Insurance Regulatory and Development Authority of India (Appointed Actuary) Draft Regulations, 2022.
An insurer registered to carry on insurance business in India shall, appoint an actuary, who shall be known as the ‘Appointed Actuary’. An insurer, who is unable to appoint an Appointed, shall make an application to the Authority in writing for relaxation of any of the eligibility conditions.
IRDAI eases Capital requirements under PMJJBY to encourage more insurers to participate.
The easing of capital requirement by IRDAI will accelerate the penetration of life insurance in India, and will support the life insurers in achieving the target set by the Government.
IRDAI publishes Draft Master Guidelines on Anti Money Laundering/Counter Financing of Terrorism (AML/CFT)
The Draft guidelines shall be applicable for all class 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 issues guidelines on use and file procedure for all categories of products under health and general insurance business.
Insurers shall file the proposed name of the product, date of approval by Product Management Committee and shall obtain the UIN. Thereafter, Insurers shall file the product along with all other documents specified in Consolidated Guidelines on Product Filing in Health Insurance Business dated 22 July, 2020 with the Authority within 7 days of launch of the product.
Ministry of Finance revises premium rates of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY).
The premium rates of the schemes have been revised by making it Rs 1.25 per day premium for both schemes that includes revising PMJJBY from Rs 330 to Rs 436 and PMSBY from Rs 12 to Rs 20.
Revised Guidelines on Standardization in Health Insurance
IRDAI has modified the definition of Critical Illnesses prescribed in Guidelines on Standardization in Health Insurance.
IRDAI directs insurers to comply with awards passed by Insurance Ombudsman.
The Authority conducted a comprehensive review of the pending cases of all the offices of the Insurance Ombudsman. As per the data received from the Insurance Ombudsman Council, there are a total of 711 Insurance Ombudsman Awards which are pending for compliance, out of which 162 awards are pending for more than a year.
IRDAI has revised the periodicity of Health Insurance Regulatory Returns
GHIS return (HIR-20) on Information on Government Sponsored Health Insurance Schemes and GHISAR Return (HIR-21) stands dispensed with. These norms are applicable with immediate effect and are applicable to all returns to be filed for FY 2021-22 onwards.
IRDAI notifies circular on Motor Insurance Advertisements by General Insurers.
General Insurance Companies enter into service agreements with motor workshops/garages for the purpose of providing motor insurance claim services for repair of accident vehicles.
IRDAI permits insurers to design and file alternative products covering Fire and allied perils.
Due to the increasing demand for new covers in the fire line of business, the Authority has permitted general insurers to design and file alternative products covering Fire and allied perils.
