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.
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.
