Norms on Renewability, Portability and Migration of Standard COVID Specific insurance products
Insurers are allowed renewal, migration and portability, as may be applicable, for these COVID specific standard health products i.e, “Corona Rakshak Policy”, “Corona Kavach Policy” and “Group Corona Kavach policy”.
IRDAI issues additional guidelines on portability under Health Insurance policies
The additional norms on portability of health insurance include that the Members of an indemnity based group health insurance policy offered to account holders of a bank are allowed portability of their coverage to another indemnity based group health insurance policy offered by a different insurer to the account holders of the same bank.
IRDAI implements the RFQ platform for Investments in Corporate Bonds/ Commercial Papers
The Insurance Regulatory and Development Authority of India vide circular dated 25.09.2020 has Implemented the RFQ platform for Investments in Corporate Bonds / Commercial Papers.
Domestic Systemically Important Insurers (D-SIIs)
Domestic Systemically Important Insurers (D-SIIs) refer to insurers of such size, market importance and domestic and global inter connectedness whose distress or failure would cause a significant dislocation in the domestic financial system. These insurers have been asked to raise the level of corporate governance and to identify all relevant risk and promote a sound risk management culture.
The Income-tax (21st Amendment) Rules, 2020
The amendment has made the procedure for application by a banking company or insurer for a certificate under section 195(3) of the Income – tax Act, 1961, for receipt of interest and other sums without deduction of tax applicable to insurers as well.
IRDAI permits insurers to use video KYC for verification.
The insurers shall develop their application and undertake live VBIP carried out by an authorized person appointed by the insurer for the establishment, continuation, and verification of account-based relationship with the prospective customer.
Working Report on formation of an Indian Pandemic Risk Pool
The Insurance Regulatory and Development Authority of India (IRDAI) vide circular dated 01st September 2020 has published working report formation of an Indian Pandemic Risk Pool.
IRDAI permits insurance companies to issue policies electronically.
IRDI has also exempted the insurers from mandatorily sending hard copy of the document to policyholders. However, the policies will have to be sent through electronic mode on the registered e-mail.
ESIC smoothens the process of submission of life certificates for disbursement of pensions
The process requires pensioners/ family pensioners availing pension from ESIC to submit their life certificate to the head of any office of ESIC/ authorised officer with the request to forward it to the concerned Pension Disbursing Authority. The concerned officer will verify the identity and personal details of the pensioner based on the data on the said link. After this verification, he shall acknowledge the life certificate by making a remark on it that it has been submitted in his presence. The life certificate will then be forwarded to the Pension Disbursing Authority. The Disbursing Authorities shall treat the life certificate received in accordance with the above procedure as a valid life certificate and shall disburse pension accordingly.
IRDAI revises its earlier guidelines on Product Filing in Health Insurance Business.
As per the revised norms wellness and preventive feature shall be designed only with the objective of maintaining and improving good health and as part of promoting wellness and preventive regime, insurers may offer reward points to those policyholders who comply with or meet the set criteria of wellness and preventive features.
