F. No. IRDA/Reg/5/156/2019.—In exercise of the powers conferred by clause (zd) of subsection (2) of Section 114 A of Insurance Act, 1938 (4 of 1938) and Sections 14 and 26 of the Insurance Regulatory and Development Authority Act, 1999, the Authority, in consultation with the Insurance Advisory Committee, hereby makes the following amendment to the IRDAI (Appointed Actuary) Regulations, 2017, namely: –
1. Short title and commencement
a. These Regulations may be called the Insurance Regulatory and Development Authority of India (Appointed Actuary) (Amendment) Regulations, 2019.
b. They shall come into force on the date of their publication in the Official Gazette.
2. In the IRDAI (Appointed Actuary) Regulations, 2017-
a. In Regulation 6-
i) the following shall be inserted after sub-regulation 6(b), namely: –
“(c): For business continuance, the insurer may need exemption from Regulation 5 for a further period beyond one year. Upon request of the insurer and based on merits of the case, the Chairperson may grant extension for a further period not exceeding two years.
Insurance and Regulatory Development Authority of India
[Notification dt. 15-05-2019]
For my wife (64 years old)i have applied through policy bazar and they have informed that she will get from Aditya Birla Active one VVTIL. She is having Heart Enlargement but for the past 3 years the enlargement stopped at 61.5. At that time of application i have provided her last year medical report. Moreover she is having obesity. As per the policy terms the crornery disease is exempted. Accordingly I paid Rs.55,983/- for Rs.Ten Lakhs policy. Now they want to exclude the heart permanently and want to switch over to 5 or 7 Lakhs with co-payment.