IRDAI notifies Draft IRDAI (Surety Insurance Contracts) Guidelines, 2021.
Any applicant intending to commence Surety Insurance business can do so by applying for grant of certificate of registration in accordance with IRDA (Registration of Indian Insurance Companies) Regulations, 2000. However, the preference to grant certificate of registration shall be given to the applicant whose promoters are already engaged in carrying out Surety Insurance Business in any jurisdiction.
IRDAI (Trade Credit Insurance) Guidelines, 2021.
These guidelines shall apply to all insurers transacting general insurance business, registered under the Insurance Act, 1938. However, ECGC Ltd (formerly Export Credit Guarantee Corporation of India Ltd) is exempted from the application of these guidelines.
Insurance Regulatory and Development Authority of India (Insurance Information Bureau of India) Regulations, 2021.
The Objective of IIB is to collect, analyse and report data/information pertaining to Insurance and related domains for the benefit of the stakeholders of IIB and to undertake projects of insurance and other related sectors regulated by the authority in order to further its effective use to market players, regulator, government and general public.
The General Insurance Business (Nationalization) Amendment Act, 2021 privatizes four subsidiary companies of GIC
Four subsidiary companies of GIC: (i) National Insurance, (ii) New India Assurance, (iii) Oriental Insurance, and (iv) United India Insurance is no longer required to have shareholding of the central government of minimum 5%. The principal act will not apply to the four companies from the date on which the central government relinquishes control of the insurer.
Foreign Exchange Management (Non-debt Instruments) (Second Amendment) Rules, 2021
An Indian Insurance company having foreign investment shall comply with the provisions under the Indian Insurance Companies (Foreign Investment) Rules, 2015.
IRDAI revokes guidelines on “Indian owned and controlled”
The definitions of “Control”, “Indian Control of an Indian Insurance Company” and “Indian Ownership” provided under Indian Insurance Companies (Foreign Investment) Rules, 2015 have been omitted vide Indian Insurance Companies (Foreign Investment) (Amendment) Rules, 2021. In furtherance of the same, IRDAI revokes guidelines on “Indian owned and controlled”.
Draft IFSCA (Registration of Insurance Business) Regulations, 2021
IFSCA has published the consultation paper and Draft IFSCA (Registration of Insurance Business) Regulations, 2021 to establish a regulatory framework for the insurers and reinsurers in IFSC by adopting international best practices.
IRDAI extends the timeline to comply with the Standards and Benchmarks for the hospitals in the provider network.
All the network providers shall register with Registry of Hospitals in the Network of lnsurers maintained by lnsurance lnformation Bureau (llB). [https://rohini.iib.gov.in] and shall Obtain either “NABH Entry Level Certification” (or higher level of certificate) issued by National Accreditation Board for Hospitals and Healthcare Providers (NABH) or State Level Certificate (or higher level of certificate) under National Quality Assurance Standards (NOAS), issued by National Health Systems Resources Centre (NHSRC).
Life Insurance Corporation General Regulations, 2021
The Corporation may issue securities either in physical form or in dematerialized form in accordance with the provisions of the Depositories Act and the Depositories and Participants Regulations.
The Life Insurance Corporation of India Development Officers (Revision of Certain Terms and Conditions) (Amendment) Rules, 2021.
The Amendment is brought under rule 2(1) which defines the term “eligible premium” which means such proportion as may be specified by the Corporation from time to time on the first year’s premiums received by the Corporation in respect of the business secured by the agents in the organization of a Development Officer, which is adjusted in the relevant appraisal year.
