Insurance Regulatory and Development Authority of India (Re-insurance) (Draft Amendment) Regulations, 2022.
As per the Draft amendment under sub-regulation 3(2)(c) Every Indian Re-insurer shall maintain a minimum retention of 50%of its Indian business. The retrocession to IIO upto 20% of Indian Reinsurance business is reckoned while computing with the minimum retention of 50% of the Indian Reinsurance business.
IRDAI notifies Insurance cover for new-borns/infants under health insurance policies.
As per Clause (1) of Chapter –II on ‘exclusions not allowed under health insurance policies’ issued vide Master circular on Standardisation in Health insurance Business dated 22.7.2022 wherein it has been mandated that internal congenital diseases, genetic diseases or disorders are not allowed to be incorporated as exclusions in the terms and conditions of the policy contract. The intent of the above provision is to cover newborns with internal congenital birth defects from day one.
IRDAI issues circular on providing cover for Mental Illness under Health Insurance policies.
As per Sec 21(4) of the Mental Healthcare Act, 2017 every insurer shall make provision for medical insurance for treatment of mental illness on the same basis as is available for treatment of physical illness.
IRDAI publishes Guidelines on Establishment and Closure of Liaison Office in India by an Insurance Company registered outside India.
The Principal Officer of LO in India shall act as a Nodal officer and shall be responsible for ensuring compliance of these guidelines and any other directions issued by the Authority from time to time. Name, Address, Contact No. and E-mail Id of the Principal Officer shall be informed to the Authority within 15 days from the date of appointment. Any change in the Principal Officer / change in contact details of Principal Officer shall be informed to the Authority within 15 days from the date of such change.
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.
