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Tuli & Co | India | 22 Nov 2021

The Insurance Disputes Law Review: India

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Tuli & Co | India | 5 Oct 2021

IRDAI drafts surety insurance guidelines

The Insurance Regulatory and Development Authority recently issued draft guidelines to promote and regulate surety insurance business in India. The proposed framework appears to provide various market players with a much sought-after insurance product, particularly in the construction sector, which, until now, had to resort to either bank guarantees or surety insurance offered by overseas......
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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 | 28 May 2021

Insurance & Reinsurance in India

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Tuli & Co | India | 14 Apr 2021

The Insurance and Reinsurance Law Review: India

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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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