Reinsurance Regulations
FIU-IND, Irdai sign MoU for enhanced anti-money laundering efforts
Financial Intelligence Unit-India (FIU-IND) and the Insurance Regulatory and Development Authority of India (Irdai) on Monday signed a Memorandum of Understanding (MoU) for sharing of intelligence and information to check money laundering. The MoU was signed as part of continued coordinated efforts in effective implementation of requirements of the Prevention of Money Laundering Act and Rules, the Finance Ministry said in a statement. As per the agreement, FIU-IND and Irdai will cooperate in the areas of mutual interest, including sharing of relevant intelligence and information, available in their respective databases. Laying down procedure and manner in which the regulated entities/reporting entities report to FIU-IND under the PML Rules and conducting outreach and training for regulated entities as per the MoU. The MoU was signed by Vivek Aggarwal, Director, FIU-IND and Satyajit Tripathy, Member (distribution), Irdai. Assessment of Anti-Money Laundering/Combating Financing of .
 "FIU-IND, Irdai sign MoU for enhanced anti-money laundering efforts")
Centre may set up regulator for healthcare to expand insurance coverage
A regulator for the healthcare sector is expected to bring in standardisation and lower the costs
 "Centre may set up regulator for healthcare to expand insurance coverage")
Irdai asks reinsurers to keep 50% of Indian underwritten biz within country
Any retrocession up to 20%, to the branch of a foreign insurer shall be adjusted against the required minimum retention of 50%
 "Irdai asks reinsurers to keep 50% of Indian underwritten biz within country")
IRDAI constitutes two task forces on issues of reinsurance support
The terms for reference for the task force include issues discussed by the industry players with Irdai in the recently concluded bi-monthly meeting with the top honchos of the general insurance firms
 "IRDAI constitutes two task forces on issues of reinsurance support")
Irdai fines Deinon Risk Rs 10 lakh for acting as insurance intermediary
The firm did not have a valid registration with the insurance regulator
Decide on cashless Covid treatment in an hour: Irdai to insurance firms
Order follows a Delhi HC directive to the insurance regulator on this issue
 "Decide on cashless Covid treatment in an hour: Irdai to insurance firms")
Irdai sets up panel to study feasibility of forming a 'pandemic risk pool'
The group has to submit its report on the subject in the next eight weeks
Reinsurance regulations to be out by February end: IRDAI chairman Vijayan
When asked about what regulations are expected, he said life insurance product regulations are in the pipeline but will take some more time
 "Reinsurance regulations to be out by February end: IRDAI chairman Vijayan")
