IRDAI introduces additional options for withdrawn life insurance products
IRDAI has introduced measures allowing more choices and benefits for policyholders with withdrawn life insurance products to provide greater flexibility to existing policyholders while safeguarding their interests.
IRDAI issues revised customer information sheet format for health insurers
To ensure that the health insurance policy information is provided in a simple and easily understandable language, IRDAI has issued revised customer information sheet. Insurer shall provide web-link where the product related documents including the Customer Information sheets are available on the website of the insurer.
IRDAI directions w.r.t Reinsurance claims relating to Floods in Himachal Pradesh
General Insurers and Standalone Health Insurance Companies are advised to mobilize all resources to ensure immediate service response including outsourced functions such
as Surveyors, Loss Adjustors and Investigators.
Insurance Regulatory and Development Authority of India (Re-insurance) (Amendment) Regulations, 2023
Every Indian Re-insurer including Foreign Re-insurance Branches (FRBs) shall maintain a minimum\retention within India of 50% of Indian re-insurance business underwritten.
IRDAI reconstitutes Insurance Advisory Committee
IRDAI has reconstituted the members of Insurance Advisory Committee, both individual and entities, which will be effective from the date of publication in the official gazette.
Public notice to caution general public against entities with no registration undertaking Surety insurance business
The general public are hereby advised not to undertake any transaction with unregistered entities.
Clarification regarding application for young professional program
It is a selective program where the individuals will work in the domains of Finance & Investment, Law and Technology. The notification provides the link to be used to complete the application.
General Insurance (Employees’) Pension (Amendment) Scheme, 2023
If any pensioner takes up any commercial employment at any time before the expiry of one year from the date of his retirement without the prior permission of competent authority, or commits a breach of any condition subject to which permission to take up any commercial employment has been granted to him under this paragraph, it shall be competent for competent authority to declare by order in writing and for reasons to be recorded therein that he shall not be entitled to the whole or such part of the pension.
IRDAI instructions to all General Insurers and Standalone Health Insurance Companies to ensure immediate service response to flood victims
Insurers are advised to respond/assist the claimants through their 24×7 helplines, special claims desks at district level with delegated claims settlement teams for speedy processing and settlement of claims including on account payments at the earliest and also encourage policyholders to use electronic communication wherever possible for correspondence.
IRDAI advices insurers to respond/assist to claims of flood victims through 24×7 helplines, special claims desks & delegated claims settlement teams
Insurers are advised to respond/assist the claimants through their 24×7 helplines, special claims desks at district level with delegated claims settlement teams for speedy processing and settlement of claims including on account payments at the earliest and also encourage policyholders to use electronic communication wherever possible for correspondence.
