IRDAI dispenses with physical signatures on proposal forms
The decision to dispense with physical signature requirement for acceptance of proposal forms is being allowed on an experimental basis with immediate effect till December 31, 2020, and is limited to pure risk products.
MOHFW extends the insurance scheme for health workers fighting COVID-19 for a further period of 90 days
Insurance under the Pradan Mantra Garib Kalyan scheme for health workers fighting COVID-19 is extended for a period of 90 days starting from 30th July 2020.
IRDAI to issue digitally signed surveyor and loss assessor licenses from 3rd August 2020
The digital license for Surveyor and Loss Assessor shall be issued through Business Analytics Project (BAP) and the digitally signed Licenses shall be sent to the registered E-Mail ID of applicants.
The Central Government notifies amendments to its insurance merger schemes
The Central Government has notified the United India Fire and General Insurance Company Limited (Merger) Amendment, Scheme, 2020. This amendment will be effective from 31st July, 2020.
IRDAI notifies the Insurance Regulatory and Development Authority of India (Regulation of Insurance Business in Special Economic Zone) (Amendment) Rules, 2020
The Insurance Regulatory and Development Authority of India (Regulation of Insurance Business in Special Economic Zone) (Amendment) Rules, 2020 provides conditions for an intermediary or insurance intermediary to transact business in Special Economic Zones.
ESIC proposes to increase the confinement expenses to pregnant women
ESIC has proposed to increase Confinement Expenses paid to pregnant women, who are not able to avail maternity services of ESIC dispensaries from Rs 5,000 to Rs 7,500 and the confinement expenses shall be paid for two confinements only.
IRDAI allows insurers to offer Arogya Sanjeevani policy as group health insurance product
The Insurers are allowed to set their own minimum and maximum sum limits under this group policy, subject to the board approved underwriting policy. The mandate of offering sum insured in multiples of Rs 50000 (Rupees fifty thousand only) is not insisted for the group product and they may determine the price keeping in view the cover proposed to be offered subject to complying with the norms specified in the IRDAI (Health Insurance) Regulations, 2016 and Guidelines notified thereunder.
IRDAI extends the timeline for the Hospitals in the Provider Network to comply with the Standards and Benchmarks
The Network Providers or Hospitals were directed to register with Registry of Hospitals in the Network of insurers maintained by insurance information Bureau and to obtain either NABH Entry Level Certification or State Level Certificate by 26th July 2020. However, through this notification it has now been extended for a period of one year.
IRDAI issues clarification on certain issues relating to transfer of shares of insurance companies by promoters/shareholders
It has been clarified that for acquisition of more than 1% and up to 5% of the paid up share capital, a declaration as specified in the IRDAI (Listed Indian Insurance Companies) Guidelines, 2016 has to be provided to the insurance company and for transfer of more than 1% but less than 5% of the paid up share capital, the transferor shall inform the Insurer immediately on execution of the transaction.
IRDAI Issues Master Circular on Standardization of Health Insurance Products
The Network Providers or Hospitals shall Register with Registry of Hospitals in the Network of lnsurers maintained by lnsurance lnformation Bureau and shall Obtain either “NABH Entry Level Certification” or State Level Certificate (or higher level of certificate) under National Quality Assurance Standards (NOAS), issued by National Health Systems Resources Centre.
