COVID-19: Insurance Regulatory Updates

Introduction

In order to address the ever changing COVID-19 pandemic situation in India, the Indian government has issued various notifications, including a nation-wide closure of all public and private establishments (with an exception for essential service providers) which has had a direct impact on the normal functioning of all entities, including those in the insurance sector.

With a view to ensure business continuity of Insurers and other insurance entities and ensuring proper service to policyholders, commencing March 2020, the Insurance Regulatory and Development Authority of India (IRDAI) has also issued directions on, inter alia, handling of COVID-19 claims, extension of grace periods for premium payment, relaxation of regulatory timelines and expeditious servicing of insurance policies.