IRDAI amends Master Guidelines on AML/CFT
The Master Circular now defines “Politically Exposed Persons (PEPs)” and assigns them the meaning as per the Prevention of Money Laundering (Maintenance of Records) Rules, 2005. Further, the present Circular directs the insurers to take note of the amendments notified to PML Rules and take necessary steps to implement the same.
IRDAI issues a Press Release on Bima Manthan
The third edition of Bima Manthan took place at Hyderabad on 1st and 2nd March, 2023. The industry registered year on year growth rate of 18% till Jan 2023, with general insurance industry recording 17% and life insurance industry clocking 18%.
All general and health insurers to offer a specific cover for Persons with Disabilities (PWD), HIV/AIDS or mental illness
The insurers are directed to put in place a Board approved underwriting policy that ensures that no proposal from is denied for reason of disabilities (PWD), HIV/AIDS or mental illness.
IRDAI clarification regarding co-insurance
Where insurers undertake Co-insurance arrangement as part of risk sharing program, it is clarified that the inward co-insurance shall not be considered for the purpose of compliance of minimal coverage of third party risks of motor vehicles.
Draft IFSCA (Re-insurance) Regulations, 2023
IFSCA has invited comments/suggestions from the general public and stakeholders on the draft regulations on or before 11th March, 2023.
Consultative committee to Review the regulatory framework on managing the investments in the insurance sector
Consultative committee to Review the regulatory framework on managing the investments in the insurance sector, and to advise IRDAI on developments in the economy, financial markets and on risk management.
Insurers allowed to pay profit related commission to non-executive director(s)
Insurers allowed to pay profit related commission to non-executive director(s) including the non-executive director(s) appointed under section 48A of the Insurance Act, 1938, under the deemed approval mechanism.
IRDAI notifies the Obligatory Cession for FY 2023-24
The notification states that the percentage cession of the sum insured on each General Insurance Policy to be reinsured with the Indian Re-insurer(s) shall be 4% in respect of insurance attaching during the financial year beginning from 1st April, 2023, to 31st March, 2024. The exception to this will be the terrorism premium and premium ceded to Nuclear pool wherein it would be made ‘NIL’. There would be no limit on the sum insured applicable for the cessions made from 1st April, 2023, to 31st March, 2024.
Clarification on classification of shares issued by virtue of demerger to Insurance Companies
Investment in equity shares and preference shares in Resulting Investee Company(s) after a demerger shall be classified as “Approved investment” or “Other Investment”, for initial two financial years as per IRDAI Investment Master Circular dated October 27, 2022.
Guidelines on Insurance claims of victims of Subsidence and Landslides in the calamity affected areas in the State of Uttarakhand
The general insurers are advised to initiate immediate steps for quick registration and disposal of
claims.
