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 »
Consequent upon promulgation of Insurance Laws (Amendment) Act, 2015, Sec 40 states that no person shall pay or contract to pay any remuneration or reward, whether by commission or other-wise for soliciting or procuring insurance business in India to any person except an insurance agent or an intermediary or insurance intermediary in such manner as… Read More »
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 »
Registration and submission of information to CBDT for compliance with obligations under Foreign Account Tax Compliance Act (FATCAI/ Common Reporting Standards(CRS) 1. The Authority, vide circular dt. 31.12.2014, had advised all insurers (excluding GIC) to get themselves registered with the United States Internal Revenue Service (US-IRS) and obtain a Global Intermediary Identification Number (GIIN), in… Read More »
Attention is drawn to the Guidelines on Indian Owned and Controlled issued by the Authority Ref. IRDA/F&A/GDL/GLD/180/10/2015 on the 19th October, 2015. The Guidelines envisage confirmation of compliance with the criteria of Indian Ownership and Control by all the Indian Insurance Companies within a period of three months, i.e. by the 18th of January, 2016.… Read More »
Insurance Regulatory and Development Authority of India (Issuance of Capital by Indian Insurance Companies transacting other than Life Insurance Business) Regulations, 2015 Notification No [ADVT-III/4/Exty./161/15(292)] Ref No F. No. IRDAI/Reg/21/111/2015.— Dated 15th December, 2015 What is the approval requirement for issuance of Shares by by Indian Insurance Companies transacting other than Life Insurance Business ?… Read More »
Insurance and Regulatory Development Authority of India 07.12.2015 Discussion Paper on Convergence to Ind-As in Insurance Sector This discussion paper covers the approach towards convergence towards Ind-AS in the insurance sector from the date which will be notified by the Authority separately. Definitions.—(1) In these regulations, unless the context otherwise requires — “Act” means the… Read More »
INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA All CEOs/CMDs of all General Insurance Companies and Stand-alone Health Insurance Companies Ref:IRDA/NL/RI/MISC/15-16/37 … Read More »
Exposure Draft Date:02-12-2015 Amendment to Regulation 28(9)-Order of preference of cessions by Indian insurers – IRDAI’s (Registration and Operations of Branch offices of Foreign Reinsurers other than Lloyd’s) Regulations, 2015 Attention is drawn of all stakeholders regarding the IRDAI’s (Registration and Operations of Branch offices of Foreign Reinsurers other than Lloyd’s) Regulations, 2015. As is… Read More »
Travel insurance What is Travel Insurance Policy ? Travel Insurance offers insurance protection while you travel. Travel Insurance may be called by different names by insurance companies. It is important for you to check and understand whether the policy covers domestic travel or overseas travel or both. Travel Insurance protects you and/or family against travel… Read More »