IRDAI notifies Insurance cover for Newborns or Infants under Health Insurance Policies

This circular has now clarified that the prohibition of restrictive conditions in health insurance contracts for newborns/ infants shall be applicable to all products including the “Arogya Sanjeevani Policy”. Hence the guidelines on “Standard Individual …

IRDAI issues Exposure Draft on Long-Term Motor Products covering both Motor Third Party Insurance and Own Damage Insurance

The draft proposes that all General Insurers be permitted to offer long-term motor insurance policies. There will be a ‘Board-approved policy’ set up by the Insurer. This policy must contain acts relating to operational matters, …

Exposure Draft on Long-Term Motor Products covering both Motor Third Party Insurance and Own Damage Insurance

All General Insurers are allowed to offer long-term Motor Insurance policies including third party liability cover

Insurance Regulatory and Development Authority of India (Regulatory Sandbox) (Amendment) Regulations, 2022

IRDAI has Increased the experimental period of the Regulatory Sandbox from the existing six (6) months to up to 36 months

Insurance Regulatory and Development Authority of India (Insurance Intermediaries) (Amendment) Regulations, 2022

The Insurance Marketing Firms (IMF) shall engage Insurance Sales Persons (ISP) for the purpose of soliciting and procuring insurance products for a maximum of six Life insurers, six General insurers, and six Health insurers at …

IRDAI circular regarding the upload of Motor Third Party data in IIBI’s portal

The Appointed Actuary and Chief Compliance Officer shall ensure the completeness, reasonableness, and correctness of the data before submission to IIBI.

Circular regarding the Extension of timelines for filing of Health Quarterly Returns to the Authority by insurers

All quarterly returns shall be furnished by insurers within 20 days from the close of the reporting quarter. These norms are applicable with immediate effect and are applicable to all returns to be filed for …

Guidelines on settlement of Life Insurance Claims to the victims of Flood in Maharashtra

The Progress report on the claims settled shall be submitted to and and on a weekly basis every Monday before 12.00 PM (first such report to be received on 9th August 2021) for …

IRDAI(Re-insurance) (First Amendment) Regulations, 2022

Submission timelines for Final Reinsurance programme to the Authority is increased from 30 days to 45 days from the commencement of Financial Year.

The Insurance Regulatory and Development Authority of India (Expenses of Management of Insurers transacting life insurance business) Draft Regulations, 2022.

These Regulations shall come into force from 01st April, 2023 and shall remain in force for a period of three years thereafter and it shall be applicable to Insurers transacting the life insurance business in …

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