Bima Vahak (BV) Guidelines
All the stakeholders are requested to submit their comments / suggestions, if any, on the proposed guidelines in the given format on or before 5:00 PM of 22 June, 2023 to life@irdai.gov.in
IRDAI to hold an open house for the insurtech/fintech entities to bring in technological innovation
Open house would be held at the Head Office of IRDAI from 11.00 AM to 1.00 PM on 15th of every month. If it happens to be a holiday then it would be held next working day on the same time.
IRDAI launches dedicated email IDs as single Point(s) of correspondence for online registration of Insurance Marketing Firms (IMFs and Self Networking Platforms (ISNPs) of insurance intermediaries
The applicants seeking NOC or applying for CoR are advised to send their applications or related requests only to the dedicated email addresses mentioned below till the portals are revamped:
imf@irdai.gov.in
IRDAI task force to facilitate ease of doing kyc and allied matters using Aadhar
The task force is required to submit its report within one month from the date of this order. Hence ease of doing KYC measures shall be implemented within a month.
Modification of Surety Insurance Guidelines
It is directed that where the solvency margin of an insurer falls below the specified threshold limit at any point of time, the insurer shall stop underwriting new Surety Insurance business until its solvency margin is restored to
above the threshold limit.
IRDAI Measures towards developing Surety Insurance Bonds market
The solvency requirement applicable for such products has now been reduced to control level of 1.5 times from 1.875 previously prescribed. Further, the prevailing 30% exposure limit applicable on each contract underwritten by an insurer, has also been removed.
IRDAI mandates insurance for oocyte donors for surrogacy
The coverage shall be for an amount which is sufficient enough to cover all expenses for all complications arising due to oocyte retrieval.
IRDAI constitutes an Expert committee for matters related to mental health
A holistic examination of the various aspects involved such as types of conditions, types of treatments etc from the insurance perspective is necessary when dealing with products designed to cover mental illnesses and other related aspects. Therefore, it has been decided to constitute a committee of experts to advise IRDAI on matters related to mental health and insurance.
IRDAI published circular to stop the facility of repayment of loan taken against the insurance policy through credit card
Insurance Regulatory and Development Authority of India issued instructions to stop the facility of repayment of loan taken against the insurance policy through credit card.
IFSCA publishes clarifications regarding IFSCA (Management Control, Administrative Control and Market Conduct of Insurance Business) Regulations 2023
The consultation paper on seeking comments/views of public on the draft IFSCA (Management Control, Administrative Control and Market Conduct of Insurance Business) Regulations 2023 was issued by IFSCA on 21.02.2023.
