#IRDA circular

[securenow]

IRDA’s latest circular clarifies common claim issues faced by policyholders, offering better protection and clearer guidelines. According to the prescribed IRDAI guidelines, the insurance company is required to collect the phone number and email id of the policyholder when the policy is bought and also update the same in the course of the policy. These details are voluntary on the part of the policyholder, but if the details have been furnished, the company needs to keep it safe and confidential, so that there is no possible misuse of the same.

[newsyatra]

वाहन मालिकों के लिए बड़ी खबर! इस डॉक्यूमेंट के बिना नहीं होगा गाड़ियों का इंश्योरेंस रिन्यू | auto - News in Hindi

वाहन मालिकों के लिए बड़ी खबर! इस डॉक्यूमेंट के बिना नहीं होगा गाड़ियों का इंश्योरेंस रिन्यू | auto – News in Hindi

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गाड़ियों के इंश्योरेंस के लिए जरुरी है ये सर्टिफिकेट अगर आप भी दोपहिया या फिर चार पहिया वाहन मालिक हैं तो इंश्योरेंस से जुड़ा ये नियम आपके लिए है जरुरी. क्योंकि अब गाड़ियों का इंश्योरेंस रिन्यू कराना आसान नहीं होगा.

[vilaspatelvlogs]

वाहन मालिक ध्यान दें! इस डॉक्यूमेंट के बिना नहीं होगा इंश्योरेंस का Renew

वाहन मालिक ध्यान दें! इस डॉक्यूमेंट के बिना नहीं होगा इंश्योरेंस का Renew

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नई दिल्लीः अगर आप भी किसी तरह के दोपहिया या फिर चार पहिया वाहन के मालिक हैं, तो ये खबर आपके लिए एक अलर्ट है. कार या फिर दो पहिया वाहन का इंश्योरेंस (Vehicle Insurance) नवीनीकरण (Renew) कराने के लिए आपके पास एक  कागजात का होना बहुत जरूरी है. इसके बिना किसी तरह का इंश्योरेंस नहीं हो पाएगा. 

ये डॉक्यूमेंट होना जरूरी बीमा नियामक Insurance Regulatory and Development Authority यानी इरडा ने एक…

[gazetteweekly]

Insurance Schemes, General Public And Covid-19 Pandemic

The government has undertaken deep structural and sustained reforms in the last few years. One of the sectors it focused on, is the health and insurance sector. The government introduced the flagship scheme Ayushman Bharat (PM-JAY), one of the most ambitious schemes, to increase awareness and bring more citizens covered under insurance.

The Covid-19 pandemic has also created growth opportunities for the sector. The insurance sector categorised into life, general and health insurance, comprises 54 insurance companies out of which 24 are life insurers. The life insurance policies have increased – approximately 28 million new policyholders in the FY 2020-21.

A notable reform, ‘the FDI cap for the insurance sector has increased from 49 per cent to 74 per cent. The increase in the limit was primarily focused to get foreign investors, as this sector is highly capital intensive with a long gestation period, takes companies 7-10 years to break even and start becoming profitable.

This reform will enable insurance companies to raise funds to ensure maintaining their solvency in line with growing business needs and also augment foreign inflows and help attract more foreign companies. In order to bring in more clarity on the Indian owned and Controlled aspect announced vide October 2015 guideline, IRDA vide circular dated 30 July 2021, omitted the said concept which was a grey area and open to varied interpretation and disputes.

IRDAI introduced the Aadhar Authentication (e-kyc) and video authentication so as to enable insurance with a simpler process. This move has spurred the ongoing digitalisation initiatives and resulted in dispensing of physical policy documents. The PMJJBY scheme has been amended to ensure claims are settled within 7 days of intimation from banks with the lien period reduced to 30 days from 45 days. Insurance portability guidelines have been issued so as to give freedom to insurers to migrate.

IRDAI introduced the product regulation in 2019 so as to introduce prudent practices, pricing and designing the product. In June 2020, IRDAI published its guidelines for Covid-19 standard (benefit-based and indemnity) health policies.

Health and General Insurance providers have been mandated to offer the indemnity policy. Arogya Sanjeevani scheme was launched to cover all features of insurance products. All these measures have been taken in the interest of insurers and to make the process simpler.

The motor insurance framework underwent a variety of key developments including withdrawal of comprehensive long-term motor package cover with an aim to stop mis-selling, long-term third-party coverage for new vehicle owners and scrapping of own damage coverage for 3 or 5 years with effect from 1 August 2020.

The concept of a pay-as-you-use motor insurance plan has been launched that allows policyholders to switch on and off their motor insurance coverage depending on their usage, resulting in reduced premium costs.

In the health insurance space, the standardisation of health products has been a significant development. Health plans have been made comprehensive, these include mental disorders, Covid-19 issues, telemedicine and modern treatments under the scope of indemnity. Health insurers have been allowed to increase or decrease the health insurance premium by 15 per cent after the completion of three years, a major step in their pricing of the product.

However, the introduction of a change in the method for calculation of unearned premiums has been a setback for the companies established in recent years. The move has given a distinct advantage to players who have been in existence for a long.

Initiatives taken by the government and IRDAI will aid in creating awareness about the need for insurance amongst the general public as well as policyholders and ensuring a healthy India. All regulations are centred around getting more capital, customer protection and product standardization. Indian insurance companies have withstood the severe Covid-19 impact.

Growth in the top line is a testimony of the inner resilience of insurance companies and strong regulations. The insurance sector, with increased awareness in the customer base as well as well thought policy changes, is poised to grow in terms of business, top and bottom line and is likely to attract good valuation going forward.

By Author Sethurathnam Ravi:

S Ravi

The author is a practising chartered accountant and an independent director on many large public companies whose views and ideas have been instrumental in framing policy

[shawtutorial]

वाहन मालिकों के लिए बड़ी खबर! इस डॉक्यूमेंट के बिना नहीं होगा गाड़ियों का इंश्योरेंस रिन्यू | auto - News in Hindi

वाहन मालिकों के लिए बड़ी खबर! इस डॉक्यूमेंट के बिना नहीं होगा गाड़ियों का इंश्योरेंस रिन्यू | auto – News in Hindi

गाड़ियों के इंश्योरेंस के लिए जरुरी है ये सर्टिफिकेट अगर आप भी दोपहिया या फिर चार पहिया वाहन मालिक हैं तो इंश्योरेंस से जुड़ा ये नियम आपके लिए है जरुरी. क्योंकि अब गाड़ियों का इंश्योरेंस रिन्यू कराना आसान नहीं होगा. नई…

[postolo]

Checklist for Disclosure of Interest by Directors

Section 184 of the Companies Act, 2013 (the Act) relates to “Disclosure of interest by directors”. The object of Section 184 of the Act is to bring to the notice of the directors the conflict of interest and duty of any of their colleagues on the Board. The provisions are founded on the principle that a director is precluded from dealing on behalf of the company with himself and from entering into engagements in which he has a personal interest conflicting, or which possibly may conflict, with the interest of those to whom he is bound by fiduciary duty to protect. Section 184 of the Act does not prohibit such engagements or contracts or arrangements, but it requires disclosure by the directors of their interests therein to their co-directors.

This article is a compilation and analysis of the relevant provisions relating to the disclosure of the interest of directors. There is also a reference to the exemptions to certain classes of companies.

General Disclosure by Directors—Every director of the company shall disclose his concern or interest in any company or companies or bodies corporate, firms, or other association of individuals which shall include the shareholding, in a prescribed manner (i.e. Form MBP 1). Such disclosure of his concern or interest shall be made by the director of the company at all the 3 occasions:

(i) at the first meeting of the board of directors in which he participates as a director of the company;

(ii) at the first meeting of the Board in every financial year (generally in the month of April or May, if the financial year is April 1 to March 31, or generally in the month of January or February, if the financial year is January 1 to December 31); and

(iii) whenever there is any change in the disclosures already made, then at the first Board meeting held after such change.

Specific Disclosure by Directors—This disclosure is a transaction-specific disclosure. The compliance checklist is as follows:

(i) Every director of a company who is in any way, whether directly or indirectly, concerned or interested in a contract or arrangement or proposed contract or arrangement entered into or to be entered into certain parties (discussed later) shall disclose the nature of his concern or interest at the meeting of the Board of Directors in which the contract or arrangement is discussed.

(ii) Such disclosure of concern or interest by the director in a contract or arrangement by the company shall be in relation to the given parties: (a) with a body corporate in which such director or such director in association with any other director, holds more than 2% shareholding of that body corporate, or is a promoter, manager, Chief Executive Officer of that body corporate; or (b) with a firm or other entity in which, such director is a partner, owner or member, as the case may be.

(iii) It shall be the duty of the director giving notice of interest to cause it to be disclosed at the meeting held immediately after the date of the notice. At this stage, it is desirable that this action is noted in the minutes of the meeting of the Board of Directors.

(iv) Such director shall not participate in such a meeting. At this stage, it is desirable that this action is noted in the minutes of the meeting of the Board of Directors.

(v) Where any director who is not so concerned or interested at the time of entering into such contract or arrangement, he shall, if he becomes concerned or interested after the contract or arrangement is entered into, disclose his concern or interest forthwith when he becomes concerned or interested or at the first meeting of the Board of Directors held after he becomes so concerned or interested. At this stage, it is desirable that the date of transaction and date of disclosure is noted in the minutes of the meeting of the Board of Directors.

(vi) Section 189 of the Act relates to “Register of contracts or arrangements in which directors are interested”. According to the provisions, every company shall keep one or more registers giving separately the particulars of all contracts or arrangements to which sub-section (2) of Section 184 or Section 188 applies, in such manner and containing such particulars as may be prescribed. After the necessary entry is made in the register(s), such register(s) shall be placed before the next meeting of the Board of Directors and signed by all the directors present at the meeting. In case of specific disclosure by directors (i.e. under Section 184(2) of the Act), the company shall comply with the provisions of Section 189 of the Act.

Place of Maintenance of the Notices—All notices shall be kept at the registered office of the company.

Record keeping and Safe Custody—Such notices shall be preserved for a period of 8 years from the end of the financial year to which it relates and shall be kept in the custody of the Company Secretary of the company or any other person authorised by the Board of Directors for the purpose. If there is any other person authorised by the Board of Directors for the said purpose then such resolution shall be passed by the directors of the company (either in Board meeting or by circular resolution).

Limited Applicability of Section 184(2) of the Act (in Certain Cases)—The provisions of Section 184(2) of the Act shall have a limited application in certain cases. In case of private companies, Section 184(2) of the Act shall apply with the exception that the interested director may participate in such meeting after disclosure of his interest [MCA Notification No. G.S.R. 464(E) dated 5-6-2015]. In case of Section 8 companies (company registered under the Companies Act, 2013 for charitable or not-for-profit purposes), Section 184(2) of the Act shall apply only if the transaction with reference to Section 188 on the basis of terms and conditions of the contract or arrangement exceeds Rs 1 lakh [MCA Notification No. G.S.R. 466(E) dated 5-6-2015]. In case of an unlisted public company which is licensed to operate by Reserve Bank of India (RBI) or Securities and Exchange Board of India (SEBI) or Insurance Regulatory and Development Authority (IRDA) from the International Financial Services Centre located in an approved multi-services Special Economic Zones (SEZ) set-up under the Special Economic Zones Act, 2005 sub-section (2) of Section 184 of the Act shall apply with the exception that the interested director may participate in such meeting provided, the disclosure of his interest is made by the director concerned either prior or at the meeting. [Notification No. G.S.R. 8(E) dated 4-1-2017]. In all the cases, it is desirable that the limited applicability and necessary action taken is noted in the minutes of the meeting of the Board of Directors.

Contract Entered into by the Company with Disclosure of Interest—Contract or arrangement entered into by the company without disclosure under sub-section (2) of Section 184 of the Act or with participation by a director who is concerned or interested in anyway, directly or indirectly, in the contract or arrangement, shall be voidable at the option of the company.

According to Section 167 of the Act, the office of the director shall become vacant if he acts in contravention of the provisions of Section 184 of the Act or if the director fails to disclose his interest in any contract or arrangement in which he is directly or indirectly interested, in contravention of the provisions of Section 184 of the Act. Therefore, the compliance of the said provisions is very important from the perspective of director’s fiduciary duties and the consequences if not complied with.

Further, by making the necessary disclosure of concern or interest, the directors not only comply with the provisions of Section 184 of the Act but also with Section 166 of the Act (relating to “duties of directors”). According to Section 166(4) of the Act, a director shall not involve in a situation in which he may have a direct or indirect interest that conflicts, or possibly may conflict, with the interest of the company.

*Gaurav N Pingle, Practising Company Secretary, Pune. He can be reached at gp@csgauravpingle.com.

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[marymosley]

SC: Section 80DD of the Income Tax Act, 1961 is not violative of fundamental Right to Equality

Hon’ble Supreme Court has disposed a writ petition in the form of Public Interest Litigation here on 03-01-2019 by stating that Section 80DD of the Income Tax Act, 1961 (hereinafter referred as IT Act) is not violative of the Article 14 of the Constitution.

The above decision was given in the case of Ravi Agrawal v. Union of India in which honourable court discussed the constitutionality of the Section 80DD of the IT Act.

BRIEF FACTS OF THE CASE

A writ petition was filed by Ravi Agrawal (Petitioner) in front of honorable Apex court in the form of Public Interest Litigation against the Union of India (Respondent No-1) and Life Insurance Corporation of India (Respondent No-2) in the interest of the handicapped children whose parents have taken Jeevan Aadhar Policy from Life Insurance Corporation of India for the livelihood of their children. As per this policy no benefits can be paid to dependent till the proposer/life assured survives. The policy was according to the Section 80DD of the IT act which deals with the payment of annuity of lump sum amount for the benefit of a dependent, being a person of disability in the event of the death of the individual in whose name the subscription has been made and according to the Circular No- CO/CRM/PS/622/23 dated Jan 24, 2008 issued by the Income Tax Department which provides that the amount will only be payable to the defendant on the demise of the proposer/life assured.

The petitioner submitted that by incorporating such a provision, the respondents are denying the benefit of the insurance to the handicapped persons to get annuity or lump sum amount during the lifetime of the parent/guardian of such a handicapped person, whereas the beneficiaries of other life insurance policy are getting annuity during the lifetime of the person who has taken insurance policy.  This, according to the petitioner, violates the fundamental right of equality of the handicapped person enshrined in Article 14 of the Constitution.

Petitioner lodged a complaint before IRDA on 06 August,2014 and further to the court of the Chief Commissioner who advised CBDT to look into this matter but no action was taken. Then the petitioner lodged the grievance in the Prime Minister Office through Central Grievance Redressal and Monitoring System on Oct 15, 2015. After getting no response from  Prime Minister Office, the petitioner filed this writ to check the constitutionality of the Sec 80DD of the IT act and to amend this section so that the lump sum amount can be given and the policy can also be amended.

DECISION OF THE SUPREME COURT

According to the Supreme Court Section 80DD is a provision made by the Parliament under the Act in order to give incentive to the persons whose dependents are persons with disability. The purpose of this section is to encourage these parents/guardians to make regular payments for the benefit of dependents with disability.  In that sense, the Legislature, in its wisdom thought it appropriate to allow deductions in respect of such contribution made by the parent/guardian in the form of premium paid in respect of such insurance policies. The provisions of Section 80DD as well as from the explanatory memorandum of the Finance Bill, 1998, by which this provision was added, the purpose is to secure the future of the persons suffering from disability, namely, after the death of the parent/guardian.  The presumption is that during his/her lifetime, the parent/guardian would take care of his/her handicapped child.

While dealing with the constitutionality of this section the apex court held that the respondents have been able to successfully demonstrate that the main provision is based on reasonable classification, which as a valid rational behind it and there is a specific objective sought to be achieved thereby. The policy was made as per the provisions of the act, thus cannot be nullified if the provision is not void. The court relied upon the concept of legislative mandate and declared that the Section 80DD is suitably amended. But court also pointed out that there could be harsh cases where handicapped persons may need the payment on annuity or lump sum basis even during the lifetime of their parents/guardians

The court held that the Section 80DD of the IT act is not violative of the right to equality guaranteed by the Constitution of India as per the concept of reasonable classification and thus disposed the writ petition urging Respondent No- 1 to re look and explore the possibility of making suitable amendments as pointed out by the court.

Read the full Judgement Here-

http://bit.ly/2SDeR3I

The post SC: Section 80DD of the Income Tax Act, 1961 is not violative of fundamental Right to Equality appeared first on Legal Desire.

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[sunshineweb]

How to link Aadhaar to LIC Policies?

It is now mandatory to link Aadhaar and PAN to all your Insurance Products like Life Insurance, Health Insurance or any other types of insurance you are owning. How to link Aadhaar to LIC Policies? IRDA yesterday (8th November 2017) came up with a circular that linking your Aadhaar and PAN number is mandatory for all […]

The post How to link Aadhaar to LIC Policies? appeared first on BasuNivesh.

How to link Aadhaar to LIC Policies? published first on https://mbploans.tumblr.com/

[sunshineweb]

How to link Aadhaar to LIC Policies?

It is now mandatory to link Aadhaar and PAN to all your Insurance Products like Life Insurance, Health Insurance or any other types of insurance you are owning. How to link Aadhaar to LIC Policies? IRDA yesterday (8th November 2017) came up with a circular that linking your Aadhaar and PAN number is mandatory for all […]

The post How to link Aadhaar to LIC Policies? appeared first on BasuNivesh.

How to link Aadhaar to LIC Policies? published first on https://mbploans.tumblr.com/

[sunshineweb]

How to link Aadhaar to LIC Policies?

It is now mandatory to link Aadhaar and PAN to all your Insurance Products like Life Insurance, Health Insurance or any other types of insurance you are owning. How to link Aadhaar to LIC Policies? IRDA yesterday (8th November 2017) came up with a circular that linking your Aadhaar and PAN number is mandatory for all […]

The post How to link Aadhaar to LIC Policies? appeared first on BasuNivesh.

How to link Aadhaar to LIC Policies? published first on https://mbploans.tumblr.com/

[sunshineweb]

How to link Aadhaar to LIC Policies?

It is now mandatory to link Aadhaar and PAN to all your Insurance Products like Life Insurance, Health Insurance or any other types of insurance you are owning. How to link Aadhaar to LIC Policies? IRDA yesterday (8th November 2017) came up with a circular that linking your Aadhaar and PAN number is mandatory for all […]

The post How to link Aadhaar to LIC Policies? appeared first on BasuNivesh.

How to link Aadhaar to LIC Policies? published first on https://mbploans.tumblr.com/