Insurance Regulatory and Development Authority of India (Indian Insurance Companies) (Amendment) Regulations, 2021
The amendment provides that In an Indian Insurance Company having foreign investment exceeding forty-nine percent, for a financial year for which dividend is paid on equity shares and for which at any time the solvency margin is less than 1.2 times the control level of solvency, not less than fifty percent of the net profit for the financial year shall be retained in general reserve.
Amendments to life insurance Corporation under Part III of Finance Act shall come into force from 30th June 2021.
A key amendment is also regarding the utilization of surplus from the life insurance business under which it pays 5 percent of the surplus to the government.
IRDAI issues Guidelines on Standard Professional Indemnity policy for insurance brokers.
The object of this guideline is to specify the professional indemnity policy that meets the regulatory requirements and it shall be effective from 1st July 2021.
IRDAI issues circular on Availability and Renewal of Standard Corona specific products.
Based on the receipt of complaints stating that some of the insurance companies are not issuing Corona Kavach and Corona Rakshak Policies, it is clarified that all General and Health Insurers are mandated to offer Corona Kavach Policy and Corona Rakshak Policies and also to renew these policies.
IRDAI issues Guidelines on settlement of Life Insurance Claims to the victims of Cyclone.
The Insurers shall initiate immediate action to ensure that all reported claims are registered and eligible claims are settled promptly. Special attention may also be given to PMJJBY claims.
ESIC issues revised guidelines relating to implementation of ESIC Pensioner medical scheme.
The pensioners will be eligible for all kinds of medical treatment including SST from the date of entry/ re-entry into the scheme.
The Pension Fund Regulatory and Development Authority (Pension Fund) (Fifth Amendment) Regulations, 2021.
The Amended regulation notifies that the sponsors, individually or jointly, shall have a positive tangible net worth of at least fifty crore rupees on the last day of each of the preceding five financial years and at least twenty-five crore rupees should be the paid up equity capital on the date of making application as sponsor.
The Indian Insurance Companies (Foreign Investment) Amendment Rules, 2021.
The Amendment substitutes rule 4 which states that an Indian Insurance Company having foreign investment and its majority of its directors, majority of its Key Management Persons, and at least one among the chairperson of its Board, its managing director and its Chief Executive Officer, shall be Resident Indian Citizens.
The Insurance Ombudsman (Second Amendment) Rules, 2021.
The object of these Rules is to resolve all complaints of all personal lines of insurance, group insurance policies, policies issued to sole proprietorship and micro enterprises on the part of insurance companies and their agents and intermediaries in a cost effective and impartial manner.
Insurance Regulatory and Development Authority of India (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) (First Amendment) Regulations, 2021
The amendment provides the manner in which the premium and unearned premium reserve should be recognized by insurers carrying on general insurance business. Insurers shall follow the method of provisioning of Unearned Premium Reserve in a consistent manner. Any change in the method of provisioning can be done only with the prior written approval of the Authority.
