Customer Information Sheet template for insurance companies
CIS highlights the obligations of policyholders to make transparent and fair disclosures of relevant material information pertaining to their health, as non-disclosure of the same may affect the claim settlement. The insurers are also required to obtain signatures of the policyholders confirming that they have noted the details of CIS and received it.
Amendment of Arbitration Clause in General Insurance policies
All policies issued under the Commercial Lines of Business shall have an Arbitration Clause. All policies issued under the Retail Lines of Business shall not have any Arbitration Clause.
IRDAI Committee for proposing Plain language for insurance policy wordings
IRDAI has undertaken this initiative considering that policyholders often find it difficult to comprehend the terms and conditions in insurance policy contract because of complexity in language used in the policy. This leads to the policyholder confused and lack of knowledge required to make informed decisions while purchasing an insurance policy.
IRDAI mandates all General Insurers carrying on motor insurance business to provide insurance to the employees travelling in employer’s vehicle
All General Insurers carrying on motor insurance business shall provide the cover to the employees travelling in employer’s vehicle (including paid driver, if applicable) under IMT-29 of the Indian Motor Tariff, compulsorily as an inbuilt coverage while issuing private car policy for such vehicles.
Modified Trade Credit Insurance Guidelines, 2021
In view of the fact that through “reverse factoring”, the financiers can take exposure on low rated or unrated buyers provided the default risk is hedged with insurers by taking Trade Credit Insurance cove, in order to facilitate “reverse factoring” transactions on TReDS platform, this modification is enacted.
IRDAI amendment to Master Guidelines on Anti-Money Laundering/Counter Financing of Terrorism (AML/CFT) 2022
Amendment states that in cases where there’s a variance between the Client Due Diligence or AML/CFT standards specified by IRDAI and those specified by insurers in the host country, foreign branches or majority-owned subsidiaries of regulated entities must adopt the more stringent of the two standards.
Bima Vahak Guidelines, 2023
These guidelines aim to establish a dedicated, women-centric distribution channel that will penetrate every village and Gram Panchayat, improving the availability of insurance across the country. This transformative initiative seeks to create awareness about insurance products while ensuring that local needs are met and trusted individuals within communities act as intermediaries.
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.
