IRDAI directs insurers to disclose underwriting philosophy of offering Health Insurance Coverage to Transgender persons.
As per the provisions of IRDAI (Health Insurance) Regulations, 2016, every insurer shall evolve a health insurance underwriting policy covering approach and aspects relating to offering health insurance coverage not only to standard lives but also to substandard lives and further Attention is also drawn to provision of The Transgender Persons (Protection of Rights) Act, 2019.
Ministry of Finance notifies the manner and period regarding the declaration to be made by LICs.
A person whose name is entered in the register of members of the Corporation as the holder of shares in the Corporation but who does not hold beneficial interest in such shares shall, within a period of thirty days from the date on which the name of such person is entered in that register, make a declaration in Form I.
IRDAI issues clarification on holding more than one certificate of registration to one group.
It is clarified that where the ‘applicant’ as defined under Regulation 2(b) of the IRDAI (Registration and Operations of Branch Offices of Foreign Reinsurers other than Lloyd’s) Regulations, 2015 falls within a group, no other entity of that group shall be eligible to apply for Certificate of Registration to act as Foreign Reinsurance Branch in India.
International Financial Services Centres Authority (Insurance Web Aggregator) Regulations, 2022.
The International Financial Services Centres Authority (Insurance Web Aggregator) Regulations, 2022 aims to put in place a process of registration and operations of Insurance Web Aggregator (IWA) in an International Financial Services Centre under the regulatory purview of the International Financial Services Centres Authority.
CBDT Guidelines clarifying on income-tax exemption on sum received under life insurance policy
Guidelines clarifying on income-tax exemption on the sum received under a life insurance policy, including any sum allocated by way of bonus on such policy subject to certain exclusions.
Government of Goa to auto renew DDSSY card with blanket cover from 1st April 2022 to 31st March 2023.
The DDSSY policy provides Universal Health Cover through Insurance for the Entire Resident Population of Goa. Benefits under this scheme will be provided on a cashless basis to the Beneficiaries upto the limit of their annual coverage.
IRDAI clarifies on manner of sharing of profit commission by Indian Re-insurers
The Indian Re-insurer shall share the profit commission, on 50%:50% basis, with the ceding insurer based on the performance and surplus of the total obligatory portfolio of the ceding insurer.
Draft IRDAI (Obligations of an Insurer in respect of Motor Third Party Insurance Business) Regulations, 2022.
The objective of these Regulations is to specify minimum third party motor insurance business that the insurer carrying on general insurance business is required to underwrite under section 32D of the Insurance Act, 1938.
IRDAI (Surety Insurance Contracts) Guidelines, 2022.
The regulation shall be applicable to all Insurers registered under the Insurance Act, 1938, to transact the business of general insurance and Surety Insurance, subject to compliance with eligibility criteria as set out in these guidelines.
Health Insurance Policies to cover omicron treatment cost.
The Insurance companies shall put in place effective coordination mechanism with all their network providers (hospitals) for the purpose of making available seamless cashless facility to all policyholders in case of hospitalisation if any and render speedy services to all policyholders.
