The Insurance (Amendment) Act, 2021.
Indian insurance company means any insurer being a company that is formed and registered under the Companies Act, 1956, in which the aggregate holdings of equity shares by foreign investors including portfolio investors, do not exceed seventy-four per cent. of the paid-up equity capital of such Indian insurance company.
IRDAI relaxes requirement to issue policy documents for Electronic Policies
IRDAI has allowed exemption for further six months to insurers from the requirement to issue policy document, copy of proposal form in physical form.
IRDAI extends the facility of dispensation for physical signature of life covers till 30th September.
IRDAI has allowed the Life Insurers to obtain the customer’s consent through electronic means, i.e., without requiring wet signature on the proposal form, for the business solicited by Individual Agents and Insurance Intermediaries, under all products, till 30th September 2021.
IRDAI modifies Guidelines on Standard Personal Accident Insurance product.
The insured will be allowed a period of fifteen days from date of receipt of the Policy to review the terms and conditions of the Policy, and to return the same if not acceptable.
IRDAI notifies Health Insurance Claim settlement Process.
The insurers are permitted to let their respective Third Party Administrators operationalize the claim tracking mechanism.
Modified guidelines for product filing in health insurance business
IRDAI has issued modified guidelines for product filing in health insurance business. Which provides the format in which all policies issued from 01 October, 2021 onwards shall be presented.
Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2021
The amendment provides that a creditor shall update its claim as and when the claim is satisfied, partly or fully, from any source in any manner, after the insolvency commencement date.
IRDAI directs insurers to provide policy information periodically to its policy holders.
IRDAI has notified norms for sending periodic notices to policyholders to ensure continuity of relationship with policyholders and flow of information in a standard manner.
IRDAI issues guidelines on Standard Personal Accident Insurance Product.
Every General and Standalone Health Insurer, who has been issued a Certificate of Registration to transact General and/or Health Insurance Business, shall mandatorily offer standard Individual Personal Accident product.
Product Structure for Insurance of Remotely Piloted Aircraft System(drones)
The product provides cover for Physical Damage to Drone Body /Hull, Personal Accident cover to Operator and Medical expenses cover to operator.
