IRDAI directions regarding insurance claims relating to Floods in Himachal, Punjab, Haryana and Delhi regions
IRDAI advises insurers to designate a Senior Executive in each affected State or Union Territory as the Nodal Claims Officer. This officer will oversee the claims response in their respective areas, ensuring streamlined communication and swift action. The appointment of the Nodal Officer should be promptly communicated to the Chief Secretary/Officer of the concerned State to establish a direct line of coordination.
IRDAI clarification regarding monitoring of investments in Alternative Investment Fund
The IRDAI vide its circular dated 23rd August, 2013 permitted insurers to make investments in Category I and Il AlFs as a part of “Other Investments. IRDAI now seeks to closely monitor the exposure of insurers to AIFs.
IRDAI directs Life insurers to comply with Assisted Reproductive Technology (Regulation) Act, 2021 and Surrogacy Act, 2021
IRDAI vide circular dated 26.06.2023 has clarified that all Life insurers shall comply with the Assisted Reproductive Technology (Regulation) Act, 2021 and Surrogacy Act, 2021 with immediate effect and ensure that suitable products are made available.
IRDAI proposes implementation of Risk Based Supervisory Framework
With a view to promote a ‘Principle based Regulatory regime’, foster ease of doing business and encourage proactive risk identification and management, the Insurance Regulatory and Development Authority of India (IRDAI) has been working towards developing and implementing ‘Risk Based Supervision’ (RBS) framework for insurance sector in India.
The life insurers allowed to launch new products without prior approval
Insurance Regulatory and Development Authority of India on 23.06.2023 has extended the ‘Use and File’ procedure to Group Unit-Linked Insurance products, Individual Unit Linked Insurance products which are offered with new funds and Combi products wherein Life Insurer acts as the lead.
General Insurers and standalone health insurance companies shall ensure immediate service response to Insurance claims relating to Cyclone Biparjoy
All General Insurers (including Standalone Health Insurers) are advised to submit information related to Cyclone Biparjoy claims to the IRDAI on a weekly basis at nl-catastrophe@irdai.gov.in for a month.
IRDAI repeals redundant circulars
The circulars are withdrawn to rationalize, streamline the regulatory framework, enhance clarity and reduce complexity in compliance requirements.
IRDAI clarification regarding prior circular on Reporting of Cyber Security Incidents by Regulated Entities
All Regulated Entities are directed to scrupulously follow the provisions regarding reporting of incident to IRDAI and Cert-In. Further, Regulated Entities are required to submit available details of Cyber Security Incident to the Authority in an enclosed format within 24 hrs of intimation of the incident.
Guidelines on Insurance Claims of victims of recent Train Accident tragedy in Balasore, Odisha
All Life, General Insurance Companies and Stand Alone Health Insurance Companies are advised to initiate immediate steps for quick registration and disposal of claims. There is an urgent need for the insurance industry to take immediate steps to mitigate the hardships of the affected insured population by ensuring immediate registration and settlement of eligible claims.
IRDAI issues circular on Investments in National Bank for Financing Infrastructure and Development
The circular states that NaBFID has been officially established in India under the National Bank for Financing Infrastructure and Development Act of 2021. This institution aims to provide crucial support for the development of long-term non-recourse infrastructure financing in the country.
