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Circular on filing of Products/Riders for Life Insurance Business

04.10.2022 ToCEOs/Principal Officers of all Life Insurers A. Objective: i. The “File and Use (F&U) Procedure- Life Insurance Products” was initially notified on 12.12.2001. Various circulars/guidelines pertaining to filing of…

Revision of Health Insurance Regulatory Returns

13th September, 2022 In supersession of Chapter V of Section – I of Master Circular on standardization of health insurance products issued vide Ref no. IRDAI/HLT/REG/CIR/193/07/2020 dated 22.07.2020 and Circular…

Clarification on Circular on Appointment or Continuation of Common Director

13.09.2022 To 1. The Chairman/CEOs of all insurance companies; and 2. All Insurance agents, Intermediaries and insurance intermediaries The Authority issued the Circular IRDAI/F&I/CIR/MISC/183/9/2022 dated 2nd September, 2022 wherein the…

Withdrawal of exemption from GST on services provided by IRDAI to Insurers

As per the MoF (Dept. of Revenue), GoI Notification No. 04/2022 – Central Tax (Rate), dt. 13th July, 2022 (effective from 18th July, 2022), the central tax (GST) exemption provided…

Applicability of Service Tax / GST on services provided by IRDAI to Insurance intermediaries

11/08/2022 As per the Order passed by the Commissioner (Appeals – I) in appeal no. HYD/SVTAXHYC/APP-025-022-23 (APP1) dated 22/06/2022, it is stated that the services provided by the Authority to…

Standards and Benchmarks for the Hospitals in the Provider Network

Reference is invited to IRDAI Circular ref: IRDAI/HLT/REG/MISC/199/07/2021 dated 23rdJuly, 2021 on the captioned subject with respect to the standards and benchmarks at clause (a)(i) and (ii) and clause (b)…

Use and File Procedure for Retail Products for Agriculture & Allied Activities

Dated 14/07/2022 1. This is further Circular Ref: IRDAI/NL/CIR/MISC/107/06/2022 dated 01/06/2022 with regard to Product Filing Procedure. 2. In order to facilitate the insurance industry to promote insurance penetration and…

Accounting of Premium, claims and related expenses on estimation basis

Date : 15th June, 2022 ToCMD/ CEO of GIC and FRBs including Lloyds 1. At present, para 2 of Part I of Schedule B of the Insurance Regulatory and Development…

Rationalization of regulatory returns and other compliance requirements

Date : 10/06/2022 To,All Life Insurers With an objective to enhance ease of doing business and reduce compliance burden, it is decided to rationalize the regulatory returns and other compliance…

Solvency Margin for Crop Insurance Business

Date: 13 June, 2022 To all Non-Life Insurance Companies and Registered Indian Reinsurers, Foreign Reinsurance Branch offices including Lloyds India Branch. 1. This circular is issued in accordance with the…