Insurance Regulatory and Development Authority of India (Registration and Operations of Foreign Reinsurers Branches and Lloyd’s India) Regulations, 2024
The regulation is issued to promote orderly growth of the reinsurance market in India, to strengthen and harmonize the current legal and regulatory framework in relation to the various aspects governing entities engaged or intending to engage in reinsurance operations in India.
IRDAI Press Note on Regulatory Revamp
The meeting, convened at the IRDAI Head Office in Hyderabad, saw the approval of eight principle-based consolidated regulations, aimed at streamlining and enhancing various aspects of the insurance industry. This regulatory overhaul is not only geared towards safeguarding the interests of policyholders but also towards promoting a conducive environment for insurers to thrive and innovate.
New Circular Released on Insurance Products for Solar Power Plants
the Ministry has received an updated roster of insurers from IRDAI. Consequently, MNRE has issued an updated list of insurers offering insurance products against risks associated with solar power plants. This step aims to inform all stakeholders about the available insurance options for solar power plants, fostering better risk management in the sector.
IRDAI de-notifies insurance tariffs
It is clarified that no insurer shall at any time withdraw or discourage the use of or decline to offer to any customer any of the tariff products which have been in existence prior to this notification. It is hereby further notified that effective 01.04.2024, the coverage of risks coming within the scope of the denotified tariffs shall be subject to the IRDAI (Insurance Products) Regulations, 2024 and Master Circular (Guidelines) on products and procedures in general insurance business.
MNRE Publishes Updated List of Insurers for Solar Power Plants
The MNRE has received several representations requesting updates to its list of insurers for solar power plants, hence the MNRE has now published a revised list of insurers. The list enumerates 6 insurers and 7 insurance products.
Exposure Draft of Insurance Regulatory and Development Authority of India (Protection of Policyholders’ Interests and Allied Matters of Insurers) Regulations, 2024
One of the key features of the proposed regulations is its division into two distinct parts. Part A addresses provisions concerning the protection of policyholders’ interests, while Part B deals with operational and allied matters of insurers. This organizational structure aims to provide clarity and facilitate better compliance for stakeholders.
IRDAI (Bima Sugam – Insurance Electronic Marketplace) Regulations, 2024
All the stakeholders are requested to forward their comments / suggestions, if any, on the proposed regulations in the attached format (Annexure- B) on or before 5:00 PM on 4th March, 2024 to sageena@irdai.gov.in with a copy to keshav@irdai.gov.in.
Draft on Insurance Regulatory and Development Authority of India (Actuarial, Finance and Investment Functions of insurers) Regulations, 2024
The main objective of the proposed draft regulations is to ensure that sound and responsive management practices are in place for effective discharge of actuarial, finance and investment functions and analysis, covering the areas including but not limited to the valuation of assets and liabilities, regulatory reporting, bonus distribution, asset-liability management, solvency, investment and risk management. It will also enable insurers to promote ease of doing business, to improve insurance penetration and to enhance the protection of policyholders’ interest.
Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016
The Amendment Regulations are effective from 12th February, 2024.
Insurance Regulatory and Development Authority of India (Rural, Social Sector and Motor Third Party Obligations) Regulations, 2024
The objective of these Regulations is to specify minimum rural and social sector business that the insurers are required to underwrite under section 32B and 32C of the Insurance Act, 1938 and minimum third party motor insurance business that the insurer carrying on general insurance business is required to underwrite under section 32D of the Insurance Act, 1938.
