IRDAI withdraws long-term vehicle insurance
IRDAI has decided to withdraw long-term third party insurance of 3 years for four wheelers and 5 years for two-wheelers with effect from August 1, 2020.
IRDAI notifies the requirement to obtain a Legal Entity Identifier
The Insurance Regulatory and Development Authority of India in its circular dated 5th June 2020 has mandated the insurers to obtain legal entity identifier (LEI) on or before 31st July, 2020.
IRDAI has extended the time limit for public disclosures on the website
The Insurance Regulatory and Development Authority of India in its circular dated 4th June 2020 has extended the timeline for ensuring compliance with the directions regarding Public Disclosures on websites by insurers for the period ending 31st March 2020 for 30 days.
IRDAI instructs insurers to cover disability, mental illness & HIV.
All insurers (Life, General, and Health Insurers) are hereby directed to formulate and publish on their respective websites the underwriting philosophy with regard to offering insurance coverage to all the persons suffering from disabilities and people affected with mental illnesses and HIV/AIDS.
Filing Reference Number (FRN) for two new Cross Border Re-insurers
On the basis of the submissions made by Cross Border Re-insurer (CBR) and recommendations of the insurers, the Authority has granted approval to two CBR’s , who do not fulfill stipulated eligibility criteria.
Guidelines on settlement of Life Insurance Claims to the victims of recent Cyclone “Amphan”
The Insurance Regulatory and Development Authority of India vide circular dated 22-05-2020 Guidelines on settlement of Life Insurance Claims to the victims of recent Cyclone “Amphan’ for quick and timely settlement of life insurance claims.
IRDAI revises guidelines on trade Credit Insurance
The Insurance Regulatory and Development Authority of India(IRDAI) vide its notification dated 21st May 2020 has issued draft revised guidelines on Trade Credit Insurance which were published on 10th March 2016.
IRDAI has granted additional time for filing quarterly return.
The Insurance Regulatory and Development Authority of India in its circular dated 13th May 2020 has granted additional time of one month to file the quarterly returns for the quarter ending 31.3.2020.
Insurance regulator extends grace period for life insurance policies.
The Insurance Regulatory and Development Authority of India in its press release dated 9th May 2020, has allowed extended grace period up to May 31 for all life insurance policies whose premium was due in March keeping in view the difficulty faced by some policyholders to renew the policies in time.
