Insurance Regulatory and Development Authority of India (Registration of Indian Insurance Companies) Draft Regulations, 2022.
No company or co-operative society shall be incorporated in India with a name that contains words ‘insurance’ or ‘assurance’ or ‘reinsurance’ without obtaining a No objection Certificate from the Authority. The request to issue the No-objection Certificate shall be made to Authority in the prescribed format.
IRDAI issues circular on product filing procedure.
In order to facilitate the industry to respond faster to the emerging market needs, in terms of designing and pricing of general insurance products and to promote efficiency in the conduct of general insurance business, the Authority, in exercise of the powers conferred under Section 14(2)(i) of IRDA Act, 1999 hereby permits the general insurers to file all products under Miscellaneous lines of business (including modifications of current products) under Use and File procedure for both Retail and Commercial categories.
Guidelines on conflict of interest and common directorship among insurance intermediaries
Insurance intermediaries having common directors shall file an intimation, undertaking and board approved RPT policy to IRDAI.
IRDAI permits general insurance companies to introduce tech-enabled concepts for the Motor Own Damage (OD) cover
Introduction of the options will aid in giving the much needed fillip to Motor OD Insurance in the country and increase its penetration.
IRDAI issues circular on filing of products/riders for life insurance business.
The insurers were also allowed to introduce certain types of new products/riders under U&F process in the market in a timely manner according to the dynamic needs of the market. Based on feedback from Insurers/Appointed Actuaries, a prompt review of various circulars relating to filing of products was conducted and appropriate modifications have been carried out.
IRDAI revises the Health Insurance Regulatory Returns.
All yearly returns shall be furnished within 90 days from the close of the reporting financial year.
IRDAI issues circular on Immediate Annuity Products.
In order to facilitate ease of living for all senior citizens who are receiving annuity payments the current framework of Aadhar based authentication for life verification certification such as Jeevan Praman, a Govt. of India initiative on biometric enabled digital service for pensioners, to be adopted.
IRDAI notifies framework for appointment of common director under section 48A of the Insurance Act, 1938.
An individual, already acting or proposed to act as Executive Director / Whole-Time Director on the Board of the Insurer/Agent/Intermediary/Insurance intermediary, shall not be appointed as nominee/common director.
IRDAI extends the guidelines on Information and Cyber Security to insurance intermediaries.
The objective of the guidelines is to ensure that a Board approved Information and Cyber Security policy is in place with all insurers and to ensure that the insurers are adequately prepared to mitigate Information and cyber security-related risks.
Insurance Regulatory and Development Authority of India (Payment of Commission or Remuneration or Reward to Insurance Agents and Insurance Intermediaries) Draft Regulations, 2022.
These regulations shall not be applicable to insurance products specified under Insurance Regulatory and Development Authority of India (Micro Insurance) Regulations, 2015 and such other insurance products as may be specified by the Authority from time to time.
