Insurance Rules amended to cover risk on 3rd Party and Health Insurance policies pending renewal during the nationwide lockdown

G.S.R. 229 (E) .—In exercise of powers conferred by sub-sections (1) and (5) of section 64VB of the Insurance Act, 1938, the Central Government hereby makes the following rules further to amend the Insurance Rules, 1939, namely:-

1. (1) These rules may be called the Insurance (Amendment) Rules, 2020.

(2) It shall come into force on the date of its publication in the Official Gazette.

2. In the Insurance Rules, 1939, in rule 59, after clause (n), the following clauses shall be inserted, namely:-

“(o) Motor vehicle third party insurance policies. – In the case of renewal of motor vehicle third party insurance policies falling during the period of lockdown due to outbreak of COVID-19 pandemic, the risk may be assumed subject to the condition that the premium shall be paid within such time as the Central Government may, by notification, specify in this behalf;

(p) Health insurance policies.- In the case of renewal of health insurance policies falling during the period of lockdown due to outbreak of COVID-19 pandemic, the risk may be assumed subject to the condition that the premium shall be paid within such time as the Central Government may, by notification, direct in this behalf.”

Ministry of Finance

[Notification dt. 01-04-2020]