 "What is Insurance Regulatory and Development Authority of India (Irdai) ?")
IRDAI
What is Insurance Regulatory and Development Authority of India (Irdai) ?
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Latest Updates on IRDAI
Go Digit General Insurance's Q4 net profit up 2.2 times at ₹115.61 crore
The expenses of the insurer rose by nearly 9.39 per cent Y-o-Y to ₹2,426.12 crore
 "Go Digit General Insurance's Q4 net profit up 2.2 times at ₹115.61 crore")
Irdai warns Heritage TPA against unilaterally closing health claims
The order is in response to the remote inspection conducted by the authority from November 8, 2021 to November 11, 2021
 "Irdai warns Heritage TPA against unilaterally closing health claims")
Insurers struggle to meet motor third party obligations set by Irdai
Inusrers with 5 per cent to 10 per cent share in Motor TP segment must expand their insurance by 7.5 per cent over the last year
 "Insurers struggle to meet motor third party obligations set by Irdai")
Margin improvement likely to boost life insurance companies' stocks
Diversified insurers like ICICI Prudential Life Insurance or IPRU may be better positioned while those reliant on parent bancassurance
 "Margin improvement likely to boost life insurance companies' stocks")
Cyber incidents: IRDAI asks insurers to empanel forensic experts in advance
Insurance Regulagtory and Development Authority of India (Irdai) said that in today's digital age, any cyber incident and crisis poses significant threats to organisations
 "Cyber incidents: IRDAI asks insurers to empanel forensic experts in advance")
Govt approves Swaminathan S Iyer's appointment as Irdai Life Member
He is appointed for five years from the date of assumption of charge or until he attains the age of 62 years or until further orders, whichever is earlier
 "Govt approves Swaminathan S Iyer's appointment as Irdai Life Member")
Star Health Insurance's shares hit 52-week low amid reports of Irdai probe
Company calls it a routine exercise to ensure compliance
 "Star Health Insurance's shares hit 52-week low amid reports of Irdai probe")
LIC counters Rahul Gandhi, says it's committed to policyholders, agents
The clarification came a day after some of the LIC agents met the Leader of Opposition and raised certain issues regarding recent changes in rules by IRDAI and LIC
 "LIC counters Rahul Gandhi, says it's committed to policyholders, agents")
Former SBI & LIC chiefs among new members of Irdai's advisory panel
The regulator proposed that the IAC should allow the circulation of meeting notices and agendas to its members in less than seven days, subject to chairperson approval
 "Former SBI & LIC chiefs among new members of Irdai's advisory panel")
Insurers likely to prefer bond forwards over forward-rate agreements
Irdai allows insurers to hedge interest rate risks with bond forwards
 "Insurers likely to prefer bond forwards over forward-rate agreements")
Several hits, few misses in Debasish Panda's 3-year tenure as Irdai chief
Irdai under Panda moved to principle-based regulation from rule-based regulation
 "Several hits, few misses in Debasish Panda's 3-year tenure as Irdai chief")
Irdai lets insurers to undertake transactions in bond forwards for hedging
The Reserve Bank has recently issued directions specifying that any entity, eligible to be classified as a non-retail user shall be eligible to undertake transactions in Bond Forwards
Govt invites applications for Irdai chief's post as Panda's term ends soon
The last day for submitting applications is April 6
 "Govt invites applications for Irdai chief's post as Panda's term ends soon")
Insurance cos knock on Irdai door seeking more time to implement Bima-ASBA
Insurers seek Irdai's nod for more time to implement Bima-ASBA, citing early deadline; feature allows policyholders to block premiums until underwriting is completed
 "Insurance cos knock on Irdai door seeking more time to implement Bima-ASBA")
Insurance cos knock on Irdai door seeking more time to implement Bima-ASBA
The insurance regulator had in mid-February set the March 1 deadline for rollout of the feature, which allows insurers to take a customer's consent and block the premium amount for a period of 14 days
 "Insurance cos knock on Irdai door seeking more time to implement Bima-ASBA")
Multi-year health insurance policy sales dip as agents' commissions drop
Irdai's new accounting norms for premium reporting has resulted in insurers revising commissions on multi-year health policies
 "Multi-year health insurance policy sales dip as agents' commissions drop")
Home insurance: Cover should suffice to rebuild structure, replace contents
A home insurance policy covers damage from earthquakes, fires, explosions, floods, landslides, cyclones, storms, aircraft damage, and acts of terrorism
 "Home insurance: Cover should suffice to rebuild structure, replace contents")
Irdai retains obligatory cession at 4% for FY26, third year in a row
Obligatory cession is the portion of business that Indian non-life insurers must mandatorily reinsure with GIC Re
Irdai move on equity derivatives: Insurers gain tools to manage volatility
Irdai felt the need to permit insurers to hedge through equity derivatives
Health insurance premium growth in slow lane due to tapering demand
Change in accounting norms, sharp decline in premiums from govt. schemes have also weighed on health insurance premium growth
 "Health insurance premium growth in slow lane due to tapering demand")
