The Insurance Regulatory and Development Authority of India (Regulatory Sandbox) (Amendment) Regulations, 2021.
The objective of this regulation is to strike a balance between orderly development of insurance sector on one hand and protection of interests of policyholders on the other, while at the same time facilitating innovation and to create regulatory sandbox environment and to relax such provisions of any existing Regulations framed by the Authority for a limited scope and limited duration, if such a relaxation is needed.
New conditions applicable for Insurers Investing in Alternative Investment Funds
The Insurer shall, on a quarterly basis, obtain a certificate issued by the Concurrent Auditor regarding compliance of conditions for investing in AIFs and file the same along with quarterly periodical returns.
IRDAI issues Draft Guidelines on Trade Credit Insurance.
The new guidelines will open up opportunities to offer credit insurance-backed financing solutions to corporates and MSMEs. Also, changes such as enhanced indemnity of 90% and pre-shipment risk coverage will make the credit insurance product more comprehensive.
IRDAI permits Insurers to classify investments in Preference Shares and Equity Shares as a part of Approved Investments.
IRDAI has permitted Insurers to classify investments in Preference Shares and Equity Shares as a part of “Approved Investment” if such Shares have paid dividend “for at least 2 years out of 3 consecutive years immediately preceding” instead of “for at least 2 consecutive years immediately preceding
The Insurance (Amendment) Act, 2021.
Indian insurance company means any insurer being a company that is formed and registered under the Companies Act, 1956, in which the aggregate holdings of equity shares by foreign investors including portfolio investors, do not exceed seventy-four per cent. of the paid-up equity capital of such Indian insurance company.
IRDAI relaxes requirement to issue policy documents for Electronic Policies
IRDAI has allowed exemption for further six months to insurers from the requirement to issue policy document, copy of proposal form in physical form.
IRDAI extends the facility of dispensation for physical signature of life covers till 30th September.
IRDAI has allowed the 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 Agents and Insurance Intermediaries, under all products, till 30th September 2021.
IRDAI modifies Guidelines on Standard Personal Accident Insurance product.
The insured will be allowed a period of fifteen days from date of receipt of the Policy to review the terms and conditions of the Policy, and to return the same if not acceptable.
IRDAI notifies Health Insurance Claim settlement Process.
The insurers are permitted to let their respective Third Party Administrators operationalize the claim tracking mechanism.
Modified guidelines for product filing in health insurance business
IRDAI has issued modified guidelines for product filing in health insurance business. Which provides the format in which all policies issued from 01 October, 2021 onwards shall be presented.
