CBDT Guidelines clarifying on income-tax exemption on sum received under life insurance policy
Guidelines clarifying on income-tax exemption on the sum received under a life insurance policy, including any sum allocated by way of bonus on such policy subject to certain exclusions.
Government of Goa to auto renew DDSSY card with blanket cover from 1st April 2022 to 31st March 2023.
The DDSSY policy provides Universal Health Cover through Insurance for the Entire Resident Population of Goa. Benefits under this scheme will be provided on a cashless basis to the Beneficiaries upto the limit of their annual coverage.
IRDAI clarifies on manner of sharing of profit commission by Indian Re-insurers
The Indian Re-insurer shall share the profit commission, on 50%:50% basis, with the ceding insurer based on the performance and surplus of the total obligatory portfolio of the ceding insurer.
Draft IRDAI (Obligations of an Insurer in respect of Motor Third Party Insurance Business) Regulations, 2022.
The objective of these Regulations is to specify minimum third party motor insurance business that the insurer carrying on general insurance business is required to underwrite under section 32D of the Insurance Act, 1938.
IRDAI (Surety Insurance Contracts) Guidelines, 2022.
The regulation shall be applicable to all Insurers registered under the Insurance Act, 1938, to transact the business of general insurance and Surety Insurance, subject to compliance with eligibility criteria as set out in these guidelines.
Health Insurance Policies to cover omicron treatment cost.
The Insurance companies shall put in place effective coordination mechanism with all their network providers (hospitals) for the purpose of making available seamless cashless facility to all policyholders in case of hospitalisation if any and render speedy services to all policyholders.
Draft International Financial Services Authority (Insurance Web Aggregator) Regulations, 2021
These Regulations aim to put in place process of process of registration and operations of Insurance Web Aggregator in an International Financial Services Centre under the regulatory purview of the International Financial Services Centres Authority Act, 2019.
The International Financial Services Centres Authority (Registration of Insurance Business) Regulations, 2021.
An Indian insurer or re-insurer desirous of setting up a place of business in an unincorporated form in an IFSC, shall be duly registered with IRDAI for undertaking the business of insurance or re-insurance in India and has been granted a No Objection Certificate by the IRDAI to set up place of business in an IFSC.
Insurance Scheme for Health Workers fighting COVID-19”, extended for a further period of 180 days.
The Pradhan Mantri Garib Kalyan Package was launched on 30th March 2020 to provide comprehensive personal accident cover of Rs. 50 Lakh to 22.12 lakh health care providers including community health workers and private health workers who may have been in direct contact and care of COVID-19 patients and may be at risk of being impacted by this.
IRDAI notifies Maintenance of Current Accounts in multiple banks by Insurers.
It is clarified that the respective insurers may maintain current accounts in appropriate number of banks for the purpose of premium collection, management expenses, policy payments, investment operations, etc., for the convenience of the policyholders and for the ease of doing business.