The Deposit Insurance and Credit Guarantee Corporation General (Amendment) Regulations, 2021.
A new regulation 22A relating to deferring or varying the time limit for receipt of repayments under certain circumstances has been inserted through this amendment.
IRDAI revises the Dividend Criteria for Equity Investment under Approved Investment.
IRDAI has permitted Insurers to classify investments in Preference Shares and Equity Shares as part of “Approved Investment” if dividend is paid on such Shares “for at least 2 years out of 3 consecutive years immediately preceding ” instead of “for at least 2 consecutive years immediately preceding” (as required under Regulation 3(a)(4) and 3(a)(5) of IRDAI (Investment) Regulations, 2016) for the period from 1st October, 2021 to 31st March, 2022.
IRDAI extends the timeline for issuance of electronic life insurance policies till 31st March 2021.
Earlier the exemption for wet signature on the hard copy of an insurance policy was valid till 31st March 2021 however due to the second wave of the pandemic, IRDAI extended the timeline till 30th September 2021 which is now further extended till 31st March 2022.
IRDAI extends the exemptions granted for issuance of electronic policies till 31st March 2022.
Insurers shall put in place proper mechanism to ensure that the documents are delivered to the designated e-mail Id / mobile number of the policyholder and an acknowledgement is appropriately obtained / auto-collected on delivery.
IRDAI extends the timeline for sale and renewal of short term Covid specific health insurance policies.
The minimum sum insured for Corona Kavach Policy is Rs 50,000 and the maximum is Rs 5 lakh and for the Corona Rakshak Policy, the minimum sum insured is Rs. 50,000 and the maximum limit shall be Rs.2.5 lakh.
IRDAI Publishes guidance document on product structure for Cyber Insurance.
The main objectives of the guidance document on product structure for Cyber Insurance are to enable insurers to evaluate new technologies posing heightened cyber risk, identify protection gaps in the existing products and address the changing needs of market and to facilitate insurers in developing stand-alone cyber insurance products, specifically designed to address the evolving cyber risks.
IRDAI notifies Draft IRDAI (Surety Insurance Contracts) Guidelines, 2021.
Any applicant intending to commence Surety Insurance business can do so by applying for grant of certificate of registration in accordance with IRDA (Registration of Indian Insurance Companies) Regulations, 2000. However, the preference to grant certificate of registration shall be given to the applicant whose promoters are already engaged in carrying out Surety Insurance Business in any jurisdiction.
IRDAI (Trade Credit Insurance) Guidelines, 2021.
These guidelines shall apply to all insurers transacting general insurance business, registered under the Insurance Act, 1938. However, ECGC Ltd (formerly Export Credit Guarantee Corporation of India Ltd) is exempted from the application of these guidelines.
Insurance Regulatory and Development Authority of India (Insurance Information Bureau of India) Regulations, 2021.
The Objective of IIB is to collect, analyse and report data/information pertaining to Insurance and related domains for the benefit of the stakeholders of IIB and to undertake projects of insurance and other related sectors regulated by the authority in order to further its effective use to market players, regulator, government and general public.
The General Insurance Business (Nationalization) Amendment Act, 2021 privatizes four subsidiary companies of GIC
Four subsidiary companies of GIC: (i) National Insurance, (ii) New India Assurance, (iii) Oriental Insurance, and (iv) United India Insurance is no longer required to have shareholding of the central government of minimum 5%. The principal act will not apply to the four companies from the date on which the central government relinquishes control of the insurer.