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.
It is clarified that Section 2 (1) (q) of Surrogacy Act 2021 states as under:
“Insurance means an arrangement by which a company, individual or intending couple undertake to provide a guarantee of compensation for medical expenses, health issues, specified loss, damage, illness or death of surrogate mother and such other prescribed expenses incurred on such surrogate mother during the process of surrogacy;”
Section 22 (4) (ii) of ART Act 2021 states as under:
“Insurance means an arrangement by which a company, individual or commissioning couple undertake to provide a guarantee of compensation for specified loss, damage, complication or death of oocyte donor during the process of oocyte retrieval”
As life insurers fall under the definition of insurance business under these acts and therefore shall comply with the acts.
