IRDAI issues Guidelines on standard domestic travel insurance product.
Every General and Stand-alone Health Insurer, who has been issued a Certificate of Registration to transact General and/or Health Insurance Business, shall endeavour to offer this Standard Domestic Travel Insurance Product.
IFSCA guidelines on distribution of Mutual Funds and Insurance Products by Finance Company/Finance Unit
Finance companies shall ensure that in case of insurance products performance assessment and incentive structure for staff is not violative of IRDAI (Payment of Commission or Remuneration or Reward to Insurance Agents and Insurance Intermediaries) Regulations , 2016.
MoHFW extends the Insurance Scheme for Health workers 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 healthcare providers.
IRDAI directs Insurers to ensure swift settlement of COVID-19 claims.
All hospitals are also requested not to differentiate the patients in terms of admission or treatment whether they are insured or not insured or whether they pay cash or avail of cashless facility.
IRDAI directs Hospitals to provide cashless treatment for COVID-19 Policy holders.
Hospitals who have signed Service Level Agreement (SLA) with general and health insurers have to mandatorily provide cashless facility for any treatment to the policyholders including Covid-19 treatment in accordance with the agreed provision of SLA and terms and conditions of policy contract.
IRDAI allows Insurers to invest in debt instrument of InvITS and REITS.
The cumulative Investments in Units and Debt Instruments of InvITs and REITs shall not exceed 3% of total fund size of the Insurer at any point of time.
IRDAI (Manner of Assessment of Compensation to Shareholders or Members on Amalgamation) Regulations, 2021.
The Object of this regulation is to provide for the manner of assessment of compensation for the shareholders or members whose interests in, or rights against, the transferee insurer resulting from amalgamation are less than his interest in, or rights against the original insurer.
Indian Insurance Companies (Foreign Investment) (Amendment) Rules, 2021.
As per the new rule 3, no Indian insurance company shall allow the aggregate holdings by way of Total Foreign Investment in its equity shares by Foreign Investors, including portfolio investors, to exceed seventy-four percent of the paid up equity capital of such Indian Insurance Company.
IRDAI publishes Insurance Advertisements and Disclosure Regulations, 2021
This Regulations is applicable to all insurers, intermediaries and insurance intermediaries registered with the Authority except those engaged exclusively in reinsurance business.
The Insurance Regulatory and Development Authority of India (Regulatory Sandbox) (Amendment) Regulations, 2021.
The objective of this regulation is to strike a balance between orderly development of insurance sector on one hand and protection of interests of policyholders on the other, while at the same time facilitating innovation and to create regulatory sandbox environment and to relax such provisions of any existing Regulations framed by the Authority for a limited scope and limited duration, if such a relaxation is needed.
