Regulations shall come into force from 1st April 2023 The Regulations shall be applicable to Insurers transacting the life insurance business in India. Relevant Definitions: The Regulation introduces new definitions such as: ‘Charges’ means charge against
Vide gazette notification bearing number CG-AP-E-28032023-244724 dated March 27, 2023, the amended IRDAI (Expenses of Management of Insurers transacting General or Health Insurance Business) Regulations, 2022 (“the Regulation”) has been notified. Major highlights of the Regulation
IRDAI (Payment of Commission) Regulations, 2023 has been published in the Official Gazette on March 27, 2023 with an objective to enhance responsiveness of the regulation to market innovation, facilitate the insurers in development of new
IFSCA has issued a Press Release dated March 21, 2023 on “Constitution of an expert committee to ‘Onshore the Indian Innovation to GIFT IFSC’”. Major highlights of the Circular are as follows: With a view to
Please circulate it to the relevant clients and upload it. However, before uploading it, please locate it first in the website of IRDAI. IRDAI vide ref no. IRDAI/IID/CIR/MISC/71/3/2023 dated March 20, 2023 has issued a Circular
Ministry of Finance vide a notification Ref no. S.O. 1074(E) dated March 7, 2023 has amended the Prevention of Money-laundering (Maintenance of Records) Amendment Rules, 2005. The key highlights of the Notification are as follows: The
Ministry of Finance vide a notification ref no. S.O. 1072(E) dated March 7, 2023 has notified following additional activities related to virtual digital assets transfer carried out by a person or on behalf of another natural
IRDAI has issued a press release dated March 3, 2023 pertaining to the third edition of Bima Manthan, a bi-monthly series of in-person meetings with CEO/MDs of all the insurers, held at the Hyderabad on March
IRDAI vide ref. No. IRDAI/HLT/CIR/MISC/59/2/2023 dated February 28, 2023 issued a Circular on ‘Modification of the terminology “sub-standard lives” mentioned in IRDAI (Health Insurance ) Regulations-2016’ (Circular). Background: The Circular has been issued in compliance with
IRDAI vide Circular Ref. No. IRDAI/HLT/CIR/MISC/58/2/2023 dated February 27, 2023 issued a Circular on ‘Product for Persons with Disabilities (PWD), Persons afflicted with HIV/AIDS, and those with Mental Illness’ In accordance to the Circular all general