Preamble - INSURANCE (AMENDMENT) RULES, 2020

INSURANCE (AMENDMENT) RULES, 2020

PREAMBLE

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:-

Rule 1 - RULE 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.

Rule 2 - RULE 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.".