IRDAI vide Circular bearing no. IRDAI/IID/CIR/MISC/175/10/2023 dated October 9, 2023 has informed the insurers about the amendment to Circular dated April 19, 2023 wherein Order dated January 30, 2023 of Department of Revenue (DoR) specified the procedure for implementation of Section 12A of the WMD Act (was provided as Annexure I). DoR has issued a revised order ref. F. No- 12011/14/2022-ES Cell- DoR dated September 1, 2023 in supersession of order dated January 30, 2023.
Therefore, the Circular stands modified as under:
- Clause 2 :
Old- “In order to ensure expeditious and effective implementation of the provisions of Section 12A of the WMD Act, the Department of Revenue specified the procedure for implementation of the within referred provisions vide order F. No. P-12011/14/2022-ES Cell-DOR dated 30″ January 2023.”
New- “In order to ensure expeditious and effective implementation of the provisions of Section 12A of the WMD Act, the Department of Revenue specified the procedure for implementation of the within referred provisions vide Order F. No. P- 12011/14/2022-ES Cell-DoR dated 1st September 2023.”
- Clause 3 :
Old- “The extract of the order relating to the provisions applicable to the insurance sector are enclosed as Annexure I.”
New- “The copy of the Order is enclosed as Annexure I.”
Source category: IRDAI
Attachments
- /2023/271_Amendment_to_Circular_on_Procedure_for_Implementation_of_Section_12A_Annex.pdf
- /2023/271_Amendment_to_Circular_on_Procedure_for_Implementation_of_Section_12A_of_WMD_Act_20051.pdf
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