IRDAI issues dividend criteria for equity investment under approved investment.
IRDAI permitted Insurers to classify investments in Preference Shares and Equity Shares as a part of “Approved Investment” if such Shares have paid a dividend for at least 2 years out of 3 consecutive years immediately preceding.
IRDAI mandates PUC Certificates for motor vehicle insurance renewal
The IRDAI had earlier called for compliance with the Directions of the Supreme Court as laid down in the case of M. C. Mehta v/s Union of India. One of these directions was that insurance companies should ensure the existence of a valid Pollution Under Control (PUC)Certificate prior to renewing vehicular insurance. The IRDAI notes that the Central Pollution Control Board (CPCB) has expressed concerns on the status of compliance, particularly in the National Capital Region of Delhi (Delhi- NCR). It, therefore, urges the General Insurance Companies to renew motor vehicle insurance policy only if the vehicle owner provides a valid PUC Certificate. The IRDAI has categorically called for strict adherence to this direction with immediate effect.
IRDAI seeks inputs from stakeholders on the report on loss prevention and minimalization of the General Insurance Industry.
Loss prevention and minimization activities are part and parcel of what the insurers do, as it helps improve their claims experience in various ways.
IRDAI grants relaxation for submission of hard copy of regulatory returns.
Life insurers shall upload the Regulatory Returns through the BAP module without physical filing and submit a soft copy through email to Mr. S.N Jayasimhan, GM at snjayasimhan@irdai.gov.in , for returns up to 31st March 2020.
IRDAI dispenses with physical signatures on proposal forms
The decision to dispense with physical signature requirement for acceptance of proposal forms is being allowed on an experimental basis with immediate effect till December 31, 2020, and is limited to pure risk products.
MOHFW extends the insurance scheme for health workers fighting COVID-19 for a further period of 90 days
Insurance under the Pradan Mantra Garib Kalyan scheme for health workers fighting COVID-19 is extended for a period of 90 days starting from 30th July 2020.
IRDAI to issue digitally signed surveyor and loss assessor licenses from 3rd August 2020
The digital license for Surveyor and Loss Assessor shall be issued through Business Analytics Project (BAP) and the digitally signed Licenses shall be sent to the registered E-Mail ID of applicants.
The Central Government notifies amendments to its insurance merger schemes
The Central Government has notified the United India Fire and General Insurance Company Limited (Merger) Amendment, Scheme, 2020. This amendment will be effective from 31st July, 2020.
IRDAI notifies the Insurance Regulatory and Development Authority of India (Regulation of Insurance Business in Special Economic Zone) (Amendment) Rules, 2020
The Insurance Regulatory and Development Authority of India (Regulation of Insurance Business in Special Economic Zone) (Amendment) Rules, 2020 provides conditions for an intermediary or insurance intermediary to transact business in Special Economic Zones.
ESIC proposes to increase the confinement expenses to pregnant women
ESIC has proposed to increase Confinement Expenses paid to pregnant women, who are not able to avail maternity services of ESIC dispensaries from Rs 5,000 to Rs 7,500 and the confinement expenses shall be paid for two confinements only.
