Foreign Exchange Management (Non-debt Instruments) (Second Amendment) Rules, 2021
An Indian Insurance company having foreign investment shall comply with the provisions under the Indian Insurance Companies (Foreign Investment) Rules, 2015.
IRDAI revokes guidelines on “Indian owned and controlled”
The definitions of “Control”, “Indian Control of an Indian Insurance Company” and “Indian Ownership” provided under Indian Insurance Companies (Foreign Investment) Rules, 2015 have been omitted vide Indian Insurance Companies (Foreign Investment) (Amendment) Rules, 2021. In furtherance of the same, IRDAI revokes guidelines on “Indian owned and controlled”.
Draft IFSCA (Registration of Insurance Business) Regulations, 2021
IFSCA has published the consultation paper and Draft IFSCA (Registration of Insurance Business) Regulations, 2021 to establish a regulatory framework for the insurers and reinsurers in IFSC by adopting international best practices.
IRDAI extends the timeline to comply with the Standards and Benchmarks for the hospitals in the provider network.
All the network providers shall register with Registry of Hospitals in the Network of lnsurers maintained by lnsurance lnformation Bureau (llB). [https://rohini.iib.gov.in] and shall Obtain either “NABH Entry Level Certification” (or higher level of certificate) issued by National Accreditation Board for Hospitals and Healthcare Providers (NABH) or State Level Certificate (or higher level of certificate) under National Quality Assurance Standards (NOAS), issued by National Health Systems Resources Centre (NHSRC).
Life Insurance Corporation General Regulations, 2021
The Corporation may issue securities either in physical form or in dematerialized form in accordance with the provisions of the Depositories Act and the Depositories and Participants Regulations.
The Life Insurance Corporation of India Development Officers (Revision of Certain Terms and Conditions) (Amendment) Rules, 2021.
The Amendment is brought under rule 2(1) which defines the term “eligible premium” which means such proportion as may be specified by the Corporation from time to time on the first year’s premiums received by the Corporation in respect of the business secured by the agents in the organization of a Development Officer, which is adjusted in the relevant appraisal year.
Insurance Regulatory and Development Authority of India (Indian Insurance Companies) (Amendment) Regulations, 2021
The amendment provides that In an Indian Insurance Company having foreign investment exceeding forty-nine percent, for a financial year for which dividend is paid on equity shares and for which at any time the solvency margin is less than 1.2 times the control level of solvency, not less than fifty percent of the net profit for the financial year shall be retained in general reserve.
Amendments to life insurance Corporation under Part III of Finance Act shall come into force from 30th June 2021.
A key amendment is also regarding the utilization of surplus from the life insurance business under which it pays 5 percent of the surplus to the government.
IRDAI issues Guidelines on Standard Professional Indemnity policy for insurance brokers.
The object of this guideline is to specify the professional indemnity policy that meets the regulatory requirements and it shall be effective from 1st July 2021.
IRDAI issues circular on Availability and Renewal of Standard Corona specific products.
Based on the receipt of complaints stating that some of the insurance companies are not issuing Corona Kavach and Corona Rakshak Policies, it is clarified that all General and Health Insurers are mandated to offer Corona Kavach Policy and Corona Rakshak Policies and also to renew these policies.