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 »
Download the Report Report of the Committee on Road Map for Risk Based Solvency Approach in Insurance Sector
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 »
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 »
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 »
INDIAN INSURANCE COMPANIES (FOREIGN INVESTMENT) AMENDMENT RULES, 2016 SUBSTITUTION OF RULE 5 AND OMISSION OF RULE 6 NOTIFICATION NO. GSR 314(E)[F.NO.12018/1/2006-INS.IV], DATED 16-3-2016 In exercise of the powers conferred by clause (aaa) of sub-section (2) of section 114 of the Insurance Act, 1938 read with clause (b) of sub-section (7A) of section 2 of the… Read More »
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 »
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 »
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) 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 »