Directions to insurers for risk management management
Every insurer, in order to meet its liabilities, shall earmark, invest and at all times keep earmarked and invested, assets of value not less than that of the liabilities. An insurer may invest not more than five per cent. of the assets by value, in a company or other body corporate which is owned or controlled by the promoters, subject to the condition that the assets shall be held free of any encumbrance, charge, hypothecation or lien.
IRDAI extends the time period for submission of comments on the Draft Master Guidelines on Anti Money Laundering/ Counter Financing of Terrorism(AML/CFT).
The guidelines would be applicable for all class 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 clarification regarding Accounting of Premium, claims and related expenses on estimation basis
It is clarified that for the fourth quarter ending on 31st March, where the statement of accounts has not been received in time, the premium, losses and related expenses may be accounted on estimation basis.
IRDAI discontinues certain returns
IRDAI discontinue certain online and offline returns.
IRDAI notifies Use & file (U&F) procedure for life insurance products & riders.
The Product Management Committee (PMC) shall review and approve the products/riders in line with Board Approved Product Management & Pricing Policy (BAPMPP) before filing with the Authority under Use & File procedure. The PMC shall ensure that the Benefits reflecting in sales literature, Terms and Conditions reflecting in Policy document shall be consistent with the design approved.
IRDAI reduces solvency margin requirement for crop insurance business.
IRDAI has earlier granted relaxation on the period of admissibility of premium due from Government for solvency calculation purpose, from 180 days to 365 days which has now, been extended from FY 2022-23 onwards till further orders.
IRDAI launches self-deactivation facility over IIB’ s ENVOY portal.
The portal after an OTP-based verification on the registered mobile number would allow for self-deactivation in compliance with the relevant regulations, after a thirty-day waiting period or upon receiving insurer/intermediary consent whichever is earlier.
Insurance Regulatory and Development Authority of India (Appointed Actuary) Draft Regulations, 2022.
An insurer registered to carry on insurance business in India shall, appoint an actuary, who shall be known as the ‘Appointed Actuary’. An insurer, who is unable to appoint an Appointed, shall make an application to the Authority in writing for relaxation of any of the eligibility conditions.
IRDAI eases Capital requirements under PMJJBY to encourage more insurers to participate.
The easing of capital requirement by IRDAI will accelerate the penetration of life insurance in India, and will support the life insurers in achieving the target set by the Government.
IRDAI publishes Draft Master Guidelines on Anti Money Laundering/Counter Financing of Terrorism (AML/CFT)
The Draft guidelines shall be applicable for all class 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.