IRDAI issues Guidelines on settlement of Life Insurance Claims to the victims of Cyclone.
The Insurers shall initiate immediate action to ensure that all reported claims are registered and eligible claims are settled promptly. Special attention may also be given to PMJJBY claims.
ESIC issues revised guidelines relating to implementation of ESIC Pensioner medical scheme.
The pensioners will be eligible for all kinds of medical treatment including SST from the date of entry/ re-entry into the scheme.
The Pension Fund Regulatory and Development Authority (Pension Fund) (Fifth Amendment) Regulations, 2021.
The Amended regulation notifies that the sponsors, individually or jointly, shall have a positive tangible net worth of at least fifty crore rupees on the last day of each of the preceding five financial years and at least twenty-five crore rupees should be the paid up equity capital on the date of making application as sponsor.
The Indian Insurance Companies (Foreign Investment) Amendment Rules, 2021.
The Amendment substitutes rule 4 which states that an Indian Insurance Company having foreign investment and its majority of its directors, majority of its Key Management Persons, and at least one among the chairperson of its Board, its managing director and its Chief Executive Officer, shall be Resident Indian Citizens.
The Insurance Ombudsman (Second Amendment) Rules, 2021.
The object of these Rules is to resolve all complaints of all personal lines of insurance, group insurance policies, policies issued to sole proprietorship and micro enterprises on the part of insurance companies and their agents and intermediaries in a cost effective and impartial manner.
Insurance Regulatory and Development Authority of India (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) (First Amendment) Regulations, 2021
The amendment provides the manner in which the premium and unearned premium reserve should be recognized by insurers carrying on general insurance business. Insurers shall follow the method of provisioning of Unearned Premium Reserve in a consistent manner. Any change in the method of provisioning can be done only with the prior written approval of the Authority.
IRDAI directs Insurance Companies to continue offering standard corona policies.
The Corona Kavach is an indemnity-based product, Corona Rakshak is a benefit based product launched by IRDAI.
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.