Insurance Regulatory and Development Authority of India (Registration of Indian Insurance Companies) Regulations, 2022
As per the regulation, 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.
Insurance Regulatory and Development Authority of India (Appointed Actuary) Regulations, 2022
The regulations provides the process of appointment of an actuary and necessary qualifications.
Insurance Regulatory and Development Authority of India (Actuarial Report and Abstract for Life Insurance Business) (Amendment) Regulations, 2022
The amendment revises the Required Solvency Margin (RSM) factors forming part of Form KT-1.
Insurance Regulatory and Development Authority of India (Assets, Liabilities and Solvency Margin of General Insurance Business) (Amendment) Regulations, 2022
The amendment revises the Required Solvency Margin based on Net Premium and Net Incurred Claims‟ of Form IRDAIGI- SM.
IRDAI notifies Insurance cover for Newborns or Infants under Health Insurance Policies
This circular has now clarified that the prohibition of restrictive conditions in health insurance contracts for newborns/ infants shall be applicable to all products including the “Arogya Sanjeevani Policy”. Hence the guidelines on “Standard Individual Health Insurance Product” have been modified to delete ‘internal congenital anomalies from the list of diseases provided under “specific waiting period” in the guidelines.
IRDAI issues Exposure Draft on Long-Term Motor Products covering both Motor Third Party Insurance and Own Damage Insurance
The draft proposes that all General Insurers be permitted to offer long-term motor insurance policies. There will be a ‘Board-approved policy’ set up by the Insurer. This policy must contain acts relating to operational matters, accounting, and disclosures for addressing the issue of policy cancellation including claw-back of commission. All stakeholders can forward their comments on the exposure draft on the specified email id by 22nd December, 2022 in the prescribed format.
Exposure Draft on Long-Term Motor Products covering both Motor Third Party Insurance and Own Damage Insurance
All General Insurers are allowed to offer long-term Motor Insurance policies including third party liability cover
Insurance Regulatory and Development Authority of India (Regulatory Sandbox) (Amendment) Regulations, 2022
IRDAI has Increased the experimental period of the Regulatory Sandbox from the existing six (6) months to up to 36 months
Insurance Regulatory and Development Authority of India (Insurance Intermediaries) (Amendment) Regulations, 2022
The Insurance Marketing Firms (IMF) shall engage Insurance Sales Persons (ISP) for the purpose of soliciting and procuring insurance products for a maximum of six Life insurers, six General insurers, and six Health insurers at any point of time, under intimation to the Authority. Provided that any change in the engagement with the insurers shall be governed by the terms of the agreement entered into between the Insurance Marketing Firm and the insurer, with suitable arrangements for servicing existing policyholders by the concerned insurer, in case of cancellation/ termination/ discontinuity of agreement.
IRDAI circular regarding the upload of Motor Third Party data in IIBI’s portal
The Appointed Actuary and Chief Compliance Officer shall ensure the completeness, reasonableness, and correctness of the data before submission to IIBI.
