IRDAI extends the timeline to comply with the Standards and Benchmarks for the hospitals in the provider network.

All the network providers shall register with Registry of Hospitals in the Network of lnsurers maintained by lnsurance lnformation Bureau (llB). [] and shall Obtain either “NABH Entry Level Certification” (or higher level of certificate) …

Life Insurance Corporation General Regulations, 2021

The Corporation may issue securities either in physical form or in dematerialized form in accordance with the provisions of the Depositories Act and the Depositories and Participants Regulations.

The Life Insurance Corporation of India Development Officers (Revision of Certain Terms and Conditions) (Amendment) Rules, 2021.

The Amendment is brought under rule 2(1) which defines the term “eligible premium” which means such proportion as may be specified by the Corporation from time to time on the first year’s premiums received by …

Insurance Regulatory and Development Authority of India (Indian Insurance Companies) (Amendment) Regulations, 2021

The amendment provides that In an Indian Insurance Company having foreign investment exceeding forty-nine percent, for a financial year for which dividend is paid on equity shares and for which at any time the solvency …

Amendments to life insurance Corporation under Part III of Finance Act shall come into force from 30th June 2021.

A key amendment is also regarding the utilization of surplus from the life insurance business under which it pays 5 percent of the surplus to the government.

IRDAI issues Guidelines on Standard Professional Indemnity policy for insurance brokers.

The object of this guideline is to specify the professional indemnity policy that meets the regulatory requirements and it shall be effective from 1st July 2021.

IRDAI issues circular on Availability and Renewal of Standard Corona specific products.

Based on the receipt of complaints stating that some of the insurance companies are not issuing Corona Kavach and Corona Rakshak Policies, it is clarified that all General and Health Insurers are mandated to offer …

IRDAI issues Guidelines on settlement of Life Insurance Claims to the victims of Cyclone.

The Insurers shall initiate immediate action to ensure that all reported claims are registered and eligible claims are settled promptly. Special attention may also be given to PMJJBY claims.

ESIC issues revised guidelines relating to implementation of ESIC Pensioner medical scheme.

The pensioners will be eligible for all kinds of medical treatment including SST from the date of entry/ re-entry into the scheme.

The Pension Fund Regulatory and Development Authority (Pension Fund) (Fifth Amendment) Regulations, 2021.

The Amended regulation notifies that the sponsors, individually or jointly, shall have a positive tangible net worth of at least fifty crore rupees on the last day of each of the preceding five financial years …

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