Page 12 - Latest Updates on 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")
Non-linked insurance plan: Surrender or stay? Do the math before deciding
The new norms contained in IRDAI's exposure draft, if implemented, will make surrendering less painful
 "Non-linked insurance plan: Surrender or stay? Do the math before deciding")
Approval for 19 General insurance cos applications in IRDAI's pipeline
Out of the 19 applicants, only Narayana Health Insurance Private Limited has reached the R2 stage of the application. Twelve of them are in their R1 stage
 "Approval for 19 General insurance cos applications in IRDAI's pipeline")
2023: A landmark year with new policies, regulations for life insurers
The regulator amalgamated three different regulations, in line with the suggestions of the regulations review committee
 "2023: A landmark year with new policies, regulations for life insurers")
IRDAI eases claim settlement norms for victims of Cyclone Michaung
The regulator's circular added that the special dispensation granted is applicable to the claims arising out of Cyclone Michaung and the resulting heavy rains/floods
Irdai's diktat on surrender value weighs on life insurance stocks
According to the H1FY24 earnings, the share of Non-Par in Individual Annualised Premium Equivalent (APE) of LIC stood at 10.76 per cent
 "Irdai's diktat on surrender value weighs on life insurance stocks")
Mahindra Finance to foray into life, health, and general insurance
The company will initially invest Rs 5 crore to Rs 10 crore towards technology, hiring and training and certification
 "Mahindra Finance to foray into life, health, and general insurance")
Insurance industry must embrace innovation, enhance capabilities: Irdai
The biggest challenge is to draft a regulation which can foresee, predict and provide guidance for payments, said Panda
 "Insurance industry must embrace innovation, enhance capabilities: Irdai")
Insurance industry faces hurdle in growth due to dearth of human capital
To counter the shortage of human capital, insurance firms are investing in employees by recruiting directly from campuses
ICICI Prudential Life Insurance set to incorporate Bima Sugam entity
The Bima Trinity comprises Bima Vistaar, Bima Vahak, and Bima Sugam
 "ICICI Prudential Life Insurance set to incorporate Bima Sugam entity")
Irdai sets up 11-member taskforce to examine the impact of DPDP Act
The task force is expected to submit the report within a period of 1 month from the issuance of the order
 "Irdai sets up 11-member taskforce to examine the impact of DPDP Act")
Insurance claim rejected? A guide for policyholders to seek redress
In case, the complaint is not resolved within two weeks or if you are not satisfied with their resolution, You can directly register your grievance on Bima Bharosa System
 "Insurance claim rejected? A guide for policyholders to seek redress")
Private general insurers expand market share to 53.58% in H1FY24
The non-life industry had underwritten gross direct premium (GDP) of Rs 1,25,194 crore in the April-September period of 2022-23
 "Private general insurers expand market share to 53.58% in H1FY24")
Mis-selling trap; air purifier basics: Top personal finance stories
Our pick this week explains when you must say no to your relationship manager and what the best purifiers do
 "Mis-selling trap; air purifier basics: Top personal finance stories")
Irdai issues exposure draft on EoM for insurers based on RRC suggestions
The exposure draft has upheld and continues to propose a 30 per cent and 35 per cent limit on EoM for general insurers and standalone health insurers, respectively
GIC wants to divert terror insurance money for oil and nuclear risks
India has Rs 15,000 cr in terror risk insurance: Money could be better used
 "GIC wants to divert terror insurance money for oil and nuclear risks")
Grassroots insurance
SLBC-like forum could be a useful step
IRDAI constitutes taskforce to review existing Bancassurance framework
In order to achieve this objective and considering the interest of the policyholder, Irdai has set up a taskforce to examine the bancassurance framework
 "IRDAI constitutes taskforce to review existing Bancassurance framework")
BS BFSI Summit: Irdai considering SLBC-like body, says chairman Panda
At BS BFSI summit 2023, Panda expressed concern on rising cyber and climate-related risks and the need for insurance companies to develop policies that would address those
 "BS BFSI Summit: Irdai considering SLBC-like body, says chairman Panda")