ESIC extends Atal Beemit Vyakti Kalyan Yojana Scheme

The Employees State Insurance Corporation vide notification dated 14 October 2020 has extended the Atal Beemit Vyakti Kalyan Yojana Scheme, for the period from 01.07.2020 to 30.06.2021.

IRDAI issues standard individual term-life insurance product ‘Saral Jeevan Bima’

All Life Insurers permitted to transact new business shall mandatorily offer the standard product with effect from 1st January, 2021. The product may be filed by the Insurers latest by 1st December, 2020.

Norms on Renewability, Portability and Migration of Standard COVID Specific insurance products

Insurers are allowed renewal, migration and portability, as may be applicable, for these COVID specific standard health products i.e, “Corona Rakshak Policy”, “Corona Kavach Policy” and “Group Corona Kavach policy”.

IRDAI issues additional guidelines on portability under Health Insurance policies.

The additional norms on portability of health insurance include that the Members of an indemnity based group health insurance policy offered to account holders of a bank are allowed portability of their coverage to another …

IRDAI implements the RFQ platform for Investments in Corporate Bonds/ Commercial Papers

The Insurance Regulatory and Development Authority of India vide circular dated 25.09.2020 has Implemented the RFQ platform for Investments in Corporate Bonds / Commercial Papers.

Domestic Systemically Important Insurers (D-SIIs)

Domestic Systemically Important Insurers (D-SIIs) refer to insurers of such size, market importance and domestic and global inter connectedness whose distress or failure would cause a significant dislocation in the domestic financial system. These insurers …

The Income-tax (21st Amendment) Rules, 2020

The amendment has made the procedure for application by a banking company or insurer for a certificate under section 195(3) of the Income – tax Act, 1961, for receipt of interest and other sums without …

IRDAI permits insurers to use video KYC for verification.

The insurers shall develop their application and undertake live VBIP carried out by an authorized person appointed by the insurer for the establishment, continuation, and verification of account-based relationship with the prospective customer.

Working Report on formation of an Indian Pandemic Risk Pool

The Insurance Regulatory and Development Authority of India (IRDAI) vide circular dated 01st September 2020 has published working report formation of an Indian Pandemic Risk Pool.

IRDAI permits insurance companies to issue policies electronically.

IRDI has also exempted the insurers from mandatorily sending hard copy of the document to policyholders. However, the policies will have to be sent through electronic mode on the registered e-mail.

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