IRDAI permits insurers to design and file alternative products covering Fire and allied perils.
Due to the increasing demand for new covers in the fire line of business, the Authority has permitted general insurers to design and file alternative products covering Fire and allied perils.
IRDAI provide exemptions to Foreign Reinsurers Branches
IRDAI provide exemption to Foreign Reinsurers Branches from Common Stewardship Code.
IRDAI issues circular on submitting Actuarial & reinsurance returns.
In order to reduce filing hardcopies of various actuarial returns, IRDAI has directed the insurers to file them in a digital format.
IRDAI permits insurance companies to have exposure to financial and insurance activities upto 30% of investment assets.
Accordingly, the limit of 25% of lnvestment Assets mentioned in Note no. 8 to Reg,9 of IRDAI (lnvestment) Regulations, 2016 stands revised to a limit of 30% of investment Assets
IRDAI has decided to dispense with the requirement of submission of 16 returns by Non-Life Insurers
Insurers are not required to submit Offline Form 1 to X and Monthly Business Figures in physical form
IRDAI relaxes compliance requirement for life insurers
The requirement to submit quarterly ALM returns regarding “Asset Liability Management and Stress Testing” (for life insurers) is dispensed with, except for Domestic Systemically Important Insurers. However, all insurers shall continue to regularly monitor their ALM position, with appropriate internal reporting and analysis, as part of their risk management and monitoring process.
IRDAI notifies Draft guidelines on Group Insurance Products under Health Insurance Business and other operational matters.
As per the draft guidelines, insurers offering group insurance should have a Board approved group insurance underwriting policy. The policy should specify the manner in which its risk and costs are analyzed and factored into the premium cost. All risk factors per unit of coverage such as individual, family, group floater, etc., should be separately analyzed and priced. Past experience and future exposures should also be critically analyzed for “Large Group”.
IRDAI notifies the new mechanism for processing application for registration of new insurers.
The new process would bring down the turnaround time for incorporation of a new entity for insurance related activity and for grant of Certificate of Registration to commence insurance business. The new process would help global and domestic investors to invest with ease in insurance sector and thus contribute to the increase of penetration of insurance, more particularly the under-served population.
IRDAI extends the timelines for Dispensing with Physical documents and wet signature on the proposal form in respect of health insurance policies.
Due to covid-19 pandemic, IRDAI allowed health and general insurance companies to continue issuing health insurance policies in electronic form and without insisting on a physically signed proposal form till March 31, 2022 which has now been extended till 30th September 2022.
IRDAI clarification regarding Dividend Criteria for Equity Investment under Approved Investment
Insurers are permitted to classify investments in Preference Shares and Equity Shares as part of “Approved Investment”.
