Guidelines on settlement of Life Insurance Claims to the victims of Flood in Maharashtra
The Progress report on the claims settled shall be submitted to and hemant.mourya@irdai.gov.in and life@irda.gov.in on a weekly basis every Monday before 12.00 PM (first such report to be received on 9th August 2021) for data up to last working day of the previous week.
IRDAI(Re-insurance) (First Amendment) Regulations, 2022
Submission timelines for Final Reinsurance programme to the Authority is increased from 30 days to 45 days from the commencement of Financial Year.
The Insurance Regulatory and Development Authority of India (Expenses of Management of Insurers transacting life insurance business) Draft Regulations, 2022.
These Regulations shall come into force from 01st April, 2023 and shall remain in force for a period of three years thereafter and it shall be applicable to Insurers transacting the life insurance business in India.
The Insurance Regulatory and Development Authority of India (Payment of Commission) (Draft) Regulations, 2022.
The total amount of commission payable under life insurance products including health insurance products offered by life insurers shall not exceed the Expense of Management (EOM) limits specified under Insurance Regulatory and Development Authority of India (Expenses of Management of Insurers transacting life insurance business) Regulations, 2022as amended from time to time
Ayushman Bharat Digital Mission (ABDM) adopted by Doctors.
The General Insurers are advised to consider capturing / collecting HPR ID as a verification to validate / authenticate the medical practitioners while issuing / renewing policies for Medical Malpractice under Professional Indemnity cover. This will enable the digitization and ease the process of buying and selling the Professional Indemnity policies and push for HPR registration among the healthcare professionals.
All insurance companies to adopt policy on the scrapping/disposal of out of date OS and IT Equipments
The hackers/crackers exploit weakness such as ignorance or non-adherence to security procedures, flaws in processes or vulnerabilities in technology (both hardware and software). Further, the use of out-of-date operating systems and IT equipment must be discontinued as it makes the IT system susceptible to cyber attacks.
Directions for Financial Information Providers(FIP) to Participate in Account Aggregator Framework
The Financial Information Providers (FIPs) in insurance sector must disclose prominently on their websites the names of the Account Aggregators through which the information is shared.
IRDAI extends the timeline for implementation of Master Guidelines on Anti-Money laundering/ Counter Financing of Terrorism (AML/CFT), 2022.
The guidelines is applicable to all classes of Life, General or Health insurance business carried out by the „Insurers‟ except Re-insurance business carried out by the „Indian Insurance company‟ or „foreign company‟ in India.
IRDAI publishes master circular on IRDAI (Investment) Regulation, 2016.
The Master circular contains the investment categories, risk management and concurrent audit, valuation guidelines, operational procedure, fund clearance formats and investment categories codes etc.
Insurance Regulatory and Development Authority of India (Re-insurance) (Draft Amendment) Regulations, 2022.
As per the Draft amendment under sub-regulation 3(2)(c) Every Indian Re-insurer shall maintain a minimum retention of 50%of its Indian business. The retrocession to IIO upto 20% of Indian Reinsurance business is reckoned while computing with the minimum retention of 50% of the Indian Reinsurance business.
