IRDAI notifies framework for appointment of common director under section 48A of the Insurance Act, 1938.
An individual, already acting or proposed to act as Executive Director / Whole-Time Director on the Board of the Insurer/Agent/Intermediary/Insurance intermediary, shall not be appointed as nominee/common director.
IRDAI extends the guidelines on Information and Cyber Security to insurance intermediaries.
The objective of the guidelines is to ensure that a Board approved Information and Cyber Security policy is in place with all insurers and to ensure that the insurers are adequately prepared to mitigate Information and cyber security-related risks.
Insurance Regulatory and Development Authority of India (Payment of Commission or Remuneration or Reward to Insurance Agents and Insurance Intermediaries) Draft Regulations, 2022.
These regulations shall not be applicable to insurance products specified under Insurance Regulatory and Development Authority of India (Micro Insurance) Regulations, 2015 and such other insurance products as may be specified by the Authority from time to time.
IRDAI issues its First Hackathon – Bima Manthan 2022
The hackathon invites participants to identify and develop solutions that have the potential to make the insurance available to every individual in a seamless and swift manner with the use of technology and protecting the interests of the policyholders.
IRDAI notifies the applicability of service tax/GST on services provided by IRDAI to Insurance intermediaries.
all the insurance intermediaries are directed to submit a copy of their GST registration certificate bearing the Goods and Services Tax Identification Number to the Authority on the e-mail ID, kanthishri@irdai.gov.in and accounts@irdai.gov.in on or before 20th August, 2022 for the purpose of including the same in the invoices generated by the Authority in respect of the fee collection.
IRDAI issues notification on migration of Business Analytics Project (BAP) to new hardware.
Therefore all insurers and insurance intermediaries are requested to ensure that all activities connected with BAP are carried out before August 10, 2022, at 8 pm.
IRDAI notifies Insurance Regulatory and Development Authority of India (Expenses of Management of Insurers transacting life insurance business) Draft Regulations, 2022.
All insurers transacting Life insurance business, at the expiration of each financial year, shall prepare with reference to that year a Return of Expenses of Management. The Return shall be signed by the Chief Executive Officer, the Chief Financial Officer and the Chief Compliance Officer of the Insurer.
The Insurance Regulatory and Development Authority of India (Insurance Intermediaries) (Draft Amendment) Regulations, 2022.
The objective of this amendment is to enable the prospects and policyholders to have wide access in purchasing insurance in the expanding market through various distribution channels and enhancing the reach of insurance to every nook and corner of the country, thereby increase the insurance penetration.
Master Guidelines on Anti-Money Laundering/ Counter Financing of Terrorism (AML/CFT), 2022
This master guideline aims to consolidate and update guidelines on AML/CFT earlier issued by the IRDAI in 2013 and 2015 respectively, into a single Master Guidelines covering provisions of PML Act, Rules and other applicable norms (as amended from time to time).
The Insurance Regulatory and Development Authority of India (Expenses of Management of Insurers transacting General or Health Insurance Business) Draft Regulations, 2022.
As per the Draft regulation, No insurer carrying on General Insurance Business or Health Insurance Business in India, shall spend an amount as expenses of management exceeding the amount computed as lower of 30 percent or Expense Rate, multiplied by gross premium written in India in that financial year.
