Page 36 - Latest Updates on IRDAI
Irdai bars Anil Ambani-led Reliance Health Insurance from selling policies
Irdai has also asked RHICL to "ring fence" its residual assets and not dispose them of without the insurance regulator's prior written approval.
 "Irdai bars Anil Ambani-led Reliance Health Insurance from selling policies")
TCS, Wipro among others in fray to manage Irdai's biz analytics project
The four companies had submitted their initial bids in response to an 'expression of interest' floated by the Insurance Regulatory and Development Authority of India
 "TCS, Wipro among others in fray to manage Irdai's biz analytics project")
Irdai asks insurers to give details on exposure to DHFL, IL&FS, ADAG
All the four entities, for which data was sought by Irdai on October 9, have been downgraded by credit rating agencies recently
 "Irdai asks insurers to give details on exposure to DHFL, IL&FS, ADAG")
Centre initiates process to appoint two full-time members on Irdai board
Both the appointments shall be made by the central govt on the recommendations of the Financial Sector Regulatory Appointment Search Committee.
 "Centre initiates process to appoint two full-time members on Irdai board")
BSE-Ebix JV gets IRDAI approval for distribution of insurance products
The JV will make use of the reach of both BSE and EbixCash, which spans over 300,000 outlets across the country
 "BSE-Ebix JV gets IRDAI approval for distribution of insurance products")
Make sure insurance ads are clear, fair and not misleading: Irdai to firms
The Irdai in a circular on 'insurance advertisements' has prescribed dos and don'ts for insurance companies to comply with.
 "Make sure insurance ads are clear, fair and not misleading: Irdai to firms")
Irdai pulls up life insurers for under-reporting operating expenses
The regulator, in 2016, had set a limit for managing expenses of life insurers
 "Irdai pulls up life insurers for under-reporting operating expenses")
Gaps, overlaps, traps and mishaps
The SEBI-SAT standoff is expected to end up in the Supreme Court
 "Gaps, overlaps, traps and mishaps")
IRDAI tries to bring more transparency into life, health and travel covers
Lack of clarity often led to disputes between customers and insurers over whether certain claims could be honoured
 "IRDAI tries to bring more transparency into life, health and travel covers")
A regulatory sandbox a win-win for all stakeholders, says Irdai
Irdai will start receiving application from insurance companies such as InsurTech and others from September 15 on product ideas under the sandbox approach
Irdai to revisit motor third party obligation regulations for insurers
The regulator has constituted a working committee for reviewing the current motor third party obligation regulations for insurers
Irdai partnering states to contact those with uninsured vehicles
Under the Motor Vehicles Act, it is mandatory for all vehicles to have a third-party insurance cover
 "Irdai partnering states to contact those with uninsured vehicles")
Life insurers register 6% growth in new premium income in July: Irdai
The largest life insurer LIC recorded a rise of 3.10 per cent in its new premium in July at Rs 15,311.87 crore as against Rs 14,851.77 crore in the same month a year ago
 "Life insurers register 6% growth in new premium income in July: Irdai")
Account aggregator to make applying for loan less cumbersome for users
An app will take a user's consent to share financial data with organisations
 "Account aggregator to make applying for loan less cumbersome for users")
Purchase term plan from insurer which has a high claim settlement ratio
Since it is advisable to keep insurance and investment separate, a term plan should be your first choice among insurance products
 "Purchase term plan from insurer which has a high claim settlement ratio")
Irdai's regulatory changes likely to make insurance products more appealing
Now policies will acquire a surrender value after two premiums have been paid
 "Irdai's regulatory changes likely to make insurance products more appealing")
DHFL crisis: Insurers seek Irdai nod to be part of inter-creditor agreement
Sources say that insurance companies have already held preliminary talks with Irdai on the matter
 "DHFL crisis: Insurers seek Irdai nod to be part of inter-creditor agreement")
Insurers to make available standalone 'own damage' motor policy from Sep 1
Buying own damage (OD) vehicle insurance is optional. OD covers natural calamities, like earthquakes and floods, and also disasters such as vandalism and riots
 "Insurers to make available standalone 'own damage' motor policy from Sep 1")
Irdai may hike third party insurance premium for cars, two-wheelers in FY20
The regulator has sought comments from stakeholders on the proposed rates till May 29
Mental, genetic ailments eligible for health cover under new Irdai norms
All health covers filed and cleared after April 1, 2019 must adhere to norms; existing policies not in adherence shall not be offered and promoted April 1, 2020 onwards
 "Mental, genetic ailments eligible for health cover under new Irdai norms")