Ms Nimisha Srivastava

Nimisha Srivastava

Updates

Insurance

IRDAI Circular on Transfer of Shares of Insurers – clarifications and further questions
India | 18 August 2020

In order to clarify issues pertaining to the pledge and transfer of shares of insurers by promoters and shareholders, the Insurance Regulatory Development Authority of India recently issued the Circular on the Transfer of Shares of Insurers. This article summarises the key clarifications set out in the circular.

Health insurance cover for mental illnesses
India | 11 August 2020

Owing to rising concerns around mental healthcare in India and the legislative push to recognise the crucial role that medical insurance plays in the treatment of mental disorders globally, the Insurance Regulatory and Development Authority of India has introduced certain measures for the insurance sector aimed at including the treatment of mental illness in the coverage offered under insurance policies. This article summarises the key developments.

FDI in insurance intermediaries – update
India | 28 July 2020

Despite the relaxation of the foreign investment limits for insurance intermediaries, insurance intermediation remains a regulated activity. In this respect, the Insurance Regulatory Development Authority of India recently issued guidelines on the repatriation of dividends by insurance intermediaries with a majority foreign investment and a circular mandating the submission of an undertaking by insurance intermediaries.

COVID-19: regulatory updates
India | 28 April 2020

In order to address the ever-changing COVID-19 pandemic in India, the government has issued various notifications, including a nationwide closure of all public and private establishments (except for essential service providers), which have had a direct impact on the normal functioning of entities, including those in the insurance sector. This article provides an overview of the key notifications and guidelines issued by the Insurance Regulatory and Development Authority of India with respect to the COVID-19 pandemic.

Motor insurance: recent regulatory changes
India | 31 March 2020

The Indian motor insurance framework underwent a variety of key developments in 2019, including the introduction of standalone own damage cover, the extension of the present insurance framework on ads to point-of-sales persons and registered automobile dealerships and the notification of an amendment to the Motor Vehicles Act 1988.

FDI in insurance intermediaries – an update
India | 10 December 2019

The Insurance Regulatory Development Authority of India (IRDAI) recently notified the Indian Insurance Companies (Foreign Investment) Amendment Rules 2019 and the IRDAI (Insurance Intermediaries) (Amendment) Regulations 2019, which have introduced additional conditions with which insurance intermediaries that have a majority shareholding of foreign investors must comply. The regulations have brought much-needed clarity, but the insurance industry's reaction remains to be seen.

Regulatory sandbox proposed for insurance sector
India | 14 May 2019

The Insurance Regulatory and Development Authority recently issued the Report of the Committee on the Regulatory Sandbox in the Insurance Sector in India, which proposes to establish a sandbox environment in the insurance sector. According to the report, the sandbox will facilitate innovation in the Indian insurance sector and provide an ecosystem to foster the experimentation required to increase insurance penetration in the market and benefit policyholders. However, reservations remain.

Aadhaar Bill: impact on insurance sector
India | 05 March 2019

The Aadhaar and Other Laws (Amendment) Bill 2018 was recently passed in the Lok Sabha. The new bill has been welcomed as it provides much-needed clarity regarding the use and storage of Aadhaar numbers. The Insurance Regulatory and Development Authority has taken the bill's enactment as a cue to start providing clarity on the collection and storage of customers' Aadhaar data. It is hoped that the bill will be enacted quickly, as it is unenforceable in its present form.