Category: Regulatory Updates

  • Regulatory Updates

IRDAI Press Release on Appointment of Whole-Time Member (Distribution)

IRDAI issued a Press Release dated May 24, 2024. As per the Press Release, Shri Satyajit Tripathy joined the Insurance Regulatory and Development Authority of India as Whole-time Member (Distribution) on May 24, 2024. Source category:

IRDAI Master Circular on Corporate Governance

IRDAI vide Circular bearing reference no: IRDAI/F&I/CIR/82/5/2024 dated May 15, 2024, issued Master Circular on Corporate Governance, 2024 (“ Corporate Governance Master Circular 2024 ”), which repealed the following IRDAI Circulars: 1. Approval under Section 34A

IRDAI Circular on withdrawal of submission on cases filed by the policyholders & insurers

IRDAI has issued a Circular on May 21, 2024 bearing ref No. IRDAI/LGL/CIR/71/5/202 dated May 01, 2024 whereby the Authority has withdrawn its earlier circular bearing ref. No. IRDA/LGL/CIR/MISC/080/12/2009 dated December 17, 2009 (“Withdrawn Circular”) with

IRDAI Master Circular on Actuarial, Finance and Investment

IRDAI vide Circular bearing reference no: IRDAI/ACTL/CIR/MISC/80/5/2024 dated May 17, 2024, issued a Master Circular on Actuarial, Finance and Investment Functions of Insurers (“Master Circular”) Major highlights of the Master Circular are as follows: ACTUARIAL FUNCTIONS

IRDAI Master Circular on Registration Regulation, 2024

IRDAI vide Circular bearing reference no: IRDAI/F&I/CIR/78/5/2024 dated May 15, 2024 issued Master Circular on Registration, Capital Structure, Transfer of Shares and Amalgamation of Insurers, 2024 (“Master Circular”), which repealed the following IRDAI Circulars: 1. Master

IRDAI Master Circular on Expenses of Management, including Commission, of Insurers, 2024

IRDAI vide Circular bearing reference no: IRDAI/F&I/CIR/79/5/2024 dated May 15, 2024 issued Master Circular on Expenses of Management, including Commission, of Insurers, 2024 (“EOM Master Circular”), which repealed the following IRDAI Circulars: 1. Guidance Note –

SC admits PIL challenging the legality of ‘limitation in claim intimation” in Motor Vehicles Act

The Hon’ble Supreme Court of India issued an Order dated April 01, 2024, to hear a Public Interest Litigation filed under Article 32 challenging the legality and validity of the Motor Vehicles (Amendment) Act, 2019 with

IRDAI Press Release on First Edition of Bima Vitarak Manthan

IRDAI vide Press Release dated May 10, 2024, has reported a landmark first-of-a-kind two-day interactions ” Bima Vitarak Manthan ” with Insurance Intermediaries such as Brokers, Corporate Agents and Insurance Marketing Firms , conducted on May

New Business Statement of Life Insurers for the Period ended 30th April 2024

IRDAI has uploaded the Industry statistics on the First year Premium for Life Insurers for the Period ended 30th April 2024 Summary of the details are as under: New Business Statement of Life Insurers for the

IRDAI Master Circular on Rural, Social Sector and Motor Third Party Obligations

IRDAI vide Circular bearing reference no: IRDAI/NL/CIR/RSS/77/5/2024 dated May 10, 2024 issued Master Circular on Rural, Social Sector and Motor Third Party Obligations, which supersedes the following IRDAI Guidelines/Circulars: 1. Clarification with regards to ASHA workers