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The Insurance Regulatory and Development Authority of India modifies the group life insurance claim processing guidelines for lender-borrower schemes. The Authority updates the category of eligible group organizers to include Reserve Bank of India regulated scheduled banks that include cooperative banks. All other conditions from the previous circular remain unchanged.
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Ref: IRDA/Life/Cir/GDL/179/10/2015
October 13, 2015
To
All the Life Insurance Companies,
GUIDELINES ON CLAIM PROCESSING FOR GROUP LIFE INSURANCE POLICIES UNDER LENDER-BORROWER GROUP INSURANCE SCHEMES.
The Authority vide Circular ref: IRDA/LIFE/CIR/GDL/285/12/2014 dated December 29, 2014 issued directions on the Claim Processing For Group Life Insurance Policies Under Lender-Borrower Group Insurance Schemes in respect of Group Insurance Policies/Schemes administered by the following entities as Group Organisers/Master Policyholders:
The Authority is in receipt of a request seeking inclusion of Scheduled Cooperative Banks, Primary Cooperative Banks, State Cooperative Credit Societies and MFIs registered under Sec. 25 of the Companies Act, 1956 or Sec 8 of the Companies Act 2013 in the above list.
On examination of the request, in partial modification to the referred Circular, the Authority has decided to replace 1 above as RBI regulated Scheduled Commercial Banks with RBI regulated Scheduled Banks (including Co-operative Banks).
All other conditions mentioned in the above circular remain unchanged.
[Image omitted. See the official document.]
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परिಶ್ರম भवन, तीसरा तल, बशीरबाग, हैदराबाद-500 004. भारत (: 91-040-2338 1100, फैक्स: 91-040-6682 3334 ई-मेल: irda@irda.gov.in वेब: www.irda.gov.in
Parisharam Bhavan, 3rd Floor, Basheer Bagh, Hyderabad-500 004. India. Ph.: 91-040-2338 1100, Fax: 91-040-6682 3334 E-mail : irda@irda.gov.in Web.: www.irda.gov.in
