Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2021
The amendment provides that a creditor shall update its claim as and when the claim is satisfied, partly or fully, from any source in any manner, after the insolvency commencement date.
IRDAI directs insurers to provide policy information periodically to its policy holders.
IRDAI has notified norms for sending periodic notices to policyholders to ensure continuity of relationship with policyholders and flow of information in a standard manner.
IRDAI issues guidelines on Standard Personal Accident Insurance Product.
Every General and Standalone Health Insurer, who has been issued a Certificate of Registration to transact General and/or Health Insurance Business, shall mandatorily offer standard Individual Personal Accident product.
Product Structure for Insurance of Remotely Piloted Aircraft System(drones)
The product provides cover for Physical Damage to Drone Body /Hull, Personal Accident cover to Operator and Medical expenses cover to operator.
Modified guidelines on product filing in health insurance business
Individual products or add-ons or riders of health insurance business offered by General and Health Insurance Companies are permitted to be launched through Use and File Procedure by duly complying with the norms .
IRDAI issues Guidelines on Standard Vector Borne Disease Health Policy.
he Standard Product shall be offered both on individual and floater sum insured basis and the total amount payable in respect of the coverages offered shall not exceed 100% of the Sum Insured during a policy period.
Guidelines on Standard Individual Immediate Annuity Product, “Saral Pension”
IRDAI, with a view to having uniformity across Insurers, and to make available a product by all Life Insurers that will broadly meet the needs of an average customer a standard, has introduced an individual immediate annuity product.
IRDAI directs Reporting entities to upload KYC data of all legal entities to Central KYC Registry
REs shall ensure that during periodic updation, the customers’ KYC details are migrated to current Customer Due Diligence (CDD) standards.
IRDAI issues guidelines on Cross Broader Re-insurers.
All the re-insurance business placements made with the Cross border reinsurers who do not comply with Eligibility Criteria, shall be placed before the Board of Directors of the insurer for their approval / ratification, and certified copy of such resolution shall be filed with the Authority.
IRDAI directs insurers to make agreement with health providers on rates for treatment of Covid-19
In case of “Cashless Claims” under a health insurance policy, the claims shall be settled as per the tariff decided by the parties in compliance to provisions of IRDAI (Health Insurance) Regulations, 2016.
