Indian Insurance Companies (Foreign Investment) (Amendment) Rules, 2021.

As per the new rule 3, no Indian insurance company shall allow the aggregate holdings by way of Total Foreign Investment in its equity shares by Foreign Investors, including portfolio investors, to exceed seventy-four percent …

IRDAI publishes Insurance Advertisements and Disclosure Regulations, 2021

This Regulations is applicable to all insurers, intermediaries and insurance intermediaries registered with the Authority except those engaged exclusively in reinsurance business.

The Insurance Regulatory and Development Authority of India (Regulatory Sandbox) (Amendment) Regulations, 2021.

The objective of this regulation is to strike a balance between orderly development of insurance sector on one hand and protection of interests of policyholders on the other, while at the same time facilitating innovation …

New conditions applicable for Insurers Investing in Alternative Investment Funds

The Insurer shall, on a quarterly basis, obtain a certificate issued by the Concurrent Auditor regarding compliance of conditions for investing in AIFs and file the same along with quarterly periodical returns.

IRDAI issues Draft Guidelines on Trade Credit Insurance.

The new guidelines will open up opportunities to offer credit insurance-backed financing solutions to corporates and MSMEs. Also, changes such as enhanced indemnity of 90% and pre-shipment risk coverage will make the credit insurance product …

IRDAI permits Insurers to classify investments in Preference Shares and Equity Shares as a part of Approved Investments.

IRDAI has permitted Insurers to classify investments in Preference Shares and Equity Shares as a part of “Approved Investment” if such Shares have paid dividend “for at least 2 years out of 3 consecutive years …

The Insurance (Amendment) Act, 2021.

Indian insurance company means any insurer being a company that is formed and registered under the Companies Act, 1956, in which the aggregate holdings of equity shares by foreign investors including portfolio investors, do not …

IRDAI relaxes requirement to issue policy documents for Electronic Policies

IRDAI has allowed exemption for further six months to insurers from the requirement to issue policy document, copy of proposal form in physical form.

IRDAI extends the facility of dispensation for physical signature of life covers till 30th September.

IRDAI has allowed the Life Insurers to obtain the customer’s consent through electronic means, i.e., without requiring wet signature on the proposal form, for the business solicited by Individual Agents and Insurance Intermediaries, under all …

IRDAI modifies Guidelines on Standard Personal Accident Insurance product.

The insured will be allowed a period of fifteen days from date of receipt of the Policy to review the terms and conditions of the Policy, and to return the same if not acceptable.

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