The International Financial Services Centres Authority (Registration of Insurance Business) Regulations, 2021.
An Indian insurer or re-insurer desirous of setting up a place of business in an unincorporated form in an IFSC, shall be duly registered with IRDAI for undertaking the business of insurance or re-insurance in India and has been granted a No Objection Certificate by the IRDAI to set up place of business in an IFSC.
Insurance Scheme for Health Workers fighting COVID-19”, extended for a further period of 180 days.
The Pradhan Mantri Garib Kalyan Package was launched on 30th March 2020 to provide comprehensive personal accident cover of Rs. 50 Lakh to 22.12 lakh health care providers including community health workers and private health workers who may have been in direct contact and care of COVID-19 patients and may be at risk of being impacted by this.
IRDAI notifies Maintenance of Current Accounts in multiple banks by Insurers.
It is clarified that the respective insurers may maintain current accounts in appropriate number of banks for the purpose of premium collection, management expenses, policy payments, investment operations, etc., for the convenience of the policyholders and for the ease of doing business.
The Deposit Insurance and Credit Guarantee Corporation General (Amendment) Regulations, 2021.
A new regulation 22A relating to deferring or varying the time limit for receipt of repayments under certain circumstances has been inserted through this amendment.
IRDAI revises the Dividend Criteria for Equity Investment under Approved Investment.
IRDAI has permitted Insurers to classify investments in Preference Shares and Equity Shares as part of “Approved Investment” if dividend is paid on such Shares “for at least 2 years out of 3 consecutive years immediately preceding ” instead of “for at least 2 consecutive years immediately preceding” (as required under Regulation 3(a)(4) and 3(a)(5) of IRDAI (Investment) Regulations, 2016) for the period from 1st October, 2021 to 31st March, 2022.
IRDAI extends the timeline for issuance of electronic life insurance policies till 31st March 2021.
Earlier the exemption for wet signature on the hard copy of an insurance policy was valid till 31st March 2021 however due to the second wave of the pandemic, IRDAI extended the timeline till 30th September 2021 which is now further extended till 31st March 2022.
IRDAI extends the exemptions granted for issuance of electronic policies till 31st March 2022.
Insurers shall put in place proper mechanism to ensure that the documents are delivered to the designated e-mail Id / mobile number of the policyholder and an acknowledgement is appropriately obtained / auto-collected on delivery.
IRDAI extends the timeline for sale and renewal of short term Covid specific health insurance policies.
The minimum sum insured for Corona Kavach Policy is Rs 50,000 and the maximum is Rs 5 lakh and for the Corona Rakshak Policy, the minimum sum insured is Rs. 50,000 and the maximum limit shall be Rs.2.5 lakh.
IRDAI Publishes guidance document on product structure for Cyber Insurance.
The main objectives of the guidance document on product structure for Cyber Insurance are to enable insurers to evaluate new technologies posing heightened cyber risk, identify protection gaps in the existing products and address the changing needs of market and to facilitate insurers in developing stand-alone cyber insurance products, specifically designed to address the evolving cyber risks.
IRDAI notifies Draft IRDAI (Surety Insurance Contracts) Guidelines, 2021.
Any applicant intending to commence Surety Insurance business can do so by applying for grant of certificate of registration in accordance with IRDA (Registration of Indian Insurance Companies) Regulations, 2000. However, the preference to grant certificate of registration shall be given to the applicant whose promoters are already engaged in carrying out Surety Insurance Business in any jurisdiction.
