IRDAI notifies Insurance cover for Newborns or Infants under Health Insurance Policies
This circular has now clarified that the prohibition of restrictive conditions in health insurance contracts for newborns/ infants shall be applicable to all products including the “Arogya Sanjeevani Policy”. Hence the guidelines on “Standard Individual Health Insurance Product” have been modified to delete ‘internal congenital anomalies from the list of diseases provided under “specific waiting period” in the guidelines.
IRDAI issues Exposure Draft on Long-Term Motor Products covering both Motor Third Party Insurance and Own Damage Insurance
The draft proposes that all General Insurers be permitted to offer long-term motor insurance policies. There will be a ‘Board-approved policy’ set up by the Insurer. This policy must contain acts relating to operational matters, accounting, and disclosures for addressing the issue of policy cancellation including claw-back of commission. All stakeholders can forward their comments on the exposure draft on the specified email id by 22nd December, 2022 in the prescribed format.
Exposure Draft on Long-Term Motor Products covering both Motor Third Party Insurance and Own Damage Insurance
All General Insurers are allowed to offer long-term Motor Insurance policies including third party liability cover
Insurance Regulatory and Development Authority of India (Regulatory Sandbox) (Amendment) Regulations, 2022
IRDAI has Increased the experimental period of the Regulatory Sandbox from the existing six (6) months to up to 36 months
Insurance Regulatory and Development Authority of India (Insurance Intermediaries) (Amendment) Regulations, 2022
The Insurance Marketing Firms (IMF) shall engage Insurance Sales Persons (ISP) for the purpose of soliciting and procuring insurance products for a maximum of six Life insurers, six General insurers, and six Health insurers at any point of time, under intimation to the Authority. Provided that any change in the engagement with the insurers shall be governed by the terms of the agreement entered into between the Insurance Marketing Firm and the insurer, with suitable arrangements for servicing existing policyholders by the concerned insurer, in case of cancellation/ termination/ discontinuity of agreement.
IRDAI circular regarding the upload of Motor Third Party data in IIBI’s portal
The Appointed Actuary and Chief Compliance Officer shall ensure the completeness, reasonableness, and correctness of the data before submission to IIBI.
Circular regarding the Extension of timelines for filing of Health Quarterly Returns to the Authority by insurers
All quarterly returns shall be furnished by insurers within 20 days from the close of the reporting quarter. These norms are applicable with immediate effect and are applicable to all returns to be filed for the 3rd Quarter- Financial Year 2022-23 and onwards.
Guidelines on settlement of Life Insurance Claims to the victims of Flood in Maharashtra
The Progress report on the claims settled shall be submitted to and hemant.mourya@irdai.gov.in and life@irda.gov.in on a weekly basis every Monday before 12.00 PM (first such report to be received on 9th August 2021) for data up to last working day of the previous week.
IRDAI(Re-insurance) (First Amendment) Regulations, 2022
Submission timelines for Final Reinsurance programme to the Authority is increased from 30 days to 45 days from the commencement of Financial Year.
The Insurance Regulatory and Development Authority of India (Expenses of Management of Insurers transacting life insurance business) Draft Regulations, 2022.
These Regulations shall come into force from 01st April, 2023 and shall remain in force for a period of three years thereafter and it shall be applicable to Insurers transacting the life insurance business in India.