IRDAI Current Affairs - 2020

International Financial Services Centre Authority established by GoI

The Government of India has established International Financial Services Centre Authority. The headquarters of the authority is to be established in Gandhinagar, Gujarat.

Highlights

The Authority was established through a notification. The notification issued by the GoI brings into effect certain effects of IFSCA Act, 2019. The authority will regulate financial markets in the International Financial Service Centres in India. The main function of the authority is to regulate financial products such as contracts of insurance, deposits, securities of the financial institutions that have been approved by regulators. The regulators include RBI, SEBI, Pension Fund Regulatory and Development Authority, IRDAI.

International Financial services Centres Authority

The authority consists of 9 members that are appointed by the Government of India. The members are to have a term of three years. The members include Chairperson, two members from Ministry of Finance, one each from RBI, SEBI, IRDAI and PFRDA and two members based on the recommendation of search committee

International Financial Service Centre

The IFSC will provide fund raising services to corporates, individuals and governments. It will also look into global tax management, wealth management, merger, risk management operations, etc.

The IFSCA will act as a unified authority to the IFSCs in India. This will reduce the burden of other multiple regulators such as SEBI, RBI and IRDAI. This is because all the insurance, capital markets are currently being regulated by them.

Arogya Sanjeevani Insurance Policy: IRDAI launches Guidelines

The Insurance Regulatory and Development Authority of India (IRDAI) has provided guidelines for the health insurance providers to implement Arogya Sanjeevani Insurance Policy. The regulator had earlier made it mandatory for the insurance providers to frame a policy to provide basic coverage to at least 55% of Indian population.

About the policy

The “Arogya Sanjeevani Insurance Policy” guidelines was basically launched to cover the hospitalisation expenses of the COVID-19 patients. The policy is not brought by GoI rather instructed by GoI. So far policies of 29 health and insurance companies to cover COVID-19 have been approved by IRDAI.

Guidelines of the Policy

The cost of the premium shall cover between Rs 1000 and Rs 1 lakh. Interested customers shall opt for coverage up to Rs 5 lakhs. It is to be availed for citizens above the age of 18 years and up to the age of 65 years. The room rent shall also be covered under the policy. It has been capped at 2% of the sum.