Modified guidelines on product filing in health insurance business
Individual products or add-ons or riders of health insurance business offered by General and Health Insurance Companies are permitted to be launched through Use and File Procedure by duly complying with the norms .
IRDAI issues Guidelines on Standard Vector Borne Disease Health Policy.
he Standard Product shall be offered both on individual and floater sum insured basis and the total amount payable in respect of the coverages offered shall not exceed 100% of the Sum Insured during a policy period.
Guidelines on Standard Individual Immediate Annuity Product, “Saral Pension”
IRDAI, with a view to having uniformity across Insurers, and to make available a product by all Life Insurers that will broadly meet the needs of an average customer a standard, has introduced an individual immediate annuity product.
IRDAI directs Reporting entities to upload KYC data of all legal entities to Central KYC Registry
REs shall ensure that during periodic updation, the customers’ KYC details are migrated to current Customer Due Diligence (CDD) standards.
IRDAI issues guidelines on Cross Broader Re-insurers.
All the re-insurance business placements made with the Cross border reinsurers who do not comply with Eligibility Criteria, shall be placed before the Board of Directors of the insurer for their approval / ratification, and certified copy of such resolution shall be filed with the Authority.
IRDAI directs insurers to make agreement with health providers on rates for treatment of Covid-19
In case of “Cashless Claims” under a health insurance policy, the claims shall be settled as per the tariff decided by the parties in compliance to provisions of IRDAI (Health Insurance) Regulations, 2016.
Draft of Insurance Regulatory and Development Authority of India (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) (First Amendment) Regulations, 2021
Provisions on “Premium received in Advance” and “Unallocated Premium” stated in master circular shall form part of the Regulations.
Clarification on the IRDAI regulations on Assets, Liabilities and Solvency Margin of Life Insurance and General Insurance Businesses
Appointed Actuary shall be intimated well in advance through a communication to be sent by an officer of the Authority not below the rank of Deputy General Manager of IRDAI about the reasons for seeking his/her personal visit to the Authority.
IRDAI issues new amendments to the Guidelines on Information and Cyber Security for Insurers
Amendments to the guidelines on Information and Cyber Security for Insurers has provided new procedure for conducting Vulnerability Assessment and Penetration Testing (VAPT).
IRDAI directs insurers and insurance intermediaries to file half yearly return on POS portal.
The half-yearly data up to September shall be uploaded by 31st January 2021 and the data up to 31.03.2021 shall be uploaded by 30th April 2021.