IRDAI has revised the periodicity of Health Insurance Regulatory Returns

GHIS return (HIR-20) on Information on Government Sponsored Health Insurance Schemes and GHISAR Return (HIR-21) stands dispensed with. These norms are applicable with immediate effect and are applicable to all returns to be filed for …

IRDAI notifies circular on Motor Insurance Advertisements by General Insurers.

General Insurance Companies enter into service agreements with motor workshops/garages for the purpose of providing motor insurance claim services for repair of accident vehicles.

IRDAI permits insurers to design and file alternative products covering Fire and allied perils.

Due to the increasing demand for new covers in the fire line of business, the Authority has permitted general insurers to design and file alternative products covering Fire and allied perils.

IRDAI provide exemptions to Foreign Reinsurers Branches

IRDAI provide exemption to Foreign Reinsurers Branches from Common Stewardship Code.

IRDAI issues circular on submitting Actuarial & reinsurance returns.

In order to reduce filing hardcopies of various actuarial returns, IRDAI has directed the insurers to file them in a digital format.

IRDAI permits insurance companies to have exposure to financial and insurance activities upto 30% of investment assets.

Accordingly, the limit of 25% of lnvestment Assets mentioned in Note no. 8 to Reg,9 of IRDAI (lnvestment) Regulations, 2016 stands revised to a limit of 30% of investment Assets

IRDAI has decided to dispense with the requirement of submission of 16 returns by Non-Life Insurers

Insurers are not required to submit Offline Form 1 to X and Monthly Business Figures in physical form

IRDAI relaxes compliance requirement for life insurers

The requirement to submit quarterly ALM returns regarding “Asset Liability Management and Stress Testing” (for life insurers) is dispensed with, except for Domestic Systemically Important Insurers. However, all insurers shall continue to regularly monitor their …

IRDAI notifies Draft guidelines on Group Insurance Products under Health Insurance Business and other operational matters.

As per the draft guidelines, insurers offering group insurance should have a Board approved group insurance underwriting policy. The policy should specify the manner in which its risk and costs are analyzed and factored into …

IRDAI notifies the new mechanism for processing application for registration of new insurers.

The new process would bring down the turnaround time for incorporation of a new entity for insurance related activity and for grant of Certificate of Registration to commence insurance business. The new process would help …

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