The Insurance Regulatory and Development Authority of India (Payment of Commission) (Draft) Regulations, 2022.
The total amount of commission payable under life insurance products including health insurance products offered by life insurers shall not exceed the Expense of Management (EOM) limits specified under Insurance Regulatory and Development Authority of India (Expenses of Management of Insurers transacting life insurance business) Regulations, 2022as amended from time to time
Ayushman Bharat Digital Mission (ABDM) adopted by Doctors.
The General Insurers are advised to consider capturing / collecting HPR ID as a verification to validate / authenticate the medical practitioners while issuing / renewing policies for Medical Malpractice under Professional Indemnity cover. This will enable the digitization and ease the process of buying and selling the Professional Indemnity policies and push for HPR registration among the healthcare professionals.
All insurance companies to adopt policy on the scrapping/disposal of out of date OS and IT Equipments
The hackers/crackers exploit weakness such as ignorance or non-adherence to security procedures, flaws in processes or vulnerabilities in technology (both hardware and software). Further, the use of out-of-date operating systems and IT equipment must be discontinued as it makes the IT system susceptible to cyber attacks.
Directions for Financial Information Providers(FIP) to Participate in Account Aggregator Framework
The Financial Information Providers (FIPs) in insurance sector must disclose prominently on their websites the names of the Account Aggregators through which the information is shared.
IRDAI extends the timeline for implementation of Master Guidelines on Anti-Money laundering/ Counter Financing of Terrorism (AML/CFT), 2022.
The guidelines is applicable to all classes of Life, General or Health insurance business carried out by the „Insurers‟ except Re-insurance business carried out by the „Indian Insurance company‟ or „foreign company‟ in India.
IRDAI publishes master circular on IRDAI (Investment) Regulation, 2016.
The Master circular contains the investment categories, risk management and concurrent audit, valuation guidelines, operational procedure, fund clearance formats and investment categories codes etc.
Insurance Regulatory and Development Authority of India (Re-insurance) (Draft Amendment) Regulations, 2022.
As per the Draft amendment under sub-regulation 3(2)(c) Every Indian Re-insurer shall maintain a minimum retention of 50%of its Indian business. The retrocession to IIO upto 20% of Indian Reinsurance business is reckoned while computing with the minimum retention of 50% of the Indian Reinsurance business.
IRDAI notifies Insurance cover for new-borns/infants under health insurance policies.
As per Clause (1) of Chapter –II on ‘exclusions not allowed under health insurance policies’ issued vide Master circular on Standardisation in Health insurance Business dated 22.7.2022 wherein it has been mandated that internal congenital diseases, genetic diseases or disorders are not allowed to be incorporated as exclusions in the terms and conditions of the policy contract. The intent of the above provision is to cover newborns with internal congenital birth defects from day one.
IRDAI issues circular on providing cover for Mental Illness under Health Insurance policies.
As per Sec 21(4) of the Mental Healthcare Act, 2017 every insurer shall make provision for medical insurance for treatment of mental illness on the same basis as is available for treatment of physical illness.
IRDAI publishes Guidelines on Establishment and Closure of Liaison Office in India by an Insurance Company registered outside India.
The Principal Officer of LO in India shall act as a Nodal officer and shall be responsible for ensuring compliance of these guidelines and any other directions issued by the Authority from time to time. Name, Address, Contact No. and E-mail Id of the Principal Officer shall be informed to the Authority within 15 days from the date of appointment. Any change in the Principal Officer / change in contact details of Principal Officer shall be informed to the Authority within 15 days from the date of such change.
