IRDAI instructions for Insurance claims relating to Cyclone Michaung
All Insurance Companies are advised to mobilize all resources to ensure immediate service response to Insurance claims relating to Cyclone Michaung including outsourced functions such as Surveyors, Loss Adjustors and Investigators. All Insurers (including Life and Standalone Health Insurers) are advised to submit information related to the Cyclone/flood claims to the IRDAI in the format attached on a weekly basis at nl-catastrophe@irdai.gov.in by General and Health Insurers and at life@irdai.gov.in by Life Insurers, for a month.
Discontinuation of filing of returns by Insurers and Insurance Brokers
IRDAI vide certificate dated 24th November, 2023 has provided for Discontinuation of filing of return of remuneration by Insurers and Insurance Brokers.
IFSCA seeks comments/views/suggestions from the public on any amendments or additions to the International Financial Services Authority (Banking) Regulations, 2020 (as amended)
General public and stakeholders are requested to forward their comments/suggestions through e-mail to Mr. Supriyo Bhattacharjee at supriyo.b@ifsca.gov.in and Mr. T P Samuel Wesly at wesly.samuel@ifsca.gov.in on or before December 12, 2023 in the attached format. The comments may be provided in MS Word or MS Excel format only.
Accelerator Workshops on National Health Care Exchange
The National Health Authority (NHA) and the Insurance Regulatory and Development Authority of India (IRDAI) have joined hands to operationalize the National Health Claim Exchange (NHCX), a digital health claims platform developed by National Health Authority.
Draft IRDAI (Expenses of Management, including commission, of insurers) Regulations, 2023
The main objective of the proposed draft regulations is to enable and provide flexibility to the insurers to manage their expenses, including commissions, within the overall limits as specified by the Authority to optimally utilize their resources for enhancing benefits to policyholders and to improve insurance penetration.
ESIC clarification regarding availing of medical services by the Insured Persons and beneficiaries from any ESIC/ESIS dispensary/hospital across India
In order to extend the portability in service delivery of ESIC on pan India basis, it has been decided that IP and beneficiaries may visit any dispensary/hospital across India for consultation and issuance of medicines through Dhanwantri module only, irrespective of the dispensary allotted on the beneficiary card.
IRDAI taskforce for using bank branch network to universalize access to insurance
IRDAI has constituted a taskforce to ensure making available insurance products to the nook and corner of the country by leveraging the vast bank branch network. While banks have the option to set up a separate legal entity for distribution of insurance products as Insurance brokers, till date, such option has not been exercised by banks.
IRDAI directions for insurers to Participate in Account Aggregator (AA) Framework as Financial Information User
The FIUs in the insurance sector are encouraged to make AA related applications multilingual to make it user friendly. The FIUs in the insurance sector shall also abide by the code of conduct as specified in the IRDAI regulations/guidelines/circulars applicable to them, including redressal of grievances of the customers.
IRDAI Task Force to suggest applicable framework post Detariffication of erstwhile tariffs
Since, de-tariffication requires de-notification of existing tariffs by the Authority and publish the same in the official gazette, it has been decided to constitute a Task Force. The Task Force is required to suggest broad prudential guidelines and address associated critical operational aspects as a guidance to Insurers.
Additional directions regarding issuance of Customer Information Sheet (CIS) by insurance companies
Insurers, intermediaries and agents shall forward the Customer Information Sheet to all policyholders and acknowledgement, physical or digital, shall be duly obtained.
