Insurance & IRDAI Hub: Q&A Library
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Insurance & IRDAI Hub: Q&A Library: practical Indian finance and law guidance from Finin2min.
What is the Finin2min conclusion on Insurance Legal Architecture?
Insurance regulation combines statute, principle-based regulations, master circulars and product wording.
Which legal anchor applies to Insurance Legal Architecture?
Insurance Act, IRDA Act and IRDAI regulations
What 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
What is the recommended action for Insurance Legal Architecture?
Cite statute, regulation, circular and clause separately.
What is the Finin2min conclusion on Insurer Registration, Capital and Ownership?
Entry, capital, share transfers, control and amalgamation require regulatory approval and governance evidence.
Which legal anchor applies to Insurer Registration, Capital and Ownership?
IRDAI Registration Regulations, 2024
What 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
What is the recommended action for Insurer Registration, Capital and Ownership?
Build an approval and conditions-precedent matrix.
What 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.
Which legal anchor applies to Policyholder Protection and Service Standards?
IRDAI PPI Regulations and master circular
What 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
What is the recommended action for Policyholder Protection and Service Standards?
Preserve suitability, disclosure and delivery evidence.
What is the Finin2min conclusion on Product Governance and Benefit Illustration?
Products require documented design, approval, disclosure, pricing and monitoring.
Which legal anchor applies to Product Governance and Benefit Illustration?
IRDAI product regulations
What 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
What is the recommended action for Product Governance and Benefit Illustration?
Use product-governance and customer-testing gates.
What is the Finin2min conclusion on Life Insurance, Nomination and Assignment?
Assignment and nomination have distinct legal effects and documentation requirements.
Which legal anchor applies to Life Insurance, Nomination and Assignment?
Insurance Act ss.38–39 and policy terms
What 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
What is the recommended action for Life Insurance, Nomination and Assignment?
Record purpose, endorsement and notice precisely.
What 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.
Which legal anchor applies to Health Insurance Coverage and Claims?
Health master circular and policy wording
What 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
What is the recommended action for Health Insurance Coverage and Claims?
Read schedule, wording, endorsements and medical evidence together.
What is the Finin2min conclusion on Property, Marine and General Insurance?
Insurable interest, peril, causation, disclosure, warranties and loss quantification drive indemnity claims.
Which legal anchor applies to Property, Marine and General Insurance?
Insurance Act, general-insurance circulars and policy wording
What 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
What is the recommended action for Property, Marine and General Insurance?
Activate survey, mitigation and quantification workstreams.
What 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.
Which legal anchor applies to Motor Third-Party and Own-Damage Cover?
Motor Vehicles Act and IRDAI framework
What 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
What is the recommended action for Motor Third-Party and Own-Damage Cover?
Open distinct liability and own-damage files.
What is the Finin2min conclusion on Claims, Grievance and Ombudsman?
Use insurer grievance channels, preserve reasons and then escalate through the appropriate forum.
Which legal anchor applies to Claims, Grievance and Ombudsman?
IRDAI PPI framework and Ombudsman Rules
What 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
What is the recommended action for Claims, Grievance and Ombudsman?
Create a clause, fact, evidence and relief matrix.
What is the Finin2min conclusion on Free-Look, Cancellation and Refund?
Free-look and cancellation rights depend on product, channel, receipt date and permitted deductions.
Which legal anchor applies to Free-Look, Cancellation and Refund?
IRDAI PPI and product rules
What 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
What is the recommended action for Free-Look, Cancellation and Refund?
Capture delivery, consent and cancellation timestamps.
What is the Finin2min conclusion on Proposal Disclosure and Misrepresentation?
Material disclosure is fact- and product-sensitive; insurers also owe fair underwriting and reasoned decisions.
Which legal anchor applies to Proposal Disclosure and Misrepresentation?
Insurance Act and policy law
What 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
What is the recommended action for Proposal Disclosure and Misrepresentation?
Build a proposal-to-medical-to-claim chronology.
What is the Finin2min conclusion on Agents, Brokers and Intermediaries?
Licensing, conduct, remuneration, solicitation and recordkeeping differ by intermediary type.
Which legal anchor applies to Agents, Brokers and Intermediaries?
IRDAI intermediary regulations
What 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
What is the recommended action for Agents, Brokers and Intermediaries?
Map licence scope, product panel and sales evidence.
What is the Finin2min conclusion on Insurer Corporate Governance?
Boards, committees, key management persons, control functions and related-party oversight form the governance core.
Which legal anchor applies to Insurer Corporate Governance?
IRDAI governance master circular
What 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
What is the recommended action for Insurer Corporate Governance?
Document mandates, reporting and challenge evidence.
What is the Finin2min conclusion on Solvency, Valuation and Investments?
Capital and asset controls must reflect liability valuation, admissibility, concentration and stress.
Which legal anchor applies to Solvency, Valuation and Investments?
IRDAI actuarial, finance and investment regulations
What 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
What is the recommended action for Solvency, Valuation and Investments?
Maintain regulatory valuation and stress reconciliations.
What is the Finin2min conclusion on Reinsurance Programme and Placement?
Board-approved programmes, retention, placement, documentation and counterparty controls shape risk transfer.
Which legal anchor applies to Reinsurance Programme and Placement?
IRDAI reinsurance framework
What 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
What is the recommended action for Reinsurance Programme and Placement?
Align underwriting, treaty, finance and claims data.
What is the Finin2min conclusion on Rural, Social and Motor Obligations?
Insurers carry prescribed business and reporting obligations beyond ordinary commercial targets.
Which legal anchor applies to Rural, Social and Motor Obligations?
IRDAI obligations framework
What 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
What is the recommended action for Rural, Social and Motor Obligations?
Integrate them into annual business planning.
What is the Finin2min conclusion on Insurance Fraud, AML and KYC?
Insurers and intermediaries need onboarding, transaction, claim and fraud-risk controls.
Which legal anchor applies to Insurance Fraud, AML and KYC?
PMLA, IRDAI AML and fraud controls
What 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
What is the recommended action for Insurance Fraud, AML and KYC?
Use alert, investigation, decision and reporting protocols.
What is the Finin2min conclusion on Insurance Accounting, Tax and Finance Link?
Regulatory reporting, statutory accounts, actuarial valuation and tax may use different measurement bases.
Which legal anchor applies to Insurance Accounting, Tax and Finance Link?
IRDAI finance rules, accounting standards and tax law
What 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
What is the recommended action for Insurance Accounting, Tax and Finance Link?
Maintain controlled bridges between reporting frameworks.
Source and review trail
Use the current official instrument, portal or regulator publication before acting.
- Official starting point
- irdai.gov.in