Insurance policies are structured to incorporate comprehensive mechanisms for dispute resolution in respect of coverage and quantum disputes.

With the IRDAI consolidating regulations and shifting towards a principle-based regime, 2024 has been a busy year for the insurance sector, especially for Insurers.

The Insurance Laws (Amendment) Bill 2024 proposes significant reforms, such as 100% FDI in Indian insurance companies, expanded scope of business for insurance companies, and perpetual intermediary licenses.

Following the DPDP Act published in 2023, our latest article provides an overview of the recently published Draft Rules. The article highlights the key aspects of these Draft Rules, such as capturing consent, managing breaches, data security protocols, and cross-border transfer.

Our latest article reviews the key changes in timelines to which Indian Insurers must adhere, including the new timelines governing policy purchase, servicing, claim settlement and resolving complaints.

Our latest article reviews the key changes recently introduced under the new principle-based framework governing advertisements issued by Insurance Companies and their distribution channels. The updated regulations aim to enhance compliance, accountability, and address the evolving advertising landscape, including the rise of social media platforms.

Tuli & Co has authored the India Chapter of the 2024 edition of the Lexology In Depth – Insurance Disputes.

The Insurance Regulatory and Development Authority of India ("IRDAI") has introduced a new framework governing the outsourcing activities of Indian Insurance Companies, replacing the 2017 regulations, and representing a shift towards a more principal-based approach.

The Delhi High Court has affirmed that courts possess authority to appoint a sole arbitrator even if the arbitration clause provides for a three-member tribunal.

The Insurance Regulatory and Development Authority of India (“IRDAI”) has introduced a new framework for corporate governance for Insurance Companies.

The IRDAI has recently introduced new regulations that significantly impact the way insurance companies operate in India.

The IRDAI had issued an exposure draft on "Guidelines on Collateralized reinsurance transactions for placement of reinsurance business with CBR" on 20 February 2024 ("Draft Guidelines")

The Indian insurance sector has seen significant changes in recent years, driven by a number of varied regulatory reforms aimed at enhancing business ease as well as increasing insurance penetration in India.

On 11 August 2023, India's Central Government announced the country's first comprehensive data protection and privacy legislation, known as the Digital Personal Data Protection Act 2023 ("DPDP Act").

Tuli & Co has published the India Chapter of Insurance Litigation 2024.

Tuli & Co has published an article on the IRDAI (Re-insurance) (Amendment)Regulations 2023 (Amendment Regulations), which was notified on 23 August 2023

The article summarises the key developments in GIFT City at Gujrat, which various industry stakeholders believe, offers a potential for global insurers and reinsurers to open their operations.

Tuli & Co has published Insurance Comparative Guide: India.

Tuli & Co has authored The Eleventh Edition of the Insurance and Reinsurance Law Review. The Review provides a practical overview of the legal and regulatory framework governing the insurance and reinsurance industry across major jurisdictions worldwide and has been authored by leading insurance lawyers around the world.

The IRDAI has issued its Guidelines on the Remuneration of Non-Executive Directors and Key Managerial Persons of private sector Insurers, which supersedes its previous guidance of 5 August 2016.

Tuli & Co has provided its analysis on the Information And Cybersecurity Guidelines 2023.…

Tuli & Co has authored the India Chapter of Lexology GTDT Insurance & Reinsurance Guide 2023.…

Tuli & Co has authored the India Chapter of the Legal 500 Insurance & Reinsurance Comparative Guide 2023.…

The article summarizes the key provisions in the IRDAI (Payment of Commission) Regulations 2023 (the Commission Regulations), IRDAI (Expenses of Management of Insurers Transacting Life Insurance Business) Regulations 2023 (the EOM Life Regulations) and IRDAI (Expenses of Management of Insurers Transacting General & Health Insurance Business) Regulations 2023.

Tuli & Co has authored the Insurance Comparative Guide: India.

Our article on the IRDAI’s “Guidelines on Issuance of File Reference Numbers to Cross Border Re-insurers” has been published by International Law Office.…

Our article has been published on Mondaq on our analysis of the IRDAI’s “Guidelines on Issuance of File Reference Numbers to Cross Border Re-insurers”.…

We have authored the India Chapter of the International Comparative Legal Guide – Insurance & Reinsurance 2023. The pdf version of the Chapter is attached.…

We have authored the India Chapter of Lexology GTDT Insurance Litigation 2023. The pdf of the Chapter is attached.…

On 29 November 2022, following a comprehensive review of the insurance legislative framework in India by the Finance Ministry, the government of India issued a draft bill titled the Insurance Laws (Amendment) Bill 2022.

Our article on the IRDAI’s “Exposure Draft for Reinsurance 2022” been published on Insurance Newsletter.…

Our article on the IRDAI (Registration Of Indian Insurance Companies) Regulations 2022 has been published on Insurance Newsletter.…

Our analysis of the draft Bill titled "The Insurance Laws (Amendment) Bill, 2022" ("Draft Bill") released by the Government of India on 29 November 2022.…

Our comments on the exposure draft on the IRDAI (Registration of Indian Insurance Companies) Regulations 2022 ("Draft Regulations") issued on 13 October 2022 by the Insurance Regulatory and Development Authority of India ("IRDAI").

IRDAI has recently released further exposure drafts of 23 November 2022 on (i) the IRDAI (Payment of Commission) Regulations 2022 (ii) the IRDAI (Expenses of Management of Insurers Transacting Life Insurance Business) Regulations 2022 and (iii) the IRDAI (Expenses of Management of Insurers Transacting General & health Insurance Business) Regulations 2022.

Tuli & Co has contributed to the India Chapter of the Insurance Disputes Law Review.…

The IRDAI has released an exposure draft on the IRDAI (Registration of Indian Insurance Companies) Regulations 2022. The article analyses the proposed amendments in the Regulations.…

The primary legislation regulating the Indian insurance sector is the Insurance Act 1938 and the InsuranceRegulatory and Development Authority Act 1999.

The IRDAI has issued an exposure draft on the IRDAI (Re-insurance) (Amendment) Regulations 2022 of 21 October 2022…

In exercise of its powers as a regulatory authority under the Prevention of Money Laundering Act 2002 and Prevention of Money- Laundering (Maintenance of records) Rules 2005, the IRDAI has notified Master Guidelines on Anti-Money Laundering/ Counter Financing of Terrorism (AML/CFT) 2022”.

The IRDAI on 23 August 2002 has issued a exposure draft of the IRDAI (Payment of Commission or Renumeration or Reward to Insurance Agents and Insurance Intermediaries) Regulations 2022, which, amongst other things, proposes to lift the strict commission and regulation limits specified under the applicable Regulations and permit insurance companies to effectively self-regulate the amounts payable to insurance agents and insurance intermediaries through the policy approved by their board of directors.

In a recent landmark decision, the Bombay High Court has held that an Insurance Ombudsman's Award can be set aside in a writ petition on the ground of perversity…

The IRDAI has recently released an exposure draft on "IRDAI (Payment of Commission or Remuneration or Reward to Insurance Agents and Insurance Intermediaries) Regulations, 2022" of 23 August 2022 to promote the "development of new business models, products, strategies and internal processes", and to provide flexibility to Insurance Companies "to manage their expenses" along with the long-standing objective of improving insurance penetration…

The IRDAI Issued a press release on 26 April 2022 wherein they stated that with the objective of ensuring ease of doing business in the insurance sector, for both global and domestic investors, they have taken a major step in setting out a new mechanism for processing the…

On 1 April 2022, the Insurance Regulatory and Development Authority (IRDAI) (Surety Insurance Contracts) Guidelines 2022 came into force. The 2022 Guidelines follow the issuance of the Exposure Draft on IRDAI (Surety Insurance Contracts) Guidelines 2021 on 8 September 2021, which aimed to promote and regulate surety insurance businesses in India and invited comments from stakeholders (for further details please see "IRDAI drafts surety insurance guidelines")…

On 8 September 2021, the IRDAI had issued an “Exposure Draft on IRDAI (Surety Insurance Contracts) Guidelines 2021” (Draft Guidelines) with the objective of promoting and regulating surety insurance business in India, and invited comments from all stakeholder…

The worldwide surge in financial activities over the past decade or so has led to increased popularity of instruments such as surety bond and other forms of guarantees as creditors/owners increasingly look to rely upon these kinds of risk management mechanisms for certainty in the performance and fulfilment of the other party’s contractual obligations

Following the finance ministers budget speech, the Insurance (Amendment) Act of 2021 (Amendment Act) was notified earlier this year to increase the foreign direct investment limit in Indian insurance companies to 74%. Pursuant to this, the Ministry of Finance issued the Indian Insurance Companies (Foreign Investment)…

Following the announcement in the central budget speech for the financial year 2021–2022 that the foreign investment ceiling for insurance companies will increase from 49% to 74%, the Insurance (Amendment) Act 2021 (the Amendment Act) was notified with effect from 1 April 2021…

Following the announcement of the increase in the foreign investment ceiling in Indian insurance companies from 49% to 74% in the central budget speech for the nancial year 2021-22 (Budget Speech), the Insurance (Amendment) Act of 2021 (2021 Amendment) was notified with effect from 1 April 2021…

The issuance of Employee Stock Options (ESOPs) to Chief Executive Officer/Whole-time Director/Managing Director of Insurers has been expressly recognized since 2016 when the IRDAI issued the Guidelines on Remuneration of Non-executive Directors and Managing Director/Chief Executive Officer/Whole-time Directors of Insurers of 05 August 2016 (Guidelines)…

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. On 1 February 2021, pursuant to the central budget speech for the financial year 2021-2022, the finance minister announced that the FDI cap for Indian insurers will be increased from 49% to 74%. In addition, it was announced that under the new framework…

In 2019 several pharmaceutical companies proceeded against General Insurance Corporation of India (GIC) Re before the Delhi High Court to challenge the revision of reinsurance premium rates. They claimed that the revisions were arbitrary and unreasonable. The court held that GIC Re's rate revisions were within its commercial wisdom and accordingly dismissed the writ petitions

The recent trend of simple, standardised products being introduced for various forms of life and health insurance business has continued with the introduction of a standard immediate annuity product. On 25 January 2021, the IRDAI issued the “Guidelines on Standard Individual Immediate Annuity Product, “Saral Pension” (Guidelines)

The control and acquisition of entities in India by foreign investors and private equity (PE) funds is regulated by: the foreign investment norms specified by the Reserve Bank of India; the norms specified by the Securities Exchange Board of India (where the entity is a listed entity); and any other laws or regulations governing the business of the target entity. Entities engaged in insurance business must follow additional norms regarding foreign investment as specified by the Insurance Regulatory and Development Authority of India (IRDAI)…

The primary legislation regulating the Indian insurance sector comprises of the Insurance Act 1938 (Insurance Act) and the Insurance Regulatory and Development Authority Act 1999 (IRDA Act).

Lexology Getting The Deal Through provides international expert analysis in key areas of law, practice and regulation for corporate counsel, cross-border legal practitioners, and company directors and officers.

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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 (IRDAI), 2020 was a busy year for the Indian insurance sector. This article provides an overview of some of the key developments of 2020

The Supreme Court has recently clarified that a "notional" income should be considered for deceased, non-earning victims (including homemakers) of motor vehicle accidents, and that future prospects should be assessed based on such notional income in order to arrive at fair, just, and reasonable compensation…

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 intermediaries are required to maintain and the general norms applicable thereto…

Last year, the IRDAI notified the "Guidelines on Standard Individual Health Insurance Product" of 1 October 2020 with the objective of providing basic health insurance covers to customers. Towards this end, all General and Health Insurers are required to mandatorily offer a standard individual health insurance product offering a fixed set of covers to customers termed, "Aogya Sanjeevani Policy" in accordance with the directions issued by the IRDAI…

The increasing awareness and growing popularity of health, fitness and wellness focussed lifestyles has led to a significant uptake in the Indian health insurance market in recent past. In early 2016, the IRDAI acknowledged such consumer needs and introduced norms on developing health insurance products which would also include wellness and preventive benefits…

By way of an Order dated 24 February 2020, the Securities Appellate Tribunal, in relation to an appeal filed by Nippon India Mutual Fund and Nippon Life India Asset Management, partly set aside an IRDAI Order dated 4 December 2019, which held that the pledge of shares of an Insurer requires prior approval of the IRDAI under §6A(4)(b)(iii) of the Insurance Act 1938 (Insurance Act) and any pledge of shares without IRDAI's approval is “null and void ab initio”. However, the question as to the definition of transfer and whether a pledge constitutes a transfer of shares under §6A(4)(b) of the Insurance Act appears to have been left open…

The Supreme Court recently issued notice to the Ministry of Health and Family Welfare (MoHFW) and the IRDAI in response to a writ petition¹ seeking implementation of the Mental Healthcare Act 2017 (Act) and provision of an 'action taken report' with respect to the measures taken to ensure provision of insurance cover in India for mental illnesses. The public interest litigation averred that the situation with respect to availability of mental illness covers had remained the same despite the passage of one year since the IRDAI issued directions to this effect, and that no follow-up action had been taken against Insurers for non-compliance…

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…

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…

Motor insurance business in India is regulated by the India Motor Tariff 2002, which was issued by the former Tariff Advisory Committee in 2009. While pricing of the 'own damage' segment was detariffed in 2007, the basic product structure, including the policy wordings and other standard..

With a continually increasing market size and growth of almost 20% every year, health insurance products have seen an improved uptake recently. This growth is largely attributable to government initiatives and health insurance schemes launched across India, as well as a general increased awareness and ease of purchase among the savvier urban population. ..

The Insurance Regulatory Development Authority of India (IRDAI) recently notified the Indian Insurance Companies (Foreign Investment) Amendment Rules 2019 (amendment rules), effectively increasing the limit on foreign direct investment (FDI) in insurance intermediaries to 100% (for further details please see "100% FDI in insurance intermediaries: a welcome change").

The Indian insurance industry has seen significant growth and development in recent years. The removal of the requirement to seek an approval from the government of India to increase the foreign investment cap from 26 per cent to 49 per cent in insurers and insurance intermediaries is one of the factors that has led to an increase...

The relaxation of foreign investment limits in the insurance sector has long been the subject of debate, with various stakeholders, including industry participants, advocating for an increase in this respect. As a first step towards achieving this end, on 26 December 2014 the Insurance Laws (Amendment) Ordinance 2014 was introduced to increase the limit of foreign direct investment (FDI) in Indian insurers from 26% to 49%...

The Insurance Regulatory and Development Authority (IRDAI) recently issued the IRDAI (Regulatory Sandbox) Regulations 2019 (Regulatory Sandbox Regulations), which aim to facilitate the creation of a regulatory sandbox environment in which to test new business models, processes...

We noted last month, that three draft regulations for governance of the procedure to set up a regulatory sandbox were issued by the three key regulators of India namely the IRDAI, RBI and SEBI with respect to the insurance, banking and securities market sector, respectively.

In the case of Sorout Mushroom Farm v NIC & Ors1 (decided on 16 April 2019), the National Consumer Disputes Redressal Commission (NCDRC) provided some useful guidance in relation to the claim assessment by an IRDA licensed Surveyor.

In 2016 the Reserve Bank of India (RBI) sought stakeholder comments on the Draft Regulatory Framework for Account Aggregator Companies to Facilitate Consolidated Viewing of Financial Asset Holding of 3 March 2016, which envisaged the creation of a new class of non-banking finance companies (NBFC) known as 'account aggregators'...

However, with the rapid growth of the insurance industry over the past few years, there has been a surge in insurers and insurance intermediaries and multiple insurers being established under the umbrella of the same corporate group.

The health insurance market has a wide variety of significantly different health insurance products available today, often leading prospective customers to choose from a large number of products embedded with varying benefits and exclusions with limited options to choose only those covers are actually needed by such a customer.

On 10 July 2009, the Insured took a life insurance policy from Max New York Life Insurance (Max) for ₹11 lakhs. On 16 September 2009, the Insured submitted a proposal to Reliance Life Insurance (Reliance) for another life insurance policy for ₹10 lakhs

By way of an update, the IRDAI has notified the IRDAI (Insurance Brokers) (First Amendment) Regulations 2018 (First Amendment). The First Amendment amends Schedule II - Form R under R20 (2) of the IRDAI (Insurance Brokers) Regulations 2018 (Brokers' Regulations)...

This is now the second edition of The Insurance Disputes Law Review. I am delighted to be the editor of this excellent and succinct overview of recent developments in insurance disputes across 16 important insurance jurisdictions, including now the United States

The Indian Insurance regulator, the Insurance Regulatory and Development Authority of India (IRDAI) has recently brought about changes in the regulations governing motor insurance in India...

Blockchain is a relatively new form of technology that acts as an incorruptible digital ledger and keeps a virtual record of all data and transactions.(1) Broadly speaking, as a digital ledger, blockchain can record a wide range of quantities, from physical assets to electronic cash.

Insurance and reinsurance companies and insurance intermediaries in India are governed by the Insurance Regulatory and Development Authority of India (the IRDAI).

In recent years, the Indian insurance sector has been abuzz with the news of new players looking to acquire stakes in insurers and insurance intermediaries.

The Supreme Court, by way of an order in S Rajaseekaran v Union of India and Ors [Writ Petition (Civil) No 295/2012] of 20th July 2018 (Order), has made it mandatory to provide long term

The Financial Resolution and Deposit Insurance Bill 2017 (Bill), which was tabled in the Parliament in August 2017 as a result of India's G-20 commitment, had attracted some criticism following concerns...

Motor insurance is one of the major segments of general insurance business in India and has, per the IRDAI's report of September 2017, contributed to almost 39% of the total general insurance gross direct premium collections in the year 2016-17...

The insurance sector has, in the recent years, been abuzz with the news of new players looking to acquire stakes in insurance companies and insurance intermediaries...

On 22 May 2018, the Central Government issued a notification by which the scale of compensation for third party fatal accidents and injury claims under the Second Schedule of the Motor Vehicles Act 1988 (MV Act) was amended...

Insurance brokers have been regulated for over 16 years in India, with regulations governing insurance brokers introduced in 2002 by the Insurance Regulatory and Development Authority of India (IRDAI)...

Insurance brokers have been regulated for over 16 years in India, with the regulations governing insurance brokers being introduced in 2002 by the Insurance Regulatory and Development Authority of India...

All insurance contracts are required to be filed with the Insurance Development and Regulatory Authority of India (IRDAI), ie, the Indian Insurance Regulator, in accordance with the applicable product filing guidelines issued by the IRDAI...

Insurance business in India can only be undertaken by an Indian insurance company or a reinsurance company/reinsurance branch office that is registered with the IRDAI...

In the absence of any reference to arbitration under the terms of a policy, insurance disputes can be litigated both before a civil court or con- sumer forum...

The financial year 2017-18 has been an eventful year for the Indian insurance sector, with several landmark changes being introduced to the insurance regulatory framework.

The Insurance Regulatory and Development Authority (IRDAI) issued the Guidelines on Insurance E-commerce (the E-commerce Guidelines) on March 9 2017, regulating...

2017 was an interesting year for the Indian insurance industry which witnessed a rapid increase in number of Insurers, significant transactions in the existing players, new forms of online commerce, addition of new categories of insurance intermediaries, diversity in the products on offer and evolving business processes...

By way of a June 10 2016 order, the Insurance Regulatory and Development Authority of India (IRDAI) set up a committee to evaluate the risk-based capital approach and market-consistent valuation of liabilities of Indian insurance business...

The Indian insurance sector has witnessed significant development over the past couple of years. By way of the Insurance Laws (Amendment) Act 2015, the establishment of branch...

The Financial Resolution and Deposit Insurance Bill 2017 (Bill), which was tabled in the Parliament this August, has come into increased media scrutiny over the last week. As we noted last month...

By way of an Order of 10th June 2016, the IRDAI set up a committee to evaluate the risk based capital approach and market consistent valuation of liabilities of Indian insurance business.

he Indian insurance sector has witnessed significant developments over the past couple of years. By way of the Insurance Laws (Amendment) Act 2015, establishment up of branch offices of foreign reinsurers was permitted...

A 5 Judge Bench of the Supreme Court in National Insurance Company Limited v Pranay Sethi, has laid down guidelines on the fixation of future prospects in cases of motor accidents for victims who are permanently employed, receiving a fixed salary, or self-employed...

The last few years have seen several Indian insurance companies introducing public offers with the objective of being listed on Indian stock exchanges. Recent press reports indicate that there may be several more in the pipeline in the next couple of years...

In a Commercial Miscellaneous Petition filed by the Khadi and Village Industries Commissions, ("Petitioner") challenging the refusal of a device mark…

Indian insurance laws have traditionally restricted distribution of insurance products to insurance agents and insurance intermediaries who have obtained the requisite license/registration from the Insurance Regulatory and Development Authority of India (IRDAI).

In-Depth (formerly The Law Reviews) provides analysis of global legal issues and their commercial implications, written by thought leaders at the world’s top law firms.

Until recently, the General Insurance Corporation of India (GIC) was India's sole reinsurer. The GIC was established in 1972 under a statute as a wholly owned company of the government...

Insurance business in India can only be undertaken by an Indian insurance company or a reinsurance company/reinsurance branch office that is registered with the IRDAI.

Health insurance business in India has traditionally been regulated by the framework governing general insurance business, as issued by the Insurance Regulatory and Development Authority of India (IRDAI)...

Health insurance business in India has, traditionally, been regulated by the framework governing general insurance business as issued by the Insurance Regulatory and Development Authority of India (IRDAI)...

The focus on corporate governance has increased significantly since Satyam Computer Services Limited's corporate fraud and internal governance failure came to light.

The focus and emphasis on corporate governance increased significantly since the corporate fraud and internal governance failure came to light in the context of Satyam Computer Services Limited.

The Indian insurance sector has witnessed various reforms since the notification of the Insurance Laws (Amendment) Act 2015.

Until recently, the Insurance Regulatory and Development Authority of India (IRDAI) Guidelines on File and Use Requirements for General

A practical cross-border insight into insurance and reinsurance law. This article appeared in the 2016 edition of The International Comparative Legal Guide to: Insurance & Reinsurance; published by Global Legal Group Ltd, London, February 2016.

The insurance statutory and regulatory framework has, historically, strictly restricted the amount of commission or remuneration that can be paid to insurance agents and insurance

The insurance sector has witnessed sweeping changes in its regulatory regime since the beginning of 2015.

The Insurance Regulatory and Development Authority (IRDAI) recently released a draft version of the IRDAI (Other Forms of Capital) Regulations 2015.