Master Circular on Registration of Indian Insurance Company, 2023
Master Circular on Registration of Indian Insurance Company, 2023 shall govern ownership, investment and financing of insurance companies.
IRDAI Information and Cyber Security Guidelines, 2023
Those entities who have already completed security audit for FY 2022-23 shall ensure compliance with these guidelines from next financial year.
Procedure for Implementation of Section 12A of ‘The Weapons of Mass Destruction and their Delivery Systems Act, 2005′
All Financial Institutions are required to verify if the particulars of the entities/individual, party to the financial transactions, match with the particulars of designated list and in case of match, REs shall not carry out such transaction and shall immediately inform the transaction details with full particulars of the funds, financial assets or economic resources involved to the CNO by email, FAX and by post, without delay.
Clarification regarding IRDAI (Expenses of Management of insurers transacting Life Insurance business) Regulations 2023
Clarification is provided regarding Return of Expenses of Management. All insurers transacting Life insurance business, at the expiration of each financial year, shall prepare with reference to that year a Return of Expenses of Management.
2022- 2023 List of Domestic Systemically Important Insurers (D-SIIs)
The Insurance Regulatory and Development Authority of India (IRDAI) has issued a press note on the list of Domestic Systemically Important Insurers (D-SIIs) for 2022-2023. This press note was issued on 31st March, 2023.
Payment of Distribution Fees to Motor Insurance Service Provider
The IRDAI has now clarified that “The distribution fees payable to MISP shall be as per Board approved policy for payment of commission of the insurer.”
Registration of two Life Insurers
Presently, the total number of life insurers operating in India have gone up to 25. This marks the addition of a total three new insurers in the financial year 2022-23. Moreover, another 20 applications are currently in pipeline at various stages of registration in life, general and reinsurance segments.
IRDAI invites Sandbox Applications and constitutes an Expert Committee
The desirous applicants can file the application to be considered under Regulatory Sandbox by e-mail to IRDAI at reg-sandbox@irdai.gov.in
IRDAI modifies its “Use and File” Procedure for Products
This modification seeks to enable dynamism in marketing insurance products. It also seeks to generate speed to market insurance products.
Insurance Regulatory and Development Authority of India (Expenses of Management of Insurers transacting General or Health Insurance business) Regulations, 2023
The objective of this regulation is to enable and provide flexibility to the Insurers to manage their expenses within the overall limits based on their gross written premium to optimally utilize their resources for enhancing benefits to policyholders.