Page 11 - Latest Updates on IRDAI
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
 "Irdai notifies a consolidated regulation on expenses of management")
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")
Future Generali life insurance aims to grow upto 18% CAGR by FY26: Rungta
The New Business Premium (NBP) of the company declined by 35.48 per cent in April-November 2023 to Rs 257.75 crore from Rs 399.51 crore in the year ago period
 "Future Generali life insurance aims to grow upto 18% CAGR by FY26: Rungta")
Health insurance: Govt to discuss 24-hr hospitalisation rule with Irdai
President of NCDRC, Justice Amreshwar Prasap Sahi, said that some district forums have innovated and ordered insurance cos to clear claims even when hospitalisation was less than 24 hrs
 "Health insurance: Govt to discuss 24-hr hospitalisation rule with Irdai")
Higher surrender value to badly hit life insurers margins: Report
The Insurance Regulatory and Development Authority (Irdai) earlier this month put out a draft circular proposing an increase in the surrender value of a life policy by revising upwards threshold limit
 "Higher surrender value to badly hit life insurers margins: Report")
Centre may set up regulator for healthcare to expand insurance coverage
A regulator for the healthcare sector is expected to bring in standardisation and lower the costs
 "Centre may set up regulator for healthcare to expand insurance coverage")