Page 52 - Insurance Times April 2022

Extension of timelines for sale and 5. This has the approval of competent authority.
renewal of short term Covid specific
DVS RAMESH
health insurance policies General Manager (Health)

IRDAI/HLT/REG/CIR/57/03/2022 Dividend Criteria for Equity Investment
28th March,2022 under “Approved Investment”

1. Reference is invited to the short term Covid specific health IRDAI/F&I/CIR/INV/51/03/2022
insurance policies permitted to be offered by all Insurers. Date: 24th March, 2022
2. In partial modification of Clause 2 of Circular ref.no:
IRDAI/HLT/REG/CIR/246/09/2021 dated 13th September, In continuation to circular no: IRDAI/F&I/CIR/INV/255/09/
2021, all insurers are permitted to offer and renew 2021 Dt. 27th Sep, 2021 on the subject, the Authority in
short term Covid specific health policies up to exercise of its powers conferred under Regulation 14(2) of
30.09.2022. the IRDAI (Investments) Regulations, 2016, hereby permits
3. Accordingly, Corona Kavach Policies offered as per Insurers to classify investments in Preference Shares and
Guidelines on Covid Standard Indemnity based Health Equity Shares as part of “Approved Investment” if dividend
Policy of Circular ref no. IRDAI/HLT/REG/CIR/163/06/ is paid on such Shares “for at least 2 years out of 3
2020 dated 26.06.2020 and Corona Rakshak Policies consecutive years immediately preceding ” instead of “for
offered as per Guidelines on Covid Standard benefit at least 2 consecutive years immediately preceding” (as
based Health Policy of Circular ref no. IRDAI/HLT/REG/ required under Regulation 3(a)(4) and 3(a)(5) of IRDAI
CIR/164/06/2020 dated 26.06.2020 are also permitted (Investment) Regulations, 2016) for the period from 1st
to be offered and renewed by all insurers up to April, 2022 to 30th September, 2022.
30.09.2022.
4. All other terms and conditions remain valid as specified (M S Jayakumar)
under the respective guidelines. GM-Investments

More need of Protection and Indemnity (P&I) insurers

Cochin Port Authority has sought support of the Directorate General of Shipping to approve more Protection And
Indemnity (P&I) insurers that provide cover to ships calling at major ports.
The port's request comes in the wake of representation given by Cochin Chamber of Commerce and Industry, saying
that the decision to limit the authorisations to only 29 P&I Clubs in major ports has affected the business opportuni-
ties of shipping communities in Kochi especially in crew change and bunkering.
India has made it mandatory for foreign ships entering the country's ports to hold a valid third-party liability cover
against maritime claims such as pollution, wreck removal and damage to port property. Such thirdparty liability risks
have to be insured with the London based International Group of Protection and Indemnity Clubs (IG Clubs) or such
other insurance company authorised by the government, according to the Merchant Shipping (Regulation of Entry
of Ships into Ports, Anchorage and Offshore facilities) Rules 2012.
K Hari Kumar, President of the Chamber said that the situation has come at a time when Kochi has emerged as a hub
port for crew change, bunkering, supply of spares and provisions during the pandemic, bringing more revenue to the
port. But, due to the limited number of approved insurers, several ships are not able to anchor either at the port
berths or at the outer anchorage for crew change operations, he said.
Port authorities have started restricting vessels within the port limits based on the DG Shipping approved list of P&I
insurers. The limited authorisations have been given to 29 entities, even though there are around 2,000 P&I insurers
globally. This has resulted in restrictions on vessels insured by entities other than the 29 from entering Indian ports,
he said.

52 The Insurance Times, April 2022