Page 10 - Latest Updates on IRDAI
Irdai raises concern over Hinduja Group-led IIHL's bid for Reliance Capital
The regulator has sought clarification regarding equity capital that IIHL, the proposed buyer of insolvent Reliance Capital is willing to put in
 "Irdai raises concern over Hinduja Group-led IIHL's bid for Reliance Capital")
Loan against insurance, minding mental health: Top personal finance stories
Our top stories this week tell you about the pros and cons of using your life policy as collateral and what it takes to be mentally fit
 "Loan against insurance, minding mental health: Top personal finance stories")
Choose life policy carefully; early surrender can cause major losses
Switch credit card if changes in reward structure do not align with your needs
 "Choose life policy carefully; early surrender can cause major losses")
Bima Sugam - your one-stop portal for all insurance policies: Details here
It's an online platform where customers can choose a suitable scheme from multiple options given by various companies
 "Bima Sugam - your one-stop portal for all insurance policies: Details here")
LIC, GIC Re and New India Assurance Company retain the 'D-SII' tag
D-Slls are insurance companies which are perceived as 'too big or too important to fail'(TBTF) based on their size, market importance, and domestic and global interconnectedness
 "LIC, GIC Re and New India Assurance Company retain the 'D-SII' tag")
Irdai retains surrender value norms, positive for life insurers: Analysts
Insurance industry leaders believed that higher surrender values could lead to the premature exit of policyholders from long-term insurance policies
Irdai notifies series of regulations, tweaks rules on surrender charges
A surrender value in insurance refers to the amount paid by the insurers to the policyholder upon terminating the policy before its maturity date
Irdai allows firms to offer customised insurance to match customer needs
That there is no flash in the pan has been made clear by the insurance regulator when it announced these changes through a series of gazette notifications on Friday
 "Irdai allows firms to offer customised insurance to match customer needs")
Bima Sugam likely to reduce dependence on intermediaries for insurers
According to IRDAI's annual report for FY23, the online sales channel of life insurers contributed to 0.84 per cent of the individual new business premium (NBP)
Will end FY24 with growth rate of over 30%: CEO Shriram Life Insurance
In life insurance, it is about creating distribution capacity and solutions for customers. We are constantly working on that Casparus JH Kromhout, managing director and chief executive officer said
 "Will end FY24 with growth rate of over 30%: CEO Shriram Life Insurance")
Banks to insurers: Using the ombudsman system to get complaints resolved
A guide to how banks, insurers, brokers and tax officials are supposed to listen to you
 "Banks to insurers: Using the ombudsman system to get complaints resolved")
IRDAI approves Bima Sugam, 7 other regulations in 125th board meet
The board of the insurance regulator approved the 'Bima Sugam' platform where the policyholders can compare premiums and purchase a wide array of insurance products
 "IRDAI approves Bima Sugam, 7 other regulations in 125th board meet")
Galaxy Health gets Irdai approval to launch health insurance business
According to the regulator, this is the sixth registration granted by IRDAI in around one year across the Life, Non-life, and Health segments
 "Galaxy Health gets Irdai approval to launch health insurance business")
Burmans ask Care Health to cancel Rs 350 cr ESOP given to Religare's Saluja
Dabur owners, the Burman family, has increased their stake in Religare to 25.18%, which allows them to block special resolutions at Religare
 "Burmans ask Care Health to cancel Rs 350 cr ESOP given to Religare's Saluja")
Unclaimed insurance funds higher in agent-sold policies: Analysts
LIC accounted for more than 90% of total unclaimed funds in the last five years
Irdai retains obligatory cession of business to GIC Re at 4% for FY25
Obligatory cession refers to the part of the business that general insurance companies have to mandatorily cede to the national reinsurer
 "Irdai retains obligatory cession of business to GIC Re at 4% for FY25")
Irdai to introduce collaterals for reinsurance transactions with CBRs
The proposed guidelines given in an exposure draft will be applicable for all the reinsurance placements with CBRs by cedants or insurers from India
 "Irdai to introduce collaterals for reinsurance transactions with CBRs")
Insurance regulator IRDAI website down, users unable to access services
IRDAI website reported an outage on Tuesday due to some technical issues. Services became inaccessible to users, with the site showing the message - "Our services aren't available right now"
 "Insurance regulator IRDAI website down, users unable to access services")
PB Fintech subsidiary can now facilitate sale of reinsurance products
A composite insurance broker can also sell reinsurance products besides general and life insurance products
 "PB Fintech subsidiary can now facilitate sale of reinsurance products")
Irdai proposes 30 days 'free look' period for policies from date of receipt
At present, for physical policies the free look period is 15 days while for policies sold online, it can be up to 30 days
 "Irdai proposes 30 days 'free look' period for policies from date of receipt")