Page 45 - Insurance Times April 2017 Special Issue on Newindia

b. Group-2: (Security Audit) All other conditions mentioned in the guidelines dated
c. Group-3: (Legal aspects on Cyber Security) 29.12.2014 will remain unchanged.

This circular comes into force with immediate effect.
The sub-groups met on various dates, held several rounds
of discussions and has come out with draft framework along
with a tentative audit-checklist. The framework has been Member (Life)
prepared based on various Industry standards in Information
& Cyber Security and the best practices followed by the File & Use procedure for minor modifica-
insurers. tions under existing products and riders

offered by Life Insurers
All stakeholders are requested to go through the attached
exposure draft (Annex-I) and provide their feedbacks/ Ref: IRDA/ACT/CIR/MISC/054/03/2017
Comments in the format by e-mail to Shri. Mahesh Agarwal,
Date: 07-03-2017
DGM-IT at maheshagarwal[at] irda[dot]gov[dot] in [under
copy to it [at] irda [dot] gov [dot] in].
To all the CEOs of Life Insurance Companies
1. Change in current File and Use procedure
(A.R.Nithiyanantham) The products offered by Life Insurers need to keep pace
Chief General Manager (IT) with changing requirements of consumers as well as
ensuring compliance with extant regulatory provisions.
Guidelines on Claim processing for Group This may sometimes require minor modifications to
Insurance Policies - Addition of new Cat- already approved products. The need to address the
above necessitates quicker approval of the product
egories of Master Policyholders modifications.

Ref:IRDAI/Life/Cir/GDL/049/3/2017 In view of the above, and to make the product
Date: 03-03-2017 modification process more efficient, it has been
decided that the following minor modifications to the
The Authority issued Guidelines on Claim Processing for approved products and riders will be allowed without
Group Life Insurance Policies under Lender Borrower complete procedure under File and Use:
Schemes vide cir ref: IRDA/Life/Cir/GDL/285/12/2014 dated 1.1. Changes in premium rates/charges and benefit
amounts under approved products and riders on
29/12/2014 which provided that insurers may settle the
account of implementation of IRDAI (Payment of
outstanding loan amounts to certain categories of Master
commission or remuneration or reward to
Policyholders prescribing therein the procedure to be
Insurance Agents and Intermediaries)
adopted. In partial modification to the above circular, the
Regulations, 2016
Authority, vide circular ref: IRDA/Life/Cir/GDL/179/10/2015
dated 13/10/2015 has further included Co-operative Banks. 1.2. Changes in premium rates and/or benefit amounts
under Non-Linked Non Par products (including
The Authority is in receipt of requests from the insurance annuities) on account of change in interest rates
companies seeking application of the existing provisions of under premium basis
circular ref: IRDA/Life/Cir/GDL/285/12/2014 dated 29/12/ 1.3. Addition of already approved riders to approved
2014 to 'National Minority Development Finance products
Corporation (NMDFC), its State Channelizing Agencies' and
1.4. Addition of premium payment modes
the new 'Small Finance Banks regulated by RBI'. On
(frequencies)
examination of the request of the Insurer, the Authority has
decided to extend the scope of the existing guidelines to: 1.5. Addition of new distribution channel
a. National Minority Development Finance Corporation 1.6. Addition of already approved funds to approved
(NMDFC) and its State Channelizing Agencies unit linked products
b. Small Finance Banks regulated by RBI 1.7. Extension of premium table to higher/lower ages

The Insurance Times, April 2017 45

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