IRDA has issued guidelines about handling claims with regard to Corona Virus whereby insurers have been directed to expedite handling of claims for hospitalisation expenses for Corona virus disease (COVID-19). IRDA’s guideline on COVID-19 directs insurers to cover medical expenses during the quarantine period. The guidelines also advise insurers to design products for the Corona… Read More »
TAX BENEFITS DUE TO LIFE INSURANCE POLICY Payment of premium on life insurance policy not only gives insurance cover to a taxpayer but also offers certain tax benefits. Deduction in respect of Life Insurance Premium, PPF, NSC, etc. [Section 80C] Section 80C of the Income Tax Act provides deduction in respect of various items like… Read More »
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 »
MASTER DIRECTION – INSURANCE FED MASTER DIRECTION NO.9 (2015-16), DATED 1-1-2016 Issuance of insurance is regulated under sub-section (2) of Section 47 of the Foreign Exchange Management Act, 1999, (42 of 1999), read with Notification No.FEMA.12/2000- RB, dated May 3, 2000. These Regulations are amended from time to time to incorporate the changes in the… Read More »
Source : Insurance Regulatory and Development Authority of India Ref:IRDA/NL/CIR/MISC/024/02/2016 Date:10-02-2016 It is well known fact that policyholders have a prerogative to choose any agent, intermediary or any insurer to avail of insurance services. Of late, it has come to the notice of the Authority that some general insurance companies having tie-ups with a particular… Read More »
RBI/FED/2015-16/5 FED Master Direction No. 9/2015-16 January 1, 2016 To, All Authorised Persons in Foreign Exchange Madam / Sir, Master Direction – Insurance Issuance of insurance is regulated under sub-section (2) of Section 47 of the Foreign Exchange Management Act, 1999, (42 of 1999), read with Notification No.FEMA.12/2000-RB, dated May 3, 2000. These Regulations are… Read More »