Category Archives: IRDA

IRDAI Clarifications on Annual licence fee of Insurance Brokers for 2017-18

By | June 30, 2018

To The Principal Officers, All Insurance Brokers, Ref. No:IRDAI/BRK/MISC/CIR/098/06/2018 Date:27-06-2018 Clarifications on Annual licence fee To The Principal Officers, All Insurance Brokers, Re : Clarifications on a)    Annual licence fee payable by licensed broking entities for the year 2017-18 b)   Renewal Fee payable as per Reg 9 of IRDAI (Insurance Brokers ) Regulations, 2018   1.   The Authority has been receiving… Read More »

Online Surveyor Examinations Sept 2018 : Dates by IRDAI

By | June 30, 2018

Notice Ref: IRDAI/SUR/EXAM/ON/SEPT/2018 Date – 28.06.2018 New Candidates need to register with III and please refer “help manual – surveyor” available on www.insurnaceinstituteofindia.com under HELP DESK MENU for help. Online Surveyor Examinations – Sept. 2018 Important Dates Commencement date of registration :  07th July, 2018 Last date of registration : 16th July, 2018 Book centre,… Read More »

E-Insurance Accounts: 15,21,907 accounts opened as on 15.03.2018

By | March 24, 2018

Ministry of Finance E-Insurance Accounts: 15,21,907 accounts opened as on 15th March 2018 Posted On: 23 MAR 2018 5:32PM by PIB Delhi As per Insurance Regulatory and Development Authority of India (IRDAI), the number of customers who have opened e-insurance accounts as on 15th March 2018 are 15,21,907. However, e-insurance accounts are only for storing insurance… Read More »

Aaadhar Linking Mandatory for Insurance Policies

By | November 10, 2017

Insurance Regulatory and Development Authority of India Ref : IRDAI/SDD/MISC/CIR/248/11/2017 8thNovember. 2017 CIRCULAR To Life and General insurers (including Standalone Health insurers) Sub: The Prevention of Money Laundering (Maintenance of Records) Second Amendment Rules, 2017 Central Governmenl vide gazette notification dated lst June 2017 notified the Prevention of Money-laundering (Maintenance of Records) Second Amendment Rules,… Read More »

Unclaimed Amounts of Policyholders : IRDAI Master Circular

By | July 26, 2017

Unclaimed Amounts of Policyholders Ref: IRDA/F&A/CIR/Misc/173/07/2017 Date: 25-07-2017 Master Circular: Unclaimed Amounts of Policyholders The Authority has issued various directions regarding the Unclaimed Amounts of Policyholders from time to time. All the earlier directions are now being consolidated and issued in the form of a Master Circular which is attached herewith. The Government of India has brought… Read More »

IRDAI Outsourcing of Activities by Indian Insurers Regulations 2017

By | May 7, 2017

REGD. NO. D. L.-33004/99  THE GAZETTE OF INDIA EXTRAORDINARY PART III—Section 4 PUBLISHED BY AUTHORITY NEW DELHI, FRIDAY, MAY 5, 2017/VAISAKHA 15, 1939 INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA NOTIFICATION Hyderabad, the 20th April, 2017 Insurance Regulatory and Development Authority of India (Outsourcing of Activities by Indian Insurers) Regulations, 2017 F. No. IR DAI/Reg/5/142/2017.In exercise… Read More »

IRDAI -Revival Option under discontinued Unit Linked Policies

By | May 6, 2017

INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA Circular Date: 5th May,2017 Ref No. IRDA/ACT/CIR/ULIP/113/05/2017 To, All CEOs of Life Insurance Companies Re: IRDA/ACTL/CIR/ULIP/174/08/2016 dated 26.08.2016- Revival Option under discontinued Unit Linked Policies It has come to the notice of the Authority that few insurers are interpreting the captioned circular in a manner which would delay… Read More »

IRDAI (Insurance Web Aggregators) Regulations 2017

By | May 4, 2017

INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA NOTIFICATION Hyderabad, the 13th April, 2017 Insurance Regulatory and Development Authority of India (Insurance Web Aggregators) Regulations, 2017 F. No. IRDAI/Reg/4/141/2017.—In exercise of the powers conferred by section 114A of the Insurance Act, 1938 (4 of 1938), as amended from time to time, sections 14 and 26 of the… Read More »

Insurance Ombudsman Rules 2017 – Notified

By | April 29, 2017

Insurance Ombudsman Rules 2017. MINISTRY OF FINANCE (Department of Financial Services) (INSURANCE DIVISION) NOTIFICATION New Delhi, the 25th April, 2017 G.S.R. 413(E).—Whereas, the draft of certain rules namely, the Insurance Ombudsman Rules, 2016, were published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) dated the 15th September, 2016 under the notification of… Read More »

Guidelines on insurance e-commerce

By | April 8, 2017

Guidelines on insurance e-commerce 07.04.2017 Insurance Regulatory and Development Authority of India (IRDAI) has issued guidelines on insurance e-commerce dated 9th March, 2017. The salient features of the guidelines are given below. IRDAI has informed that the guidelines issued by the Authority enable insurers and insurance intermediaries to set-up Insurance Self-Network Platforms (ISNP) to sell… Read More »

IRDA modified Guidelines on Pont of Sales Person – Non-Life and Health

By | March 17, 2017

IRDA Modifies Guidelines on Point of Sales Person: Non-Life & Health INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA Parisharam Bhavan, 3rd Floor, Basheer Bagh, Hyderabad-500 004. India. Ph.: 91-040-2338 1100, Fax: 91-040-6682 3334 E-mail : irda@irda.gov.in Web.: www.irda.gov.in Ref: IRDA/INT/GDL/PSP/058/031 2017 16th March, 2017 To all General and Health Insurers Reference is drawn to Guidelines on… Read More »

IRDA Guidelines on Claim processing for Group Insurance Policies

By | March 6, 2017

INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA CIRCULAR To all Life Insurers Ref: IRDAI/Life/Cir/GDL/049/3/2017 Date: 03-03-2017 Guidelines on Claim processing for Group Insurance Policies – Addition of new Categories of Master Policyholders The Authority issued Guidelines on Claim Processing for Group Life Insurance Policies under Lender Borrower Schemes vide cir ref: IRDA/Life/Cir/GDL/285/12/2014 dated 29/12/2014 which… Read More »

Stewardship Code for Insurers in India 2017 -Exposure Draft

By | January 21, 2017

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 »

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

By | November 30, 2016

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

By | November 30, 2016

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

By | September 17, 2016

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

By | August 31, 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 Health Insurance Regulations 2016

By | July 21, 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”

By | July 19, 2016

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

By | July 15, 2016

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

By | June 23, 2016

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

By | June 19, 2016

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.

By | June 19, 2016

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

By | June 10, 2016

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 »