Insurance & IRDAI Hub: Q&A Library: practical Indian finance and law guidance from Finin2min.
Insurance Legal ArchitectureWhat is the Finin2min conclusion on Insurance Legal Architecture?
Insurance regulation combines statute, principle-based regulations, master circulars and product wording.
Insurance Legal ArchitectureWhich legal anchor applies to Insurance Legal Architecture?
Insurance Act, IRDA Act and IRDAI regulations
Insurance Legal ArchitectureWhat evidence is most important for Insurance Legal Architecture?
proposal form and policy wording; benefit illustration and product documents; premium and KYC records; claim form, survey and medical evidence
Insurance Legal ArchitectureWhat is the recommended action for Insurance Legal Architecture?
Cite statute, regulation, circular and clause separately.
Insurer Registration, Capital and OwnershipWhat is the Finin2min conclusion on Insurer Registration, Capital and Ownership?
Entry, capital, share transfers, control and amalgamation require regulatory approval and governance evidence.
Insurer Registration, Capital and OwnershipWhich legal anchor applies to Insurer Registration, Capital and Ownership?
IRDAI Registration Regulations, 2024
Insurer Registration, Capital and OwnershipWhat evidence is most important for Insurer Registration, Capital and Ownership?
proposal form and policy wording; benefit illustration and product documents; premium and KYC records; claim form, survey and medical evidence
Insurer Registration, Capital and OwnershipWhat is the recommended action for Insurer Registration, Capital and Ownership?
Build an approval and conditions-precedent matrix.
Policyholder Protection and Service StandardsWhat is the Finin2min conclusion on Policyholder Protection and Service Standards?
Sales, proposal, policy issuance, servicing, claims and grievance processes must be fair, clear and auditable.
Policyholder Protection and Service StandardsWhich legal anchor applies to Policyholder Protection and Service Standards?
IRDAI PPI Regulations and master circular
Policyholder Protection and Service StandardsWhat evidence is most important for Policyholder Protection and Service Standards?
proposal form and policy wording; benefit illustration and product documents; premium and KYC records; claim form, survey and medical evidence
Policyholder Protection and Service StandardsWhat is the recommended action for Policyholder Protection and Service Standards?
Preserve suitability, disclosure and delivery evidence.
Product Governance and Benefit IllustrationWhat is the Finin2min conclusion on Product Governance and Benefit Illustration?
Products require documented design, approval, disclosure, pricing and monitoring.
Product Governance and Benefit IllustrationWhich legal anchor applies to Product Governance and Benefit Illustration?
IRDAI product regulations
Product Governance and Benefit IllustrationWhat evidence is most important for Product Governance and Benefit Illustration?
proposal form and policy wording; benefit illustration and product documents; premium and KYC records; claim form, survey and medical evidence
Product Governance and Benefit IllustrationWhat is the recommended action for Product Governance and Benefit Illustration?
Use product-governance and customer-testing gates.
Life Insurance, Nomination and AssignmentWhat is the Finin2min conclusion on Life Insurance, Nomination and Assignment?
Assignment and nomination have distinct legal effects and documentation requirements.
Life Insurance, Nomination and AssignmentWhich legal anchor applies to Life Insurance, Nomination and Assignment?
Insurance Act ss.38–39 and policy terms
Life Insurance, Nomination and AssignmentWhat evidence is most important for Life Insurance, Nomination and Assignment?
proposal form and policy wording; benefit illustration and product documents; premium and KYC records; claim form, survey and medical evidence
Life Insurance, Nomination and AssignmentWhat is the recommended action for Life Insurance, Nomination and Assignment?
Record purpose, endorsement and notice precisely.
Health Insurance Coverage and ClaimsWhat is the Finin2min conclusion on Health Insurance Coverage and Claims?
Coverage, waiting periods, exclusions, cashless process, portability and claims depend on regulatory floors and contract terms.
Health Insurance Coverage and ClaimsWhich legal anchor applies to Health Insurance Coverage and Claims?
Health master circular and policy wording
Health Insurance Coverage and ClaimsWhat evidence is most important for Health Insurance Coverage and Claims?
proposal form and policy wording; benefit illustration and product documents; premium and KYC records; claim form, survey and medical evidence
Health Insurance Coverage and ClaimsWhat is the recommended action for Health Insurance Coverage and Claims?
Read schedule, wording, endorsements and medical evidence together.
Property, Marine and General InsuranceWhat is the Finin2min conclusion on Property, Marine and General Insurance?
Insurable interest, peril, causation, disclosure, warranties and loss quantification drive indemnity claims.
Property, Marine and General InsuranceWhich legal anchor applies to Property, Marine and General Insurance?
Insurance Act, general-insurance circulars and policy wording
Property, Marine and General InsuranceWhat evidence is most important for Property, Marine and General Insurance?
proposal form and policy wording; benefit illustration and product documents; premium and KYC records; claim form, survey and medical evidence
Property, Marine and General InsuranceWhat is the recommended action for Property, Marine and General Insurance?
Activate survey, mitigation and quantification workstreams.
Motor Third-Party and Own-Damage CoverWhat is the Finin2min conclusion on Motor Third-Party and Own-Damage Cover?
Third-party statutory cover and contractual own-damage cover follow different rights and claims routes.
Motor Third-Party and Own-Damage CoverWhich legal anchor applies to Motor Third-Party and Own-Damage Cover?
Motor Vehicles Act and IRDAI framework
Motor Third-Party and Own-Damage CoverWhat evidence is most important for Motor Third-Party and Own-Damage Cover?
proposal form and policy wording; benefit illustration and product documents; premium and KYC records; claim form, survey and medical evidence
Motor Third-Party and Own-Damage CoverWhat is the recommended action for Motor Third-Party and Own-Damage Cover?
Open distinct liability and own-damage files.
Claims, Grievance and OmbudsmanWhat is the Finin2min conclusion on Claims, Grievance and Ombudsman?
Use insurer grievance channels, preserve reasons and then escalate through the appropriate forum.
Claims, Grievance and OmbudsmanWhich legal anchor applies to Claims, Grievance and Ombudsman?
IRDAI PPI framework and Ombudsman Rules
Claims, Grievance and OmbudsmanWhat evidence is most important for Claims, Grievance and Ombudsman?
proposal form and policy wording; benefit illustration and product documents; premium and KYC records; claim form, survey and medical evidence
Claims, Grievance and OmbudsmanWhat is the recommended action for Claims, Grievance and Ombudsman?
Create a clause, fact, evidence and relief matrix.
Free-Look, Cancellation and RefundWhat is the Finin2min conclusion on Free-Look, Cancellation and Refund?
Free-look and cancellation rights depend on product, channel, receipt date and permitted deductions.
Free-Look, Cancellation and RefundWhich legal anchor applies to Free-Look, Cancellation and Refund?
IRDAI PPI and product rules
Free-Look, Cancellation and RefundWhat evidence is most important for Free-Look, Cancellation and Refund?
proposal form and policy wording; benefit illustration and product documents; premium and KYC records; claim form, survey and medical evidence
Free-Look, Cancellation and RefundWhat is the recommended action for Free-Look, Cancellation and Refund?
Capture delivery, consent and cancellation timestamps.
Proposal Disclosure and MisrepresentationWhat is the Finin2min conclusion on Proposal Disclosure and Misrepresentation?
Material disclosure is fact- and product-sensitive; insurers also owe fair underwriting and reasoned decisions.
Proposal Disclosure and MisrepresentationWhich legal anchor applies to Proposal Disclosure and Misrepresentation?
Insurance Act and policy law
Proposal Disclosure and MisrepresentationWhat evidence is most important for Proposal Disclosure and Misrepresentation?
proposal form and policy wording; benefit illustration and product documents; premium and KYC records; claim form, survey and medical evidence
Proposal Disclosure and MisrepresentationWhat is the recommended action for Proposal Disclosure and Misrepresentation?
Build a proposal-to-medical-to-claim chronology.
Agents, Brokers and IntermediariesWhat is the Finin2min conclusion on Agents, Brokers and Intermediaries?
Licensing, conduct, remuneration, solicitation and recordkeeping differ by intermediary type.
Agents, Brokers and IntermediariesWhich legal anchor applies to Agents, Brokers and Intermediaries?
IRDAI intermediary regulations
Agents, Brokers and IntermediariesWhat evidence is most important for Agents, Brokers and Intermediaries?
proposal form and policy wording; benefit illustration and product documents; premium and KYC records; claim form, survey and medical evidence
Agents, Brokers and IntermediariesWhat is the recommended action for Agents, Brokers and Intermediaries?
Map licence scope, product panel and sales evidence.
Insurer Corporate GovernanceWhat is the Finin2min conclusion on Insurer Corporate Governance?
Boards, committees, key management persons, control functions and related-party oversight form the governance core.
Insurer Corporate GovernanceWhich legal anchor applies to Insurer Corporate Governance?
IRDAI governance master circular
Insurer Corporate GovernanceWhat evidence is most important for Insurer Corporate Governance?
proposal form and policy wording; benefit illustration and product documents; premium and KYC records; claim form, survey and medical evidence
Insurer Corporate GovernanceWhat is the recommended action for Insurer Corporate Governance?
Document mandates, reporting and challenge evidence.
Solvency, Valuation and InvestmentsWhat is the Finin2min conclusion on Solvency, Valuation and Investments?
Capital and asset controls must reflect liability valuation, admissibility, concentration and stress.
Solvency, Valuation and InvestmentsWhich legal anchor applies to Solvency, Valuation and Investments?
IRDAI actuarial, finance and investment regulations
Solvency, Valuation and InvestmentsWhat evidence is most important for Solvency, Valuation and Investments?
proposal form and policy wording; benefit illustration and product documents; premium and KYC records; claim form, survey and medical evidence
Solvency, Valuation and InvestmentsWhat is the recommended action for Solvency, Valuation and Investments?
Maintain regulatory valuation and stress reconciliations.
Reinsurance Programme and PlacementWhat is the Finin2min conclusion on Reinsurance Programme and Placement?
Board-approved programmes, retention, placement, documentation and counterparty controls shape risk transfer.
Reinsurance Programme and PlacementWhich legal anchor applies to Reinsurance Programme and Placement?
IRDAI reinsurance framework
Reinsurance Programme and PlacementWhat evidence is most important for Reinsurance Programme and Placement?
proposal form and policy wording; benefit illustration and product documents; premium and KYC records; claim form, survey and medical evidence
Reinsurance Programme and PlacementWhat is the recommended action for Reinsurance Programme and Placement?
Align underwriting, treaty, finance and claims data.
Rural, Social and Motor ObligationsWhat is the Finin2min conclusion on Rural, Social and Motor Obligations?
Insurers carry prescribed business and reporting obligations beyond ordinary commercial targets.
Rural, Social and Motor ObligationsWhich legal anchor applies to Rural, Social and Motor Obligations?
IRDAI obligations framework
Rural, Social and Motor ObligationsWhat evidence is most important for Rural, Social and Motor Obligations?
proposal form and policy wording; benefit illustration and product documents; premium and KYC records; claim form, survey and medical evidence
Rural, Social and Motor ObligationsWhat is the recommended action for Rural, Social and Motor Obligations?
Integrate them into annual business planning.
Insurance Fraud, AML and KYCWhat is the Finin2min conclusion on Insurance Fraud, AML and KYC?
Insurers and intermediaries need onboarding, transaction, claim and fraud-risk controls.
Insurance Fraud, AML and KYCWhich legal anchor applies to Insurance Fraud, AML and KYC?
PMLA, IRDAI AML and fraud controls
Insurance Fraud, AML and KYCWhat evidence is most important for Insurance Fraud, AML and KYC?
proposal form and policy wording; benefit illustration and product documents; premium and KYC records; claim form, survey and medical evidence
Insurance Fraud, AML and KYCWhat is the recommended action for Insurance Fraud, AML and KYC?
Use alert, investigation, decision and reporting protocols.
Insurance Accounting, Tax and Finance LinkWhat is the Finin2min conclusion on Insurance Accounting, Tax and Finance Link?
Regulatory reporting, statutory accounts, actuarial valuation and tax may use different measurement bases.
Insurance Accounting, Tax and Finance LinkWhich legal anchor applies to Insurance Accounting, Tax and Finance Link?
IRDAI finance rules, accounting standards and tax law
Insurance Accounting, Tax and Finance LinkWhat evidence is most important for Insurance Accounting, Tax and Finance Link?
proposal form and policy wording; benefit illustration and product documents; premium and KYC records; claim form, survey and medical evidence
Insurance Accounting, Tax and Finance LinkWhat is the recommended action for Insurance Accounting, Tax and Finance Link?
Maintain controlled bridges between reporting frameworks.