Revolutionizing General Insurance in India: A Customer-Centric Approach
In a groundbreaking move, the Insurance Regulatory and Development Authority of India (IRDAI) has unveiled a comprehensive Master Circular, signaling a new era in the general insurance landscape. With the abolition of tariffs and the introduction of simplified policy wordings, the focus has shifted towards enhancing customer experience and operational efficiency for insurers.
CBIC directions for disbursal of Drawback amounts into the exporters’ accounts through PFMS
With effect from 5h June, 2024, payment of Drawback amounts into the exporters’ accounts post scroll out, will be facilitated through the Public Finance Management System (PFMS).
Guidelines for initiation of recovery proceedings before three months from the date of service of demand order
The guidelines provides that any amount payable by a taxable person in pursuance of an order passed under CGST Act shall be paid by such person within a period of three months from the date of service of such order failing which recovery proceedings shall be initiated.
Master Circular on Health Insurance Products
Insurers shall ensure that no claim can be repudiated without the approval of the Claims Review Committee which is required to take decision on repudiation of every claim.
Clarifications to IRDAI licensed entity (Regulated Entity/ies), sending a commercial communication to its existing or prospective customers
Regulated Entities who wishes to send commercial communication to its existing or prospective customers shall get themselves registered with any of the Telecom Service Providers.
Master Circular on Health Insurance Business
Insurers are mandated to offer products in accordance with relevant provisions of the major healthcare Laws.
Ayush Treatments Now Covered by Insurance
Experts propose a “flat rate” model considering longer treatment stays in Ayush compared to allopathic medicine. Additionally, categorizing treatments based on disease severity and patient health can optimize coverage. The Ministry of Ayush has formed a Core Group of Experts on Insurance to advise on insurance-related matters and create a white paper on the subject.
IRDAI Master Circular on Expenses of Management, including Commission, of Insurers
The return of expenses of management and specified documents duly adopted by the Board along with the certified true copy of minutes of the meetings wherein the committee(s) and/or Board of the insurer has approved these documents, shall be filed with the Authority along with annual financial statements.
IRDAI Master Circular on Registration, Capital Structure, Transfer of Shares and Amalgamation of Insurers, 2024
This Master Circular shall be applicable to all Insurers (excluding Foreign Reinsurer’s Branches) and applicants seeking registration to carry on insurance business.
IRDAI Master Circular on Actuarial, Finance and Investment Functions of Insurers
This Master Circular shall be reviewed every year unless review or repeal is warranted earlier. The Returns and Reports referred under this circular shall be submitted as per the provisions of the master circular on submission of returns.
