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Tuli & Co | 29 Jun 2021

Insurance Companies (Foreign Investment) Amendment Rules enter into force

The Insurance (Amendment) Act 2021 was recently notified following the announcement in the Budget Speech 2021–2022 that the foreign investment ceiling for insurance companies will increase from 49% to 74%. The Ministry of Finance subsequently issued the Insurance Companies (Foreign Investment) Amendment Rules 2021, which amend specific provisions of the Insurance Companies (Foreign......
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Tuli & Co | India | 8 Jun 2021

Employee stock options: IRDAI issues clarifications

The issuance of employee stock options (ESOPs) to CEOs, whole-time directors and managing directors of insurers has been expressly recognised since 2016. Now, the Insurance Regulatory and Development Authority of India has issued a circular to clarify the requirement to obtain its prior approval with regard to the exercise of ESOPs. Going forward, insurers are likely to take a more pragmatic......
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Tuli & Co | India | 13 Apr 2021

74% FDI allowed in insurance sector: amendment to Insurance Act

For several years, stakeholders in the Indian insurance sector have wanted the foreign direct investment (FDI) limit for Indian insurers to be increased to 74% in parity with the FDI limit applicable to the private banking sector. The finance minister recently announced that the FDI cap for Indian insurers will be increased from 49% to 74%. The increase in FDI for insurers is a key......
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Tuli & Co | India | 16 Feb 2021

GIC Re's revision of reinsurance rates and exclusion of contagious disease losses does not violate Competition Act

In 2020 a complaint was brought against General Insurance Corporation of India (GIC) Re before the Competition Commission of India (CCI), stating that GIC Re had enhanced reinsurance rates through the implementation of certain circulars and endorsements and incorporated a contagious disease exclusion. The CCI has dismissed the complaint, holding that the allegations of GIC Re's abuse of a......
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Tuli & Co | India | 2 Feb 2021

Entry and exit options in Indian insurers

Entities engaged in insurance business must follow additional norms regarding foreign investment as specified by the Insurance Regulatory and Development Authority of India. This article answers commonly asked questions in relation to foreign investment in insurers in light of the extant insurance statutory and regulatory framework.
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Tuli & Co | India | 26 Jan 2021

Insurance regulatory round-up: 2020

With the widespread impact of the COVID-19 pandemic and several regulatory changes having been introduced (as well as proposed) by the Insurance Regulatory and Development Authority of India, 2020 was a busy year for the Indian insurance sector. This article provides an overview of some of the key developments.
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Tuli & Co | India | 22 Dec 2020

Minimum information for investigation and inspection by IRDAI

The Insurance Regulatory and Development Authority of India (IRDAI) has powers under the Insurance Act to inspect and investigate insurers and insurance intermediaries. The IRDAI recently issued the IRDAI (Minimum Information Required for Investigation and Inspection) Regulations 2020. The regulations stipulate the minimum information and records that insurers, intermediaries and insurance......
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Tuli & Co | India | 3 Nov 2020

Standard life insurance products: new regulatory requirements

The Insurance Regulatory Development Authority of India (IRDAI) recently issued the Guidelines on Standard Individual Term Life Insurance Product. The guidelines aim to introduce a plain, individual term life insurance product with simple features and standard terms and conditions that would meet an average customer's requirements. All life insurers must now offer the prescribed standard......
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Tuli & Co | India | 18 Aug 2020

IRDAI Circular on Transfer of Shares of Insurers – clarifications and further questions

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.
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Tuli & Co | India | 11 Aug 2020

Health insurance cover for mental illnesses

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......
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