Category: insurance sector

The Master Circular now defines “Politically Exposed Persons (PEPs)” and assigns them the meaning as per the Prevention of Money Laundering (Maintenance of Records) Rules, 2005. Further, the present Circular directs the insurers to take …

Read More "IRDAI amends Master Guidelines on AML/CFT"

The third edition of Bima Manthan took place at Hyderabad on 1st and 2nd March, 2023. The industry registered year on year growth rate of 18% till Jan 2023, with general insurance industry recording 17% …

Read More "IRDAI issues a Press Release on Bima Manthan"

The insurers are directed to put in place a Board approved underwriting policy that ensures that no proposal from is denied for reason of disabilities (PWD), HIV/AIDS or mental illness.

Where insurers undertake Co-insurance arrangement as part of risk sharing program, it is clarified that the inward co-insurance shall not be considered for the purpose of compliance of minimal coverage of third party risks of …

Read More "IRDAI clarification regarding co-insurance"

IFSCA has invited comments/suggestions from the general public and stakeholders on the draft regulations on or before 11th March, 2023.

Consultative committee to Review the regulatory framework on managing the investments in the insurance sector, and to advise IRDAI on developments in the economy, financial markets and on risk management.

Insurers allowed to pay profit related commission to non-executive director(s) including the non-executive director(s) appointed under section 48A of the Insurance Act, 1938, under the deemed approval mechanism.

The notification states that the percentage cession of the sum insured on each General Insurance Policy to be reinsured with the Indian Re-insurer(s) shall be 4% in respect of insurance attaching during the financial year …

Read More "IRDAI notifies the Obligatory Cession for FY 2023-24"

Investment in equity shares and preference shares in Resulting Investee Company(s) after a demerger shall be classified as “Approved investment” or “Other Investment”, for initial two financial years as per IRDAI Investment Master Circular dated …

Read More "Clarification on classification of shares issued by virtue of demerger to Insurance Companies"

The general insurers are advised to initiate immediate steps for quick registration and disposal of claims.