IRDAI issues relaxations in Point of Sales
Modified maximum Sum Assured Limit on a single Life for a Non-Linked, Non-Participating Endowment Product is Rs. 25 lakhs(excluding ADB) at insurer level (per insurer).
IRDAI has instructed insurers to provide disclosure of benefit/premium illustration for Health insurance policies issued on floater basis
The benefit illustration shall be made part of the prospectus or sales literature of the product as directed under Consolidated Guidelines on Product filing in Health Insurance Business. Insurers shall also provide customized benefit illustration in the prescribed format in their websites so as to enable the customers to make out the difference while opting for coverage.
IRDAI extends the last date for IRDAI research grant scheme.
he last date for submission of the research work in the areas related to policyholder’s protection, consumer education and promoting the orderly growth of the insurance industry is extended upto 31st December 2020.
The Insurance Ombudsman (Amendment) Rules, 2020
The amendment has established a complaints management system, an online platform developed by the Council for Insurance Ombudsmen for the purpose of online submission and tracking of the status of complaints lodged with any office of Ombudsman. The amendment also provides the procedure for appointment and vacancy of insurance ombudsman.
Maintenance of records under IRDAI (Minimum Information Required for Investigation and Inspection) Regulations 2020.
It is advised that necessary steps may be taken by the insurers, intermediaries, and insurance intermediaries to ensure digitization of physical records in a phased manner so as to convert them into electronic format within pre-fixed timeline.
Guidelines on Standard Personal Accident Insurance Products
The Guidelines includes the Standard terms and conditions, Customer Information Sheet and Use & File format.
IRDAI issues Guidelines for all General Insurance Companies for submission of Reports.
The format for filing annual report has been provided under this notification in which the details of Misconduct of licensed surveyors and action taken by Insurer shall be mentioned.
IRDAI issues Guidelines for grant of licence to act as Insurance Surveyor and Loss Assessor.
The applicant shall upload the documents online but shall maintain the original physical copies of all the relevant certificates with him throughout the period of validity of licence issued by Authority and shall produce the same whenever sought by Authority and all documents shall be self-attested.
IRDAI publishes the Insurance Regulatory and Development Authority of India (Minimum Information Required for Investigation and Inspection) Regulations, 2020.
The objective of these regulations is to specify minimum information required to be maintained by insurer, intermediary or insurance intermediary, so as to enable the investigating officer to discharge satisfactorily his or her functions.
Unclaimed amounts of policyholders to be transferred to the Senior Citizens’ Welfare Fund
All insurers having unclaimed amounts of policyholders for a period of more than 10 years as on 30th September, every year are directed to transfer the same to the Senior Citizens’ Welfare Fund (SCWF) on or before 1st March of the financial year. Insurers need to follow the accounting procedure as detailed in the notification dated. 21.12.2017.
