“IRDAI (Fee for Registering Cancellation or Change of Nomination) Regulations, 2015” establishes guidelines for the fees associated with registering the cancellation or change of nomination on life insurance policies. Here’s a detailed summary of these regulations:
General Provisions
Title and Commencement: The regulations are officially titled as the IRDAI (Fee for Registering Cancellation or Change of Nomination) Regulations, 2015. They came into force on the date of their publication in the Official Gazette.
Applicability: These regulations apply to all life insurance policies where a cancellation or change of nomination is affected.
Definitions
Provides definitions and clarifications for terms used in the regulations, which follow the meanings assigned to them in the Insurance Act, 1938, or the Insurance Regulatory and Development Authority Act, 1999.
Fee Structure
Electronic Policies: For policies issued in electronic form, the fee for registering a cancellation or change of nomination shall not exceed INR 50 (Rupees fifty only), inclusive of all applicable taxes.
Non-Electronic Policies: For policies not issued in electronic form, the fee shall not exceed INR 100 (Rupees one hundred only), inclusive of all applicable taxes.
No Additional Fees: No fees other than those prescribed will be collected for registering a nomination either at the time of effecting a policy or at any time thereafter, or for any other services relating to nomination as specified in Section 39 of the Insurance Act, as amended.
Acknowledgement of Nomination
The nomination made by a policyholder at the inception of the policy through the proposal form and recorded by the insurer in the policy document’s schedule will be considered a valid acknowledgement by the insurer.
Power to Remove Difficulties
– The Chairperson of the Authority has the power to issue clarifications or guidelines to address any doubts or difficulties that may arise in the application or interpretation of these regulations.
These regulations aim to standardize the fees charged for changes in policyholder nominations, ensuring transparency and fairness in the process, and providing clear guidelines for both insurers and policyholders.
