IRDAI relaxes compliance requirement for life insurers

The requirement to submit quarterly ALM returns regarding “Asset Liability Management and Stress Testing” (for life insurers) is dispensed with, except for Domestic Systemically Important Insurers. However, all insurers shall continue to regularly monitor their ALM position, with appropriate internal reporting and analysis, as part of their risk management and monitoring process.

Companies (Registration of Charges) Amendment Rules, 2022

The amendment has exempted the charge created or modified by a banking company for loan received from RBI from the requirement of filing particulars of the charge together with a copy of the instrument, if any, creating or modifying the charge in Form No.CHG-1 or Form No.CHG-9.

IRDAI notifies Draft guidelines on Group Insurance Products under Health Insurance Business and other operational matters.

As per the draft guidelines, insurers offering group insurance should have a Board approved group insurance underwriting policy. The policy should specify the manner in which its risk and costs are analyzed and factored into the premium cost. All risk factors per unit of coverage such as individual, family, group floater, etc., should be separately analyzed and priced. Past experience and future exposures should also be critically analyzed for “Large Group”.

SEBI reduces timeline for listing of units of InvIT & REIT.

The SCSBs (Self certified syndicate banks), stock exchanges, depositories, intermediaries shall co-ordinate to ensure completion of listing (through public issue) and commencement of trading of units of REIT and InvIT within six working days from the date of closure of issue.