2016

INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA NOTIFICATION Hyderabad, the 7th April, 2016 Insurance Regulatory and Development Authority of India (Assets, Liabilities, and Solvency Margin of General Insurance Business) Regulations, 2016 F. No. IRDAI/Reg/7/119/2016- In exercise of the powers conferred by clauses (y), (z), (za) and (zab) of sub- section (2) of section 114A read with… Read More »

Members of the Insurance Advisory Committee

NOTIFICATION F.NO.IRDAI/IAC/6/118/2016 DATED 4-4-2016 In exercise of the powers conferred by sub section (1) of section 25 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), the Authority hereby makes the following notification: The following members are appointed as Members of the Insurance Advisory Committee with effect from the date of notification… Read More »

insurers to strictly comply General Insurance-Reinsurance Regulation

CIRCULAR NO.IRDA/NL/CIR/RIN/078/04/2016, DATED 26-4-2016 The Authority has recently received requests from some insurers seeking waiver of certain provisions of IRDA (General Insurance-Reinsurance) Regulation 2013, citing inability to comply with the stipulations, as they were executing Reinsurance treaties on a global basis where the Indian Insurer along with their foreign promoter entity/subsidiaries/group companies enter into a… Read More »

AUDITORS’ REPORT OF INSURANCE COMPANIES

CHANGES TO IRDA (PREPARATION OF FINANCIAL STATEMENTS AND AUDITORS’ REPORT OF INSURANCE COMPANIES) REGULATIONS, 2002 CIRCULAR NO.IRDA/F&A/CIR/CPM/056/03/2016, DATED 4-4-2016 The provisions of sections 10 and 11 have been modified vide the Insurance Laws (Amendment) Act, 2015. These amendments have necessitated changes to the IRDA (Preparation of Financial Statements and Auditors’ Report of Insurance Companies) Regulations… Read More »

Non-Compliance of Award of Insurance OMBUDSMAN

Source IRDAI IRDAI has been receiving communications from certain Ombudsman bringing to its notice the inordinate delay on the part of the Insurance Companies to implement the orders/awards of the Insurance Ombudsman. Similar complaints have also been received from the aggrieved Policy Holders on the above issue. Considering the seriousness of the issue, IRDAI in… Read More »

Cross Border Reinsurers Clarification by IRDA

Clarifications on Guidelines on Cross Border Reinsurers Ref:IRDA/NL/GDL/RIN/065/04/2016 Date:04-04-2016 To All CEOs/CMDs of Insurance Companies / GIC Re This refers to Circular No IRDAI/NL/GDL/RIN/017/01/2016 dated 19-01-2016 The Authority has been receiving information sheets for the Cross Border Reinsurers (CBR) (who are not fully compliant with the said circular), from various insurers/GIC Re, for approval of… Read More »

Actuaries and their Mentors Appointment Guidelines of IRDA

Guidelines on Appointment of Appointed Actuaries and their Mentors Ref:IRDAI/ACTL/GDL/MISC/055/03/2016 Date:22-03-2016 In terms of the powers conferred under section 14 (2) (e ) of the IRDA Act 1999 as amended from time to time, the Insurance Regulatory and Development Authority of India (IRDAI) issues these guidelines on the Appointment of Appointed Actuaries and their Mentors.… Read More »

IRDA added products for point of sales person

GUIDELINES ON POINT OF SALES PERSON – NON-LIFE & HEALTH INSURERS – ADDITION OF PRODUCTS CIRCULAR NO.IRDA/INT/GDL/ORD/047/03/2016, DATED 11-3-2016 Your attention is drawn to the Guidelines on Point of Sales Person for Non-life and Health Insurers issued vide No.IRDA/lnf/GDL/ORD/183/10/2015 dated 26th October, 2015. Vide the above guidelines, the Authority has introduced the concept of Point… Read More »

IRDA direct payment of commission to agents with existing regulations

REGULATIONS ON PAYMENT OF COMMISSION, REMUNERATION OR REWARD TO INSURANCE AGENTS AND INSURANCE INTERMEDIARIES CIRCULAR NO.IRDA/INT/ORD/COMM/049/03/2016  DATED 15-3-2016 Consequent upon promulgation of Insurance Laws (Amendment) Act, 2015, amendments to the provisions of the Insurance Act, 1938 and the Insurance Regulatory and Development Authority Act, 1999 were effected. The following sections of the Insurance Act, 1938… Read More »

TRADE CREDIT INSURANCE :IRDA GUIDELINES

INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY GUIDELINES ON TRADE CREDIT INSURANCE CIRCULAR NO.IRDAI/NL/CIR/CRE/044/03/2016, DATED 10-3-2016 Introduction The Authority had issued guidelines on trade credit Insurance on 13-12-2010 vide circular ref IRDA/NL/CIR/CRE/205/12/2010, to regulate the business of Credit Insurance in India. In the recent times, the changes in economy, especially in micro, small, medium enterprise sector has… Read More »

INSURANCE PROCEDURE FOR HOLDING INQUIRY BY ADJUDICATING OFFICER

INSURANCE (PROCEDURE FOR HOLDING INQUIRY BY ADJUDICATING OFFICER) RULES, 2016 NOTIFICATION NO. GSR 178(E) [F.NO.12018/1/2015-INS.II] DATED 17-2-2016 In exercise of the powers conferred by clause (la) of sub-section (2) of section 114 of the Insurance Act, 1938 (4 of 1938), the Central Government hereby makes the following rules, namely:— Short title and commencement 1. (1)… Read More »

IRDA notified Rules for Inspection and Fee for supply of Copies of Returns filed by Insurance entities

THE GAZETTE OF INDIA : EXTRAORDINARY [PART III —SEC. 4] INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA NOTIFICATION Hyderabad, the 17th February, 2016 INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA (INSPECTION AND FEE FOR SUPPLY OF COPIES OF RETURNS) REGULATIONS, 2015 F. No. IRDAI/Reg/2/114/2016..—In exercise of the powers conferred by section 114 A(2) (h) and… Read More »

Rules Notified for filing Insurance Appeal to Securities Appellate Tribunal

THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] MINISTRY OF FINANCE (Department of Financial Services) NOTIFICATION New Delhi, the 17th February, 2016 G.S.R. 179(E).—In exercise of the powers conferred by sub-section (1) and clause (lb) of sub-section (2) of section 114, read with sub-sections (2) and (6) of section 110 of the Insurance Act,… Read More »

IRDA Guidelines on Product Filing Procedures for General Insurance Products

Guidelines on Product Filing Procedures for General Insurance Products The guidelines on product filing procedures for general insurance products are issued considering the actual experience gained on the guidelines and circulars on file and use requirements for general insurance products in force, evolving needs of consumers and flexibility required for general insurers to respond to… Read More »

Clarifications on IRDAI (Registration of Corporate Agents) Regulations, 2015

Source Insurance Regulatory and Development Authority of India Ref:IRDA/CAGTS/CIR/LCE/029/02/2016 Date:16-02-2016 The Authority has notified the IRDAI (Registration of Corporate Agents) Regulations, 2015 on 20.08.2015 and has issued instructions for obtaining Certificate of Registration under IRDAI (Registration of Corporate Agents) Regulations, 2015 vide Ref. No. IRDAI/CAGTS/GDL/LCE/ 202/ 11/ 2015 dt 18.11.2015. We have to inform you… Read More »

IRDA issues draft on Issuance of e – insurance policy

Source : Insurance Regulatory and Development Authority of India 11-02-2016 Consequent upon promulgation of Insurance Laws (Amendment) Act, 2015 a new section in the Insurance Act, 1938 has been incorporated which reads as under- Section 14(2) of the Insurance Act, 1938, has given the provision that “Every insurer shall, in respect of all business transacted… Read More »

IRDA Draft on Loans or Temporary advances to Full-time Employees of the Insurers

Source IRDA Date:03-02-2016 Insurance Regulatory and Development Authority of India (Loans or Temporary advances to the Full-time Employees of the Insurers) Regulations, 2016 Insurance Laws (Amendment) Act 2015 has carried out amendments to the section 29. The amended Section 29 (3)(a) empowers the Authority to frame regulations on the loans or temporary advances to the… Read More »

Online Training of Insurance Brokers for Renewal of Licence

Insurance Regulatory and Development Authority of India Ref:IRDA/BRK/MISC/CIR/018/01/2016 Date:01-02-2016 We are pleased to inform you that Insurance Institute of India (III) has developed the Brokers’ Training Module and has communicated their readiness to start online training for renewal of licence for brokers from 1stFebruary, 2016. The prospective candidates may make use of this opportunity for renewal… Read More »

IRDA Invite comments on Draft of IRDA(GENERAL INSURANCE-REINSURANCE) REGULATIONS 2016

EXPOSURE DRAFT Ref:Ref No :IRDAI/NL/RI/ RI Reg/ Date:29-01-2016 INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA (GENERAL INSURANCE-REINSURANCE) REGULATIONS, 2016. IRDA (General Insurance-Reinsurance) Regulations, 2013, was notified on 7th February, 2013, stipulating various matters concerning reinsurance business transacted by the insurers/ reinsurers in India. The Insurance Act 1938 has been amended. The Insurance Laws (Amendment) Act, 2015,… Read More »

IRDA invites comments on draft of Health Insurance Regulations 2016

IRDA (Health Insurance) Regulations, 2013 were notified on 16th February, 2013 specifying therein various matters concerning the administration of health insurance. Subsequently, first amendment was carried out vide IRDA (Health Insurance) (First Amendment) Regulations, 2014 vide notification dated 19th November, 2014. Since the notification of these Regulations, the Health Insurance Business made progress in terms… Read More »

FAQ’s on electronic motor insurance policies

i) What is an “e‐Insurance policy”? “e-insurance policy” is a digitally signed insurance contract issued in an electronic form by an Insurer either directly to the policyholder or through the platform of registered Insurance repository. ii) Why do we need electronic policies for motor insurance? Many times, the physical copy of the motor insurance policy… Read More »