The Insurance Regulatory and Development Authority of India (Expenses of Management of Insurers transacting General or Health Insurance Business) Draft Regulations, 2022.
As per the Draft regulation, No insurer carrying on General Insurance Business or Health Insurance Business in India, shall spend an amount as expenses of management exceeding the amount computed as lower of 30 percent or Expense Rate, multiplied by gross premium written in India in that financial year.
IRDAI modifies guidelines on Standards and Benchmarks for the Hospitals in the Provider Network.
In order to enhance the scope for offering cashless facility across the length and breadth of the country, the insurers are now empowered to empanel the network providers that meet the standards and benchmarks criteria as specified by their respective boards.
IRDAI extends the Use and File procedure to products covering Agriculture and allied activities.
In order to facilitate the insurance industry to promote insurance penetration and enhance coverage in the unserved and underserved areas by designing suitable and need-based products covering Agriculture and allied activities, IRDAI has permitted the general insurers to file Retail products for Agriculture & allied activities under the Use and File procedure.
IRDAI allows new concepts to be added to Motor Own Damage Policy
Pay As You Drive, Pay How You Drive and Floater policy to be introduced under Motor Own Damage policies
Directions to insurers for risk management management
Every insurer, in order to meet its liabilities, shall earmark, invest and at all times keep earmarked and invested, assets of value not less than that of the liabilities. An insurer may invest not more than five per cent. of the assets by value, in a company or other body corporate which is owned or controlled by the promoters, subject to the condition that the assets shall be held free of any encumbrance, charge, hypothecation or lien.
IRDAI extends the time period for submission of comments on the Draft Master Guidelines on Anti Money Laundering/ Counter Financing of Terrorism(AML/CFT).
The guidelines would be applicable for all class of Life, General or Health Insurance business carried out by the ‘Insurers’ except Re-insurance business carried out by the ‘Indian Insurance company’ or ‘foreign company’ in India.
IRDAI clarification regarding Accounting of Premium, claims and related expenses on estimation basis
It is clarified that for the fourth quarter ending on 31st March, where the statement of accounts has not been received in time, the premium, losses and related expenses may be accounted on estimation basis.
IRDAI discontinues certain returns
IRDAI discontinue certain online and offline returns.
IRDAI notifies Use & file (U&F) procedure for life insurance products & riders.
The Product Management Committee (PMC) shall review and approve the products/riders in line with Board Approved Product Management & Pricing Policy (BAPMPP) before filing with the Authority under Use & File procedure. The PMC shall ensure that the Benefits reflecting in sales literature, Terms and Conditions reflecting in Policy document shall be consistent with the design approved.
IRDAI reduces solvency margin requirement for crop insurance business.
IRDAI has earlier granted relaxation on the period of admissibility of premium due from Government for solvency calculation purpose, from 180 days to 365 days which has now, been extended from FY 2022-23 onwards till further orders.
