Draft of Insurance Regulatory and Development Authority of India (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) (First Amendment) Regulations, 2021
Provisions on “Premium received in Advance” and “Unallocated Premium” stated in master circular shall form part of the Regulations.
Clarification on the IRDAI regulations on Assets, Liabilities and Solvency Margin of Life Insurance and General Insurance Businesses
Appointed Actuary shall be intimated well in advance through a communication to be sent by an officer of the Authority not below the rank of Deputy General Manager of IRDAI about the reasons for seeking his/her personal visit to the Authority.
IRDAI issues new amendments to the Guidelines on Information and Cyber Security for Insurers
Amendments to the guidelines on Information and Cyber Security for Insurers has provided new procedure for conducting Vulnerability Assessment and Penetration Testing (VAPT).
IRDAI directs insurers and insurance intermediaries to file half yearly return on POS portal.
The half-yearly data up to September shall be uploaded by 31st January 2021 and the data up to 31.03.2021 shall be uploaded by 30th April 2021.
IRDAI issues relaxations in Point of Sales
Modified maximum Sum Assured Limit on a single Life for a Non-Linked, Non-Participating Endowment Product is Rs. 25 lakhs(excluding ADB) at insurer level (per insurer).
IRDAI has instructed insurers to provide disclosure of benefit/premium illustration for Health insurance policies issued on floater basis
The benefit illustration shall be made part of the prospectus or sales literature of the product as directed under Consolidated Guidelines on Product filing in Health Insurance Business. Insurers shall also provide customized benefit illustration in the prescribed format in their websites so as to enable the customers to make out the difference while opting for coverage.
IRDAI extends the last date for IRDAI research grant scheme.
he last date for submission of the research work in the areas related to policyholder’s protection, consumer education and promoting the orderly growth of the insurance industry is extended upto 31st December 2020.
The Insurance Ombudsman (Amendment) Rules, 2020
The amendment has established a complaints management system, an online platform developed by the Council for Insurance Ombudsmen for the purpose of online submission and tracking of the status of complaints lodged with any office of Ombudsman. The amendment also provides the procedure for appointment and vacancy of insurance ombudsman.
Maintenance of records under IRDAI (Minimum Information Required for Investigation and Inspection) Regulations 2020.
It is advised that necessary steps may be taken by the insurers, intermediaries, and insurance intermediaries to ensure digitization of physical records in a phased manner so as to convert them into electronic format within pre-fixed timeline.
Guidelines on Standard Personal Accident Insurance Products
The Guidelines includes the Standard terms and conditions, Customer Information Sheet and Use & File format.
