Tag Archives: Insurance Regulatory and Development Authority Act 1999

IRDA issues Draft Regulations for Licensing of Bancassurance Entities

By Nitesh Tiwari, Associate “Bancassurance” is an arrangement whereby the bank is allowed to provide its consumers with insurance policies or such similar products. This arrangement allows insurance companies (“Insurers”) to sell insurance policies through the bank with which they … Continue reading

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IRDA: Web-based Integrated Licencing Management System for Licenced Individual & Corporate Surveyors and Loss Assessors

By Robin Quadros, Associate The Insurance Regulatory & Development Authority (“IRDA“) on October 3, 2012 vide circular No. IRDA/SUR/MISC/CIR/225/10/2012 has informed all Licenced Individual & Corporate Surveyors and Loss Assessors that the authority is in the process of implementing a … Continue reading

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IRDA: Time Limit Prescribed For Filing Referral Applications

By Surabhi Kochar, Associate In 2010, the Insurance Regulatory and Development Authority (“IRDA”) introduced the Sharing of Database Regulations (hereinafter referred to as the “Referral Regulations”) for regulating referral agreements between insurers and other companies (hereinafter referred to as “Referral … Continue reading

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IRDA issues Master Circular on Preparation of Financial Statements for General Insurance Business

By Abhishek Emmanuel Kisku The Insurance Regulatory and Development Authority (“IRDA”) in an attempt to streamline the process of the preparation of financial statements of General Insurance Business has through its Master Circular dated 5th October, 2012 consolidated all the … Continue reading

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Cabinet Approves Reforms in the Insurance and Pension Funds Sectors

By Naren B.S., Associate Pursuant to its meeting on October 4, 2012 the Cabinet has approved inter alia two key proposals furthering reforms in the insurance and pension funds sectors by allowing increased foreign direct investment (“FDI“). Through this the … Continue reading

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Reforms in the Financial Sector on the Cards – To be Considered by the Cabinet Today

By Naren B.S., Associate Continuing its efforts to revive what otherwise seemed to be a perpetually sagging economy, the Government is proposing to push for significant reforms in the financial sector. After permitting Foreign Direct Investment (“FDI“) in multi-brand retail … Continue reading

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