IRDAI de-notifies insurance tariffs
It is clarified that no insurer shall at any time withdraw or discourage the use of or decline to offer to any customer any of the tariff products which have been in existence prior to this notification. It is hereby further notified that effective 01.04.2024, the coverage of risks coming within the scope of the denotified tariffs shall be subject to the IRDAI (Insurance Products) Regulations, 2024 and Master Circular (Guidelines) on products and procedures in general insurance business.
MNRE Publishes Updated List of Insurers for Solar Power Plants
The MNRE has received several representations requesting updates to its list of insurers for solar power plants, hence the MNRE has now published a revised list of insurers. The list enumerates 6 insurers and 7 insurance products.
Exposure Draft of Insurance Regulatory and Development Authority of India (Protection of Policyholders’ Interests and Allied Matters of Insurers) Regulations, 2024
One of the key features of the proposed regulations is its division into two distinct parts. Part A addresses provisions concerning the protection of policyholders’ interests, while Part B deals with operational and allied matters of insurers. This organizational structure aims to provide clarity and facilitate better compliance for stakeholders.
IRDAI (Bima Sugam – Insurance Electronic Marketplace) Regulations, 2024
All the stakeholders are requested to forward their comments / suggestions, if any, on the proposed regulations in the attached format (Annexure- B) on or before 5:00 PM on 4th March, 2024 to sageena@irdai.gov.in with a copy to keshav@irdai.gov.in.
Draft on Insurance Regulatory and Development Authority of India (Actuarial, Finance and Investment Functions of insurers) Regulations, 2024
The main objective of the proposed draft regulations is to ensure that sound and responsive management practices are in place for effective discharge of actuarial, finance and investment functions and analysis, covering the areas including but not limited to the valuation of assets and liabilities, regulatory reporting, bonus distribution, asset-liability management, solvency, investment and risk management. It will also enable insurers to promote ease of doing business, to improve insurance penetration and to enhance the protection of policyholders’ interest.
Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016
The Amendment Regulations are effective from 12th February, 2024.
Insurance Regulatory and Development Authority of India (Rural, Social Sector and Motor Third Party Obligations) Regulations, 2024
The objective of these Regulations is to specify minimum rural and social sector business that the insurers are required to underwrite under section 32B and 32C of the Insurance Act, 1938 and minimum third party motor insurance business that the insurer carrying on general insurance business is required to underwrite under section 32D of the Insurance Act, 1938.
IRDAI has issued draft Insurance Regulatory and Development Authority of India (Corporate Governance) Regulations, 2024
As part of the comprehensive review of Regulations being undertaken by the IRDAI, to enhance the ease of doing business and also reduce compliance burden for stakeholders while also ensuring that interests of policyholders continues to be protected, Insurance Councils were asked to submit their recommendations. Councils constituted the Regulations Review Committee (RRC).
Exposure Draft of IRDAI (Registration, Capital Structure, Transfer of Shares and Amalgamation of Indian Insurance Companies) Regulations, 2024
As part of the comprehensive review of Regulations being undertaken by the IRDAI, to enhance the ease of doing business and also reduce compliance burden for stakeholders while also ensuring that interests of policyholders continues to be protected, Insurance Councils were asked to submit their recommendations.
Denotification of Arbitration Clause in the tariff general regulations
The Arbitration clause related provisions in the tariff general regulations, terms, conditions, clauses, warranties, policy, add-ons, endorsement wordings and proposal form applicable to the risks of insurance business governed by the erstwhile Tariffs stand de-notified with effect from 27th October, 2023.
