IRDAI announces monthly Open House for InsurTech & Fintech Entities
The Open House would be held at the Head Office of IRDAI from 11.00 AM to 1.00 PM on 15th of every month henceforth. If 15th happens to be a holiday, the Open House will be held from 11.00 AM to 1.00 PM on the next working day. Chairperson, IRDAI, in his/her absence, the senior most Whole-time Member along with senior officials of IRDAI will be present.
IRDAI Standing Committee on Cyber Security
The suggestions received from the Regulated Entities in implementation of IRDAI Information and Cyber Security guidelines, 2023 will also be considered by the committee for suggesting appropriate changes in the current framework.
Report of periodic meeting of CEOs of Insurance and Reinsurance Companies at IRDAI office
The progress made towards implementation of Risk Based Capital Framework (RBC), Risk Based Supervision Framework (RBSF) and International Financial Reporting Standards (IFRS) was discussed in the meetng. It was highlighted that first Quantitative Impact Study (QIS-1) under RBC has already been rolled out and first pilot exercise under RBSF has also been commenced. The glide path outlined for adoption of IFRS to be implemented after notification of the standard was also briefed to the insurers.
IRDAI introduces additional options for withdrawn life insurance products
IRDAI has introduced measures allowing more choices and benefits for policyholders with withdrawn life insurance products to provide greater flexibility to existing policyholders while safeguarding their interests.
IRDAI issues revised customer information sheet format for health insurers
To ensure that the health insurance policy information is provided in a simple and easily understandable language, IRDAI has issued revised customer information sheet. Insurer shall provide web-link where the product related documents including the Customer Information sheets are available on the website of the insurer.
IRDAI directions w.r.t Reinsurance claims relating to Floods in Himachal Pradesh
General Insurers and Standalone Health Insurance Companies are advised to mobilize all resources to ensure immediate service response including outsourced functions such
as Surveyors, Loss Adjustors and Investigators.
Insurance Regulatory and Development Authority of India (Re-insurance) (Amendment) Regulations, 2023
Every Indian Re-insurer including Foreign Re-insurance Branches (FRBs) shall maintain a minimum\retention within India of 50% of Indian re-insurance business underwritten.
IRDAI reconstitutes Insurance Advisory Committee
IRDAI has reconstituted the members of Insurance Advisory Committee, both individual and entities, which will be effective from the date of publication in the official gazette.
Public notice to caution general public against entities with no registration undertaking Surety insurance business
The general public are hereby advised not to undertake any transaction with unregistered entities.
Clarification regarding application for young professional program
It is a selective program where the individuals will work in the domains of Finance & Investment, Law and Technology. The notification provides the link to be used to complete the application.
