IRDAI issues Guidelines for all General Insurance Companies for submission of Reports.
The format for filing annual report has been provided under this notification in which the details of Misconduct of licensed surveyors and action taken by Insurer shall be mentioned.
IRDAI issues Guidelines for grant of licence to act as Insurance Surveyor and Loss Assessor.
The applicant shall upload the documents online but shall maintain the original physical copies of all the relevant certificates with him throughout the period of validity of licence issued by Authority and shall produce the same whenever sought by Authority and all documents shall be self-attested.
IRDAI publishes the Insurance Regulatory and Development Authority of India (Minimum Information Required for Investigation and Inspection) Regulations, 2020.
The objective of these regulations is to specify minimum information required to be maintained by insurer, intermediary or insurance intermediary, so as to enable the investigating officer to discharge satisfactorily his or her functions.
Unclaimed amounts of policyholders to be transferred to the Senior Citizens’ Welfare Fund
All insurers having unclaimed amounts of policyholders for a period of more than 10 years as on 30th September, every year are directed to transfer the same to the Senior Citizens’ Welfare Fund (SCWF) on or before 1st March of the financial year. Insurers need to follow the accounting procedure as detailed in the notification dated. 21.12.2017.
IRDAI extends dispensation for physical signatures of life insurers’ customers till 31st March.
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 Insurance Agents and Insurance Intermediaries under all products, till 31st March, 2021.
IRDAI introduces insurance policy for vector-borne diseases.
The product shall be offered for a fixed term of one year with a waiting period of 15 days proposing to permit insurers to offer the product under Use and File procedure.
Exposure draft of IRDAI (Manner of Determination of Compensation to Shareholders on Merger of an Insurer under a Scheme Prepared under S.37A) Regulations, 2020
every shareholder of the acquired insurer shall be given such amount as compensation, as bears to the residual value of the assets, the same proportion as the amount of paid-up capital of the shares held by the shareholder bears to the total-up capital of the acquired insurer.
IRDAI publishes the Exposure Draft on Insurance Regulatory and Development Authority of India (Insurance Advertisements and Disclosure) Regulations, 2020.
various types of Advertisements such as Institutional Advertisements, Invitation to inquire, Invitation to contract and Joint Sales Advertisements have been incorporated in the new regulations.
ESIC extends Atal Beemit Vyakti Kalyan Yojana Scheme
The Employees State Insurance Corporation vide notification dated 14 October 2020 has extended the Atal Beemit Vyakti Kalyan Yojana Scheme, for the period from 01.07.2020 to 30.06.2021.
IRDAI issues standard individual term-life insurance product ‘Saral Jeevan Bima’
All Life Insurers permitted to transact new business shall mandatorily offer the standard product with effect from 1st January, 2021. The product may be filed by the Insurers latest by 1st December, 2020.
