Page 51 - Insurance Times June 2021

Circular

IRDAI Circular

Availability and Renewal of Standard the much needed trust and goodwill of the general
Corona specific products public.

525/IRDAI/HLT/CK/2020-21 (Suresh Mathur)
Date: 06-05-2021 Executive Director

1. It has come to the notice of the Authority that some of Extension of time limit for filing of returns
the insurers are not offering Corona Kavach and Corona to the Authority and uploading the Public
Rakshak Policies to the customers, and some insurers Disclosures on websites of insurers
are not renewing such policies.
IRDA/F&A/CIR/MISC/ 126 /05/2021
2. In this regard, your attention is drawn to Clause 3 of
Circular Ref No. IRDAI/HLT/REG/CIR/253/10/2020 dated Date:06-05-2021
13.10.2020 which specifies that the insurers have the
choice to allow renewal, migration and portability, as 1. The insurers are required to furnish various regulatory
may be applicable, for these COVID specific standard returns and upload the Public Disclosures on their website
health products (i.e “Corona Rakshak Policy”, “Corona pursuant the instructions issued by the Authority.
Kavach Policy” and “Group Corona Kavach policy”). 2. In view of the partial lockdown and the restrictions
3. In the wake of rising infection rates due to the second imposed by the various states to contain the spread of
wave of the Covid-19, the insurable public require the COVID 19 pandemic, it has been decided that the
appropriate health insurance coverage and it is not time limit for furnishing all monthly, quarterly, half yearly
and annual returns for the period ending on 31.03.2021
correct to deny such coverage to the customers in this
crucial time. All insurers are advised to ensure that is extended by a period of 30 days. Further the time limit
for ensuring compliance with the directions regarding
wherever Corona specific standard products have been
Public Disclosures on websites by insurers, for the period
filed and approved by the Authority, the same should
be offered to the customers according to the insurer’s ended on 31.03.2021, is also extended by a period of 30
days. The insurers may avail the additional time and
underwriting policy. Similarly, where the underlying
corona specific product enables the insured to renew ensure compliance with the requirements of all
regulatory filing and uploading of the public disclosures.
the policy as specified in the above referred circular
dated 13.10.2020, insurers are advised to renew such 3. All insurers shall continue to file the solvency position
policies subject to the underwriting policy of respective with the Authority on monthly basis within 15 days from
insurers. the end of the respective month.
4. As the pandemic has accentuated the need for health (Dr. Mamta Suri)
insurance, all insurers are advised to actively promote Chief General Manager (F&A)
protection through health insurance so as to develop

The Insurance Times, June 2021 51