Insurance Regulatory and Development Authority of India (Rural, Social Sector and Motor Third Party Obligations) Regulations, 2024
The objective of these Regulations is to specify minimum rural and social sector business that the insurers are required to underwrite under section 32B and 32C of the Insurance Act, 1938 and minimum third party motor insurance business that the insurer carrying on general insurance business is required to underwrite under section 32D of the Insurance Act, 1938.
IRDAI has issued draft Insurance Regulatory and Development Authority of India (Corporate Governance) Regulations, 2024
As part of the comprehensive review of Regulations being undertaken by the IRDAI, to enhance the ease of doing business and also reduce compliance burden for stakeholders while also ensuring that interests of policyholders continues to be protected, Insurance Councils were asked to submit their recommendations. Councils constituted the Regulations Review Committee (RRC).
Exposure Draft of IRDAI (Registration, Capital Structure, Transfer of Shares and Amalgamation of Indian Insurance Companies) Regulations, 2024
As part of the comprehensive review of Regulations being undertaken by the IRDAI, to enhance the ease of doing business and also reduce compliance burden for stakeholders while also ensuring that interests of policyholders continues to be protected, Insurance Councils were asked to submit their recommendations.
Denotification of Arbitration Clause in the tariff general regulations
The Arbitration clause related provisions in the tariff general regulations, terms, conditions, clauses, warranties, policy, add-ons, endorsement wordings and proposal form applicable to the risks of insurance business governed by the erstwhile Tariffs stand de-notified with effect from 27th October, 2023.
IRDAI (Expenses of Management, including
Commission, of Insurers) Regulations, 2024
This consolidation is a testament to the commitment of simplifying the regulatory landscape and reducing the burden of compliance on insurance companies. The move not only enhances transparency and accountability but also provides insurers with the flexibility needed to navigate a dynamic business landscape effectively.
ESIC measures to facilitate ease of seeding and authentication of Aadhaar Numbers of insured persons & their family members
ESIC has clarified the provisions have been developed by the ICT division in order to facilitate ease of seeding and authentication of Aadhaar Numbers of lnsured Persons & their family members.
Karnataka Compulsory Gratuity Insurance Rules, 2024
The Notification outlines the Karnataka Compulsory Gratuity Insurance Rules, 2024, which mandate employers to obtain insurance for the payment of gratuity to eligible employees. It also details the registration process, continuation of approved gratuity funds, and the responsibilities of employers, gratuity trusts, and insurance companies in fulfilling their liabilities under the Act.
Clarification regarding Submission of Advance Reinsurance Programme
The Board of every insurer shall ensure that the advance reinsurance programme is submitted to the Authority in the specified format within the stipulated timeframe as mentioned in the Regulations. In case of Exempted insurers, if there is no Board/CEO/CFO, then the Authorized Person(s) shall ensure the submission of advance reinsurance programme in the specified summary formats.
IRDAI measures for promoting ease of Investments in Infrastructure Debt Funds – NBFCs by insurers
To encourage further investments by insurers in the infrastructure sector and to enhance ease of doing business, the requirement of case to case approval for an investment in an IDF is done away with.
General Insurers carrying on Motor Insurance Business to strictly comply with accident related laws
Necessary arrangements be made by the insurers for the smooth implementation of the procedures laid down in the rules.
