Page 52 - The Insurance Times September 2022

may be sent in the attached format (Annexure- B) by A list of Frequently Asked Questions (FAQs) related to the
25th August , 2022 to insurtech-mission@irdai.gov.in registration of insurers is also placed on the portal. Further,
with a copy to deepakkg@irdai.gov.in. an internal facilitation group will be formed within IRDAl for
each new application. The group will provide necessary
Applicability of Service Tax / GST on ser-
guidance on the process to be followed for registration of
vices provided by IRDAI to Insurance inter- insurers with IRDAI.

mediaries
Exposure Draft Regulatory Sandbox Regu-
IRDAI/GA&HR/CIR/MISC/172/8/2022
lations Amendment 2022
11/08/2022
IRDAI/INT/ED/REG/166/8/2022

Date:03-08-2022
As per the Order passed by the Commissioner (Appeals – I)
in appeal no. HYD/SVTAX-HYC/APP-025-022-23 (APP1) dated
22/06/2022, it is stated that the services provided by the 1. In order to facilitate open architecture which will en-
Authority to Insurance intermediaries are liable for Service able the prospects and policyholders to have wider ac-
Tax / GST. cess in purchasing insurance and also to enhance the
reach of insurance to every nook and corner of the
Therefore, all insurance intermediaries are advised to ensure
country, the IRDAI (Registration of Corporate Agents)
that any payment made to the Authority towards fees /
Regulations, 2015 and IRDAI (Registration of Insurance
charges etc., paid / payable on or after 12/08/2022 shall be
Marketing Firm) Regulations, 2015 have been re-
made along with GST @ 18%. Instructions in respect of Ser-
viewed. The key changes proposed to be brought about
vice Tax / GST for the earlier period will be issued separately.
to these two regulations (through the IRDAI (Insurance
Further, all the insurance intermediaries are directed to
Intermediaries) (Amendment) Regulations, 2022 are: -
submit a copy of their GST registration certificate bearing
Increase in the maximum limit of tie-ups with in-
the Goods and Services Tax Identification Number to the
surers for Corporate Agents from the existing three
Authority on the e-mail ID, kanthishri@irdai.gov.in and
for each category of insurance to nine for each cat-
accounts@irdai.gov.in on or before 20th August, 2022 for
egory of insurance;
the purpose of including the same in the invoices generated
by the Authority in respect of the fee collection. Increase in the maximum limit of tie-ups with in-
surers for Insurance Marketing Firms from the ex-
CGM (General Administration & HR) isting two for each category of insurance to six for
each category of insurance;
IRDAl Single Window NOC Portal
Removal of the restriction on Corporate Agent
17.08.2022
(General) to place commercial lines of products
having a total sum insured not exceeding rupees
Insurance Regulatory and Development Authority of India
five crores per risk for all insurances combined.
(IRDAI) is constantly driving to increase insurance penetra-
tion, ensuring availability of insurance in every nook and 2. The exposure draft of IRDAI (Insurance Intermediaries)
corner of country and also facilitating ease of doing busi- (Amendment) Regulations, 2022, is attached herewith.
ness in the Indian Insurance market. In this direction, IRDAI
3. All the stakeholders are requested to submit their com-
has launched a Single Window NOC Portal
ments / suggestions, if any, on the proposed amend-
(www.noc.irdai.gov.in).
ment in the regulations in the given format on or be-
This will expedite the process of incorporation of an insurer. In- fore 5:00 PM on 24th August, 2022 to
terested entities can obtain NOC from IRDAl through the 'Single ramasudheer@irdai.gov.in with a copy to
Window NOC Portal' in a hassle free and time bound manner. nirmalraj.ks@irdai.gov.in

52 The Insurance Times, September 2022