Master Circular on Operations and Allied Matters of Insurers
The Insurance Regulatory and Development Authority of India has strengthened the governance measures on the operations and allied matters of the insurers in the Master Circular issued under part B of the IRDA (Protection of Policyholders’ Interests, Operations and Allied Matters of Insurers) Regulations, 2024 repealing 11 circulars.
Master Circular on General Insurance Business repealing thirteen circulars
Provision of easy-to-understand insurance products tailored to meet individual needs of the customers, providing them with ample choices and enhancing their insurance
experience has now been enabled. The shift from rule based to principle-based
regulatory framework facilitates ease of doing business and encourages innovation, enabling reduction in the response time for emerging market needs.
Master Circular on Submission of Returns
Various regulatory returns numbering 60 required to be filed under these regulations/operational guidelines are now collated in one place and are issued as a Master Circular on Submission of Returns. 37 regulations consolidated into 7 regulations and additional 2 new regulations were notified, effective from 1st April 2024.
Master Circular on Life Insurance Products
This Master Circular provides necessary guidance on aspects pertaining to various provisions of the Insurance Regulatory and Development Authority of India (Insurance Products) Regulations, 2024 and applicable to all life insurers, unless otherwise specified.
IFSCA publishes IRDAI Master Circular to reinsurers
This strategic move underscores India’s commitment to creating a robust regulatory framework that not only safeguards domestic interests but also attracts global reinsurance players to invest and operate in mainland India or in the international side of India i.e. GIFT IFSC, under the aegis of International Financial Services Centres Authority (IFSCA).
Optimizing Aadhaar Seeding Efficiency for ESIC Members: A Seamless Process
In recent communications from the Employees’ State Insurance Corporation (ESIC) Benefit Division emphasizing the necessity of Aadhaar seeding for insured persons (IPs), ESIC employees, and pensioners, steps have been taken to facilitate this crucial process.
Revolutionizing General Insurance in India: A Customer-Centric Approach
In a groundbreaking move, the Insurance Regulatory and Development Authority of India (IRDAI) has unveiled a comprehensive Master Circular, signaling a new era in the general insurance landscape. With the abolition of tariffs and the introduction of simplified policy wordings, the focus has shifted towards enhancing customer experience and operational efficiency for insurers.
CBIC directions for disbursal of Drawback amounts into the exporters’ accounts through PFMS
With effect from 5h June, 2024, payment of Drawback amounts into the exporters’ accounts post scroll out, will be facilitated through the Public Finance Management System (PFMS).
Guidelines for initiation of recovery proceedings before three months from the date of service of demand order
The guidelines provides that any amount payable by a taxable person in pursuance of an order passed under CGST Act shall be paid by such person within a period of three months from the date of service of such order failing which recovery proceedings shall be initiated.
Master Circular on Health Insurance Products
Insurers shall ensure that no claim can be repudiated without the approval of the Claims Review Committee which is required to take decision on repudiation of every claim.
