Irdai

Irdai notifies Ind AS norms for insurers; allows one-year forbearance

Regulator allows one-year forbearance and extends parallel reporting to two years as insurers transition to Ind AS framework from April 2026

India's sub-sovereign borrowing costs top 8%, highest since July 2022

Indian states raised around 400 billion rupees ($4.22 billion) earlier in the day, of which 180 billion rupees, or 45% of the amount, was raised at cutoff yields ranging between 8.00% and 8.09%

Irdai asks insurance companies to keep branches open on March 31

Regulator directs insurers to maintain normal working hours on financial year-end to avoid inconvenience to policyholders

New insurance rules from April 1: What IRDAI’s big accounting shift means for your policy

India’s insurance regulator is introducing a major accounting reform from April 1. Insurers will adopt the Ind AS 117 framework, a global standard for insurance reporting.

Bima Sugam to roll out standardised life, health, motor insurance this year

Bima Sugam to introduce standardised motor, health and life products this year, while Irdai plans a Public Insurance Repository to enhance data infrastructure and analytics

Irdai clears Allianz Jio Reinsurance, Kiwi General Insurance to begin ops

In a press release following its 134th board meeting, the regulator said it had granted certificates of registration to one reinsurer and one general insurer

Australia's QBE to buy Prism Johnson's 51% stake in Raheja QBE for ₹324 cr

QBE Insurance Group will acquire Prism Johnson's 51 per cent stake in Raheja QBE for Rs 324 crore, making it the first foreign insurer to fully own Indian general insurance company after FDI reforms

Ahead of IFRS transition, insurance industry's demand for actuaries rises

Insurers preparing for IFRS and risk-based capital frameworks are stepping up actuarial hiring, but limited supply, high turnover and rising reporting complexity pose challenges

Irdai proposes April 2026 shift to Ind AS with parallel reporting phase

To smooth the transition, Irdai has proposed parallel reporting under both Ind AS and Indian GAAP during the first year of implementation

India needs more qualified actuaries amid RBC, IFRS transition: Irdai Chair

Irdai Chairman Ajay Seth flags acute actuarial talent shortage, says capacity building critical as India adopts risk-based capital norms and aligns with IFRS standards

Life insurance firms propose deferment of frontloaded commissions

Industry players meet Irdai chief; upfront payouts may be deferred to reduce acquisition costs

Leading South Korean insurers explore entry into India's $130 bn market

MUMBAI, Feb 6 (Reuters) - South Korean firms Samsung Fire & Marine Insurance, Mirae Asset Financial Group and Hyundai Marine & Fire Insurance Co are in exploratory talks about entering India's $130 billion insurance market, three Indian sources said.

Soon, single monthly snapshot to reflect all your savings and investments

Investors may soon get a single monthly snapshot of savings and investments across asset classes as Sebi works with other regulators to expand the CAS framework

Insurers knock on Irdai door for clarity on director overlap ban

Insurers seek Irdai clarity on a new law barring common directorships, a move that could disrupt boards of bank-backed insurance companies

Insurers approach Irdai over common directorship rule in new Bill

Insurance companies have sought clarification from Irdai on a provision barring directors from holding board roles across insurers, banks and investment firms, citing governance and compliance concern

Cap or stagger distributor payouts: Life Insurance Council committee

RBI has flagged high expense structure, particularly acquisition costs of insurance companies, in its recent report

Misselling in insurance sector a concern, insurers must probe cause: Irdai

Mis-selling is a significant concern in the insurance sector, and insurers need to conduct a root cause analysis to identify the underlying causes, the regulator Irdai said in its latest annual report. The total number of grievances registered against life insurers has remained almost the same at 1,20,429 in 2024-25 against 1,20,726 in 2023-24, whereas the total number of grievances registered under UFBP (Unfair Business Practices) has increased from 23,335 in 2023-24 to 26,667 in 2024-25, according to the report. Thus, the share of UFBP grievances to total grievances has increased to 22.14 per cent in FY25 compared to 19.33 per cent in the previous fiscal. Mis-selling involves the sale of insurance products to consumers without proper disclosure of terms, conditions or suitability. "To prevent or reduce mis-selling, insurers have been advised to implement strategies, such as assessing product suitability, implementing distribution channel-specific controls and developing a plan to

Misselling grievances against life insurers up 14% in FY25, says Irdai

Mis-selling complaints against life insurers rose over 14% in FY25 even as total grievances dipped marginally, prompting Irdai to flag concerns and seek corrective action

Misselling in insurance sector a significant concern: Irdai annual report

Irdai has flagged mis-selling as a major concern in India's insurance sector, asking insurers to conduct root-cause analysis, even as penetration remained unchanged at 3.7% in FY25

Irdai imposes ₹1 cr penalty on Reliance General Insurance for norm breaches

Regulator said the insurer made payouts to entities and an individual agent in violation of norms, and asked it to place the order before its board and submit an action report