India, Tuli & Co updates

Insurance

Contributed by Tuli & Co
Aadhaar Bill: impact on insurance sector
  • India
  • 05 March 2019

The Aadhaar and Other Laws (Amendment) Bill 2018 was recently passed in the Lok Sabha. The new bill has been welcomed as it provides much-needed clarity regarding the use and storage of Aadhaar numbers. The Insurance Regulatory and Development Authority has taken the bill's enactment as a cue to start providing clarity on the collection and storage of customers' Aadhaar data. It is hoped that the bill will be enacted quickly, as it is unenforceable in its present form.

IRDAI Re-insurance Regulations 2018: overview of key changes
  • India
  • 29 January 2019

The Insurance Regulatory and Development Authority of India (Re-insurance) Regulations 2018 were notified on 12 December 2018 and came into force on 1 January 2019. As well as streamlining filing requirements and processes, the regulations consolidate the existing regulations for life and general reinsurance business into a uniform set of provisions for reinsurance business in India.

Motor insurance – recent regulatory changes
  • India
  • 20 November 2018

The Insurance Regulatory and Development Authority of India recently introduced changes to the regulations governing motor insurance in India. Under the Motor Vehicles Act 1988, insurance cover for third-party liability is mandatory for all motor vehicles at the time of purchase. However, until recently, this third-party liability insurance had a mandatory one-year cover term and had to be renewed by the policyholder each year.

Blockchain technology in insurance sector
  • India
  • 04 September 2018

Although blockchain is relatively new, India has seen a few segmental adoptions of the technology, with some public authorities – including the Insurance Regulatory and Development Authority of India – acknowledging its potential benefits. Further, recent press reports have indicated that some insurers have already started contemplating various ways in which to implement the technology.

Amalgamations and transfers in insurance sector
  • India
  • 31 July 2018

In recent years, the Indian insurance sector has been abuzz with the news of new players looking to acquire stakes in insurers and insurance intermediaries. While the Insurance Act 1938 provides for the manner in which insurers may carry out amalgamations and transfers of insurance business, the regulations governing the amalgamation or transfer of an insurance intermediary's business remain scattered and, in some cases, non-existent.


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