The Insurance Regulatory and Development Authority of India (IRDAI) has powers under the Insurance Act to inspect and investigate insurers and insurance intermediaries. The IRDAI recently issued the IRDAI (Minimum Information Required for Investigation and Inspection) Regulations 2020. The regulations stipulate the minimum information and records that insurers, intermediaries and insurance intermediaries are required to maintain and the general norms applicable thereto.
The Insurance Regulatory Development Authority of India (IRDAI) recently issued the Guidelines on Standard Individual Term Life Insurance Product. The guidelines aim to introduce a plain, individual term life insurance product with simple features and standard terms and conditions that would meet an average customer's requirements. All life insurers must now offer the prescribed standard product on or before 1 January 2021 with the IRDAI's requisite approval.
In order to clarify issues pertaining to the pledge and transfer of shares of insurers by promoters and shareholders, the Insurance Regulatory Development Authority of India recently issued the Circular on the Transfer of Shares of Insurers. This article summarises the key clarifications set out in the circular.
Owing to rising concerns around mental healthcare in India and the legislative push to recognise the crucial role that medical insurance plays in the treatment of mental disorders globally, the Insurance Regulatory and Development Authority of India has introduced certain measures for the insurance sector aimed at including the treatment of mental illness in the coverage offered under insurance policies. This article summarises the key developments.
Despite the relaxation of the foreign investment limits for insurance intermediaries, insurance intermediation remains a regulated activity. In this respect, the Insurance Regulatory Development Authority of India recently issued guidelines on the repatriation of dividends by insurance intermediaries with a majority foreign investment and a circular mandating the submission of an undertaking by insurance intermediaries.