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The circulars are withdrawn to rationalize, streamline the regulatory framework, enhance clarity and reduce complexity in compliance requirements.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.
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.
