IRDA | Corporate Law Reporter

Exposure Draft on Insurance Clearing House

The Authority had observed that the inter-company balances in reinsurance and coinsurance business are at a very high level and have been on a constant rise. In order to ensure timely and effective reconciliation of these balances and also to achieve transparency and for timely and efficient accounting and settlement of these balances, the Authority… Read More

Tags: Business, Clearing Houses, Financial services, Insurance, Insurance Regulatory, IRDA, Reinsurance

Regulation of Commission Rate to Insurance Sales Agents

The Insurance Regulatory and Development Authority (IRDA) has notified Insurance Regulatory and Development Authority (Linked Insurance Products) Regulations, 2013 wherein, Regulation (9) prescribes levels of commission under the linked insurance products. Similarly Commission norms in respect of non linked products have been prescribed in Regulation (21) of Insurance Regulatory and Development Authority (Non-Linked Insurance Products) Regulations, 2013. As… Read More

Tags: Development Authority, India, Indo-Asian News Service, Insurance, Insurance Regulatory and Development Authority, IRDA, Regulation, Regulatory

Unclaimed Money with Insurance Companies

The Insurance Regulatory and Development Authority (IRDA) have informed that as on 31st December 2012, the unclaimed money of policyholders with Life Insurance Corporation of India was Rs.732.67 crores. For the other life insurance companies and non-life insurance companies, the unclaimed money of policyholders was Rs. 3122.68 crores and Rs.1010.46 crores respectively, as on 31st… Read More

Tags: Government, Insurance, Insurance Regulatory and Development Authority, IRDA, Life insurance, Life Insurance Corporation of India, Rajya Sabha, Rupee

Penetration of Life Insurance Coverage Goes Up

The penetration of life insurance sector in India has increased from 2.15% in 2001 to 3.17% in 2012 which is above Brazil, Russia, Malaysia, Pakistan, China, Srilanka, Australia, Germany but below France, Switzerland, United Kingdom, United States of America, Japan, Singapore, South Korea, Taiwan and Hong Kong. As per information furnished by Insurance Regulatory and… Read More

Tags: Gross domestic product, Hong Kong, India, Insurance, Insurance Regulatory and Development Authority, IRDA, Lok Sabha, South Korea

ICAI Release – Technical Guide on Internal-Concurrent Audit of Investment Functions of Insurance Companies (2013)

Document Extract: 1 Framework of Internal / Concurrent Audit for Insurance Companies 1. Introduction One of the major functions of an insurance company is investment of funds and with the ever growing fund size of insurers™ investments, safeguarding and protection of the investments has acquired enormous significance. IRDA, the regulator of insurance industry, has put… Read More

Tags: Audit, Audit Committee, chartered accountant, Information technology audit, Insurance, Internal audit, IRDA, Regulation

ICAI Release – Technical Guide on Review and Certification of Investment Risk Management Systems and Processes of Insurance Companies (2013)

Document Extract: 1 Introduction 1.01. Insurance in India has come of age.Insurers have been operating in India for a very long time, but insurance then was entirely the monopoly of the state-owned Life Insurance Corporation and four general Insurance Companies. In the post- liberalisation phase, private entrepreneurs have also come on to the scene. Since… Read More

Tags: Government, India, Insurance, Insurance in India, Insurance Regulatory and Development Authority, International Association of Insurance Supervisors, IRDA, Regulation

Regulatory initiatives on Insurance Coverage to Citizens

Insurance Regulatory and Development Authority has put in place regulatory initiatives, as part of its development role, for penetration of insurance amongst all sections of the society, including, rural, and social sector. Towards this purpose, the Authority has notified IRDA (Obligations of Insurers to Rural and Social Sectors) Regulations 2002, in accordance to which all… Read More

Tags: Infrared Data Association, Insurance, Insurance Regulatory and Development Authority, IRDA, Lok Sabha, Rashtriya Swasthya Bima Yojana, Regulation, Regulatory

Inclusion of Ayurveda/Homoeopathy in Mediclaim Insurance

Insurance Regulatory and Development Authority (IRDA) has informed that the insurance coverage to AYUSH treatments has been facilitated through the Regulation 5 (1) of the IRDA (Health Insurance) Regulations, 2013 which are published in the official gazette and came into force with effect from 18.02.2013. As per this regulation the insurers may provide coverage to… Read More

Tags: Financial services, healthinsurance, Insurance, Insurance Regulatory and Development Authority, IRDA, Regulation, Regulatory

IRDA prescribes Ceiling of 15% for payment of Insurance Agents’ Commission

The Insurance Regulatory and Development Authority (IRDA) prescribes ceiling of 15% for payment of agents™ commission. The exact rate of commission payable in a particular policy is to be decided by the insurer, which shall not exceed the ceiling prescribed by the IRDA. The Public Sector Undertaking insurers, in order to encourage younger population to… Read More

Tags: Agents and Marketers, Business, Financial services, healthinsurance, Insurance, Insurance Regulatory and Development Authority, IRDA, United States

IRDA clarification on Process of providing Clearance to Insurance Products

The clearance to Insurance Products takes a lot of time in the country. Policyholders™ protection is the prime concern of the Insurance Regulatory and Development Authority (IRDA) and it does exercise a thorough diligence while approving products accordingly. IRDA has informed that the scrutiny process involves detailed examination of whether: ¢ Product is suitable to… Read More

Tags: healthinsurance, India, Insurance, Insurance Regulatory, Insurance Regulatory and Development Authority, IRDA, Product design, Unitised insurance fund

Health Insurance Scheme: Over 3.41 Crore Cards Issued

As informed by the Insurance Regulatory and Development Authority (IRDA), a study conducted by the National Council of Applied Economic Research, on behalf of IRDA, and based on the survey of 30,200 respondents spread over 29 States and Union Territories, indicate that with regard to health insurance, the level of awareness is quite low since… Read More

Tags: Financial services, healthinsurance, Insurance, Insurance Regulatory, Insurance Regulatory and Development Authority, IRDA, Regulation

Insurance Regulatory and Development Authority frames two new regulations

The Insurance Regulatory and Development Authority (IRDA) has informed that two regulations have been framed, namely, (i) Insurance Regulatory and Development Authority (Linked Insurance Products) Regulations 2013 dated 18.02.2013 and (ii) Insurance Regulatory and Development Authority (Non- Linked Insurance Products) Regulations 2013 dated 18.02.2013 to make life insurance products user friendly. The provisions of the… Read More

Tags: Insurance Regulatory and Development Authority, Insurance Regulatory and Development Authority (Linked Insurance Products) Regulations 2013, Insurance Regulatory and Development Authority (Non- Linked Insurance Products) Regulations 2013, IRDA, Life insurance, Regulation, Regulatory, Unitised insurance fund

IRDA says all Insurers are required to comply with the IRDA (Protection of policyholders™ interests) Regulations, 2002

Online Sale of Insurance Policies The Insurance Regulatory and Development Authority (IRDA) has informed Online Sale of Insurance Policies is one of the ways of distribution of insurance policies. IRDA has put in place a regulatory framework for enhancing the transparency and improving the informed choice amongst all classes of policyholders during the course of… Read More

Tags: Insurance, Insurance Regulatory and Development Authority, IRDA