IRDAI constitutes an Expert committee for matters related to mental health
A holistic examination of the various aspects involved such as types of conditions, types of treatments etc from the insurance perspective is necessary when dealing with products designed to cover mental illnesses and other related aspects. Therefore, it has been decided to constitute a committee of experts to advise IRDAI on matters related to mental health and insurance.
IRDAI published circular to stop the facility of repayment of loan taken against the insurance policy through credit card
Insurance Regulatory and Development Authority of India issued instructions to stop the facility of repayment of loan taken against the insurance policy through credit card.
IFSCA publishes clarifications regarding IFSCA (Management Control, Administrative Control and Market Conduct of Insurance Business) Regulations 2023
The consultation paper on seeking comments/views of public on the draft IFSCA (Management Control, Administrative Control and Market Conduct of Insurance Business) Regulations 2023 was issued by IFSCA on 21.02.2023.
Master Circular on Registration of Indian Insurance Company, 2023
Master Circular on Registration of Indian Insurance Company, 2023 shall govern ownership, investment and financing of insurance companies.
IRDAI Information and Cyber Security Guidelines, 2023
Those entities who have already completed security audit for FY 2022-23 shall ensure compliance with these guidelines from next financial year.
Procedure for Implementation of Section 12A of ‘The Weapons of Mass Destruction and their Delivery Systems Act, 2005′
All Financial Institutions are required to verify if the particulars of the entities/individual, party to the financial transactions, match with the particulars of designated list and in case of match, REs shall not carry out such transaction and shall immediately inform the transaction details with full particulars of the funds, financial assets or economic resources involved to the CNO by email, FAX and by post, without delay.
Clarification regarding IRDAI (Expenses of Management of insurers transacting Life Insurance business) Regulations 2023
Clarification is provided regarding Return of Expenses of Management. 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.
2022- 2023 List of Domestic Systemically Important Insurers (D-SIIs)
The Insurance Regulatory and Development Authority of India (IRDAI) has issued a press note on the list of Domestic Systemically Important Insurers (D-SIIs) for 2022-2023. This press note was issued on 31st March, 2023.
Payment of Distribution Fees to Motor Insurance Service Provider
The IRDAI has now clarified that “The distribution fees payable to MISP shall be as per Board approved policy for payment of commission of the insurer.”
Registration of two Life Insurers
Presently, the total number of life insurers operating in India have gone up to 25. This marks the addition of a total three new insurers in the financial year 2022-23. Moreover, another 20 applications are currently in pipeline at various stages of registration in life, general and reinsurance segments.
