IRDAI extends dispensation for physical signatures of life insurers’ customers till 31st March.
Life Insurers to obtain the customer’s consent through electronic means i.e., without requiring wet signature on the proposal form, for the business solicited by individual Insurance Agents and Insurance Intermediaries under all products, till 31st March, 2021.
IRDAI introduces insurance policy for vector-borne diseases.
The product shall be offered for a fixed term of one year with a waiting period of 15 days proposing to permit insurers to offer the product under Use and File procedure.
Exposure draft of IRDAI (Manner of Determination of Compensation to Shareholders on Merger of an Insurer under a Scheme Prepared under S.37A) Regulations, 2020
every shareholder of the acquired insurer shall be given such amount as compensation, as bears to the residual value of the assets, the same proportion as the amount of paid-up capital of the shares held by the shareholder bears to the total-up capital of the acquired insurer.
IRDAI publishes the Exposure Draft on Insurance Regulatory and Development Authority of India (Insurance Advertisements and Disclosure) Regulations, 2020.
various types of Advertisements such as Institutional Advertisements, Invitation to inquire, Invitation to contract and Joint Sales Advertisements have been incorporated in the new regulations.
ESIC extends Atal Beemit Vyakti Kalyan Yojana Scheme
The Employees State Insurance Corporation vide notification dated 14 October 2020 has extended the Atal Beemit Vyakti Kalyan Yojana Scheme, for the period from 01.07.2020 to 30.06.2021.
IRDAI issues standard individual term-life insurance product ‘Saral Jeevan Bima’
All Life Insurers permitted to transact new business shall mandatorily offer the standard product with effect from 1st January, 2021. The product may be filed by the Insurers latest by 1st December, 2020.
Norms on Renewability, Portability and Migration of Standard COVID Specific insurance products
Insurers are allowed renewal, migration and portability, as may be applicable, for these COVID specific standard health products i.e, “Corona Rakshak Policy”, “Corona Kavach Policy” and “Group Corona Kavach policy”.
IRDAI issues additional guidelines on portability under Health Insurance policies
The additional norms on portability of health insurance include that the Members of an indemnity based group health insurance policy offered to account holders of a bank are allowed portability of their coverage to another indemnity based group health insurance policy offered by a different insurer to the account holders of the same bank.
IRDAI implements the RFQ platform for Investments in Corporate Bonds/ Commercial Papers
The Insurance Regulatory and Development Authority of India vide circular dated 25.09.2020 has Implemented the RFQ platform for Investments in Corporate Bonds / Commercial Papers.
Domestic Systemically Important Insurers (D-SIIs)
Domestic Systemically Important Insurers (D-SIIs) refer to insurers of such size, market importance and domestic and global inter connectedness whose distress or failure would cause a significant dislocation in the domestic financial system. These insurers have been asked to raise the level of corporate governance and to identify all relevant risk and promote a sound risk management culture.
