IRDAI allows insurers to offer Corona Kavach Policy as a group product
The Insurance Regulatory Authority of India on 21st July 2020 has allowed health insurers to offer ‘Corona Kavach’ as a standard group insurance policy to help public and private sector companies and other business entities to provide insurance cover to their employees.
IRDAI directs insurers to settle claims for treatment in a make-shift or temporary hospital
Where a policyholder who is diagnosed as Covid-19 positive is admitted into any such make-shift or temporary hospital on the advice of a medical practitioner or appropriate Government authorities the treatment costs shall be settled by insurers. Where any network provider has set up any such make-shift or temporary hospital, such make-shift or temporary hospital shall be regarded as the extension of the network provider and cashless facility shall be made available.
IRDAI brings in provision of cashless facility to policyholders
The Cashless services insurers / Third Party Administrators (TPAs) shall enlist network providers (hospitals) to provide medical services and shall also enter in to a service level agreement.
Special deposit scheme subscribers to get 7.1% interest with effect from 1st July 2020 to 30th September 2020
the deposits made under the Special Deposit Scheme for Non-Government Provident, Superannuation, and Gratuity Funds, shall bear interest at 7.1% with effect from 1st July 2020 to 30th September 2020.
IRDAI issues guidelines for “corona kavach” policy
The IRDAI has mandated general and health insurers to offer the indemnity based Individual COVID Standard Health Policy called “Corona Kavach”. The regulator has allowed 30 General and Health Insurance Companies to market the Policy.
IRDAI brings in modification to group insurance policies
Life Insurers offering group credit life insurance schemes, where under, the members have availed moratorium on payment of EMIs are allowed to suitably modify the term and sum assured under such schemes, against the collection of additional premium as may be required, in respect of such members, so that they may continue to be covered as per the revised loan repayment schedule.
IRDAI issues instructions for rescheduling of payment towards term loans
The Insurance Regulatory and Development Authority of India has permitted insurers to grant a moratorium of three months towards payment of installments falling due between 1st June 2020 and 31st August 2020.
IRDAI modifies guidelines on the standard individual health insurance products
The Insurance Regulatory and Development Authority of India has modified the norms of ‘Arogya Sanjeevani Policy’ by allowing health insurers to offer a minimum sum insured of less than Rs 1 lakh and a maximum of greater than Rs 5 lakh.
IRDAI issues timeline for submission of life operational returns in BAP
The due date for life insurers to submit monthly return shall be 8th of the following month and Unaudited quarterly returns shall be filed on 30th day from the end of the quarter and Audited Annual Returns shall be filed on 30th June through Business Analytics Project (BAP) module.
IRDAI issues guidelines on COVID Standard Health Policy
The Insurance Regulatory and Development Authority of India on 26th June 2020 has mandated all general and health insurers to offer Individual Covid Standard Health Policy by 10th July 2020.
