Page 11 - Latest Updates on IRDAI
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")
Life insurers ask Irdai to charge surrender value on accumulated premia
The exposure draft by Irdai in December 2023 outlined the introduction of a defined premium threshold for each product, beyond which no surrender charges will be levied
 "Life insurers ask Irdai to charge surrender value on accumulated premia")
Irdai launches regulations for insurance electronic marketplace Bima Sugam
The company will be operative and accessible at all times and will not store or hold any data, with the board of the company also having a policy on a revenue model which is self-sustainable
 "Irdai launches regulations for insurance electronic marketplace Bima Sugam")
Irdai chief asks insurance firms to underwrite disruptions to grow biz
Artificial intelligence, machine learning, big data, the internet of things, and many more such new technologies are causing disruptions and changing the traditional fabric of the sector
 "Irdai chief asks insurance firms to underwrite disruptions to grow biz")
Lack of full Bench takes a toll on SAT's functioning and efficiency
Industry players fear that if the Bench is not restored soon, it could hamper the fundraising and expansion plans of companies with pending litigation
 "Lack of full Bench takes a toll on SAT's functioning and efficiency")
Uncharacteristic of NBFCs to seek bank licences: RBI Dy Guv Rajeshwar Rao
'NBFCs have evolved as niche companies serving specific economic functions, and it is uncharacteristic of them to demand becoming like a bank': Rao said
 "Uncharacteristic of NBFCs to seek bank licences: RBI Dy Guv Rajeshwar Rao")
Irdai proposes revising coverage across sectors to secure insurance for all
Irdai said that a new strategy and fresh approach have been devised to boost insurance penetration in the country
 "Irdai proposes revising coverage across sectors to secure insurance for all")
Irdai proposes changes in listing requirements of insurance companies
The insurance regulator has proposed the merger of seven different regulations
 "Irdai proposes changes in listing requirements of insurance companies")
IRDAI asks insurers to give coverage for AYUSH in health insurance policies
IRDAI asked companies to modify products that contain limitations for AYUSH treatments and ensure compliance with the revised guidelines
 "IRDAI asks insurers to give coverage for AYUSH in health insurance policies")
Irdai notifies a consolidated regulation on expenses of management
The RRC recommended the IRDAI (EoM, including commission, of insurers) Regulations 2023, after repealing three separate regulations
Niva Bupa premium growth may slow down to 25-30% over next 3-5 years: CEO
The health insurer is also planning to come up with their Initial Public Offering (IPO) in financial year 2024-25, though the size has not been decided yet
 "Niva Bupa premium growth may slow down to 25-30% over next 3-5 years: CEO")
Nearly 90% of young people lack ability to calculate loan repayments
The exercise involved calculating the total amount to be repaid after a year if one is given the loan amount and the interest applicable
 "Nearly 90% of young people lack ability to calculate loan repayments")
Govt appoints Rajay Kumar Sinha as Irdai's member for three years
Sinha is currently serving as the Managing Director and Chief Executive Officer of SBI Capital Markets, the investment banking arm of the State Bank of India
 "Govt appoints Rajay Kumar Sinha as Irdai's member for three years")
IRDAI eases norms for insurer investment in infrastructure debt funds
New regulation by IRDAI allows greater flexibility for insurers in IDF-NBFC investments
 "IRDAI eases norms for insurer investment in infrastructure debt funds")
Narayana Health gets Irdai nod to launch health insurance business
The company runs one of the largest hospital chains under the brand name of Narayana Hospital
 "Narayana Health gets Irdai nod to launch health insurance business")
Women's life insurance share rises to 34.2% in 2022-23: IRDAI report
As per the IRDAI's annual report 2023, of the total policies sold, the number of policies issued to women was around 9.73 million, which is 34.20 per cent of the total
 "Women's life insurance share rises to 34.2% in 2022-23: IRDAI report")
Sebi tweaks norms for online bond platform providers to boost ease of biz
This move came after Sebi received representations from stock exchanges and market participants, including online bond platforms
 "Sebi tweaks norms for online bond platform providers to boost ease of biz")