IRDAI issues guidelines on use and file procedure for all categories of products under health and general insurance business.
Insurers shall file the proposed name of the product, date of approval by Product Management Committee and shall obtain the UIN. Thereafter, Insurers shall file the product along with all other documents specified in Consolidated Guidelines on Product Filing in Health Insurance Business dated 22 July, 2020 with the Authority within 7 days of launch of the product.
Ministry of Finance revises premium rates of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY).
The premium rates of the schemes have been revised by making it Rs 1.25 per day premium for both schemes that includes revising PMJJBY from Rs 330 to Rs 436 and PMSBY from Rs 12 to Rs 20.
Revised Guidelines on Standardization in Health Insurance
IRDAI has modified the definition of Critical Illnesses prescribed in Guidelines on Standardization in Health Insurance.
IRDAI directs insurers to comply with awards passed by Insurance Ombudsman.
The Authority conducted a comprehensive review of the pending cases of all the offices of the Insurance Ombudsman. As per the data received from the Insurance Ombudsman Council, there are a total of 711 Insurance Ombudsman Awards which are pending for compliance, out of which 162 awards are pending for more than a year.
IRDAI has revised the periodicity of Health Insurance Regulatory Returns
GHIS return (HIR-20) on Information on Government Sponsored Health Insurance Schemes and GHISAR Return (HIR-21) stands dispensed with. These norms are applicable with immediate effect and are applicable to all returns to be filed for FY 2021-22 onwards.
IRDAI notifies circular on Motor Insurance Advertisements by General Insurers.
General Insurance Companies enter into service agreements with motor workshops/garages for the purpose of providing motor insurance claim services for repair of accident vehicles.
IRDAI permits insurers to design and file alternative products covering Fire and allied perils.
Due to the increasing demand for new covers in the fire line of business, the Authority has permitted general insurers to design and file alternative products covering Fire and allied perils.
IRDAI provide exemptions to Foreign Reinsurers Branches
IRDAI provide exemption to Foreign Reinsurers Branches from Common Stewardship Code.
IRDAI issues circular on submitting Actuarial & reinsurance returns.
In order to reduce filing hardcopies of various actuarial returns, IRDAI has directed the insurers to file them in a digital format.
IRDAI permits insurance companies to have exposure to financial and insurance activities upto 30% of investment assets.
Accordingly, the limit of 25% of lnvestment Assets mentioned in Note no. 8 to Reg,9 of IRDAI (lnvestment) Regulations, 2016 stands revised to a limit of 30% of investment Assets