IRDAI has decided to dispense with the requirement of submission of 16 returns by Non-Life Insurers
Insurers are not required to submit Offline Form 1 to X and Monthly Business Figures in physical form
IRDAI relaxes compliance requirement for life insurers
The requirement to submit quarterly ALM returns regarding “Asset Liability Management and Stress Testing” (for life insurers) is dispensed with, except for Domestic Systemically Important Insurers. However, all insurers shall continue to regularly monitor their ALM position, with appropriate internal reporting and analysis, as part of their risk management and monitoring process.
IRDAI notifies Draft guidelines on Group Insurance Products under Health Insurance Business and other operational matters.
As per the draft guidelines, insurers offering group insurance should have a Board approved group insurance underwriting policy. The policy should specify the manner in which its risk and costs are analyzed and factored into the premium cost. All risk factors per unit of coverage such as individual, family, group floater, etc., should be separately analyzed and priced. Past experience and future exposures should also be critically analyzed for “Large Group”.
IRDAI notifies the new mechanism for processing application for registration of new insurers.
The new process would bring down the turnaround time for incorporation of a new entity for insurance related activity and for grant of Certificate of Registration to commence insurance business. The new process would help global and domestic investors to invest with ease in insurance sector and thus contribute to the increase of penetration of insurance, more particularly the under-served population.
IRDAI extends the timelines for Dispensing with Physical documents and wet signature on the proposal form in respect of health insurance policies.
Due to covid-19 pandemic, IRDAI allowed health and general insurance companies to continue issuing health insurance policies in electronic form and without insisting on a physically signed proposal form till March 31, 2022 which has now been extended till 30th September 2022.
IRDAI clarification regarding Dividend Criteria for Equity Investment under Approved Investment
Insurers are permitted to classify investments in Preference Shares and Equity Shares as part of “Approved Investment”.
IRDAI directs insurers to disclose underwriting philosophy of offering Health Insurance Coverage to Transgender persons.
As per the provisions of IRDAI (Health Insurance) Regulations, 2016, every insurer shall evolve a health insurance underwriting policy covering approach and aspects relating to offering health insurance coverage not only to standard lives but also to substandard lives and further Attention is also drawn to provision of The Transgender Persons (Protection of Rights) Act, 2019.
Ministry of Finance notifies the manner and period regarding the declaration to be made by LICs.
A person whose name is entered in the register of members of the Corporation as the holder of shares in the Corporation but who does not hold beneficial interest in such shares shall, within a period of thirty days from the date on which the name of such person is entered in that register, make a declaration in Form I.
IRDAI issues clarification on holding more than one certificate of registration to one group.
It is clarified that where the ‘applicant’ as defined under Regulation 2(b) of the IRDAI (Registration and Operations of Branch Offices of Foreign Reinsurers other than Lloyd’s) Regulations, 2015 falls within a group, no other entity of that group shall be eligible to apply for Certificate of Registration to act as Foreign Reinsurance Branch in India.
International Financial Services Centres Authority (Insurance Web Aggregator) Regulations, 2022.
The International Financial Services Centres Authority (Insurance Web Aggregator) Regulations, 2022 aims to put in place a process of registration and operations of Insurance Web Aggregator (IWA) in an International Financial Services Centre under the regulatory purview of the International Financial Services Centres Authority.