General Insurance (Employees’) Pension (Amendment) Scheme, 2023
If any pensioner takes up any commercial employment at any time before the expiry of one year from the date of his retirement without the prior permission of competent authority, or commits a breach of any condition subject to which permission to take up any commercial employment has been granted to him under this paragraph, it shall be competent for competent authority to declare by order in writing and for reasons to be recorded therein that he shall not be entitled to the whole or such part of the pension.
IRDAI instructions to all General Insurers and Standalone Health Insurance Companies to ensure immediate service response to flood victims
Insurers are advised to respond/assist the claimants through their 24×7 helplines, special claims desks at district level with delegated claims settlement teams for speedy processing and settlement of claims including on account payments at the earliest and also encourage policyholders to use electronic communication wherever possible for correspondence.
IRDAI advices insurers to respond/assist to claims of flood victims through 24×7 helplines, special claims desks & delegated claims settlement teams
Insurers are advised to respond/assist the claimants through their 24×7 helplines, special claims desks at district level with delegated claims settlement teams for speedy processing and settlement of claims including on account payments at the earliest and also encourage policyholders to use electronic communication wherever possible for correspondence.
IRDAI directions regarding insurance claims relating to Floods in Himachal, Punjab, Haryana and Delhi regions
IRDAI advises insurers to designate a Senior Executive in each affected State or Union Territory as the Nodal Claims Officer. This officer will oversee the claims response in their respective areas, ensuring streamlined communication and swift action. The appointment of the Nodal Officer should be promptly communicated to the Chief Secretary/Officer of the concerned State to establish a direct line of coordination.
IRDAI clarification regarding monitoring of investments in Alternative Investment Fund
The IRDAI vide its circular dated 23rd August, 2013 permitted insurers to make investments in Category I and Il AlFs as a part of “Other Investments. IRDAI now seeks to closely monitor the exposure of insurers to AIFs.
IRDAI directs Life insurers to comply with Assisted Reproductive Technology (Regulation) Act, 2021 and Surrogacy Act, 2021
IRDAI vide circular dated 26.06.2023 has clarified that all Life insurers shall comply with the Assisted Reproductive Technology (Regulation) Act, 2021 and Surrogacy Act, 2021 with immediate effect and ensure that suitable products are made available.
IRDAI proposes implementation of Risk Based Supervisory Framework
With a view to promote a ‘Principle based Regulatory regime’, foster ease of doing business and encourage proactive risk identification and management, the Insurance Regulatory and Development Authority of India (IRDAI) has been working towards developing and implementing ‘Risk Based Supervision’ (RBS) framework for insurance sector in India.
The life insurers allowed to launch new products without prior approval
Insurance Regulatory and Development Authority of India on 23.06.2023 has extended the ‘Use and File’ procedure to Group Unit-Linked Insurance products, Individual Unit Linked Insurance products which are offered with new funds and Combi products wherein Life Insurer acts as the lead.
General Insurers and standalone health insurance companies shall ensure immediate service response to Insurance claims relating to Cyclone Biparjoy
All General Insurers (including Standalone Health Insurers) are advised to submit information related to Cyclone Biparjoy claims to the IRDAI on a weekly basis at nl-catastrophe@irdai.gov.in for a month.
IRDAI repeals redundant circulars
The circulars are withdrawn to rationalize, streamline the regulatory framework, enhance clarity and reduce complexity in compliance requirements.
