Page 13 - Latest Updates on IRDAI
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")
BS BFSI Summit 2023: 'Technology creating watershed moment in insurance'
IRDAI's chairperson Debasish Panda said there is a need for regulators to embrace innovation and make consumer-centric policies
Insurers to provide details of basic features to customers from Jan 1
The regulator has observed several complaints from policyholders due to the asymmetry of information between insurers and the policyholders
 "Insurers to provide details of basic features to customers from Jan 1")
Insurers to provide details of basic features to customers from Jan 1, 2024
"The revised customer information sheet (CIS) shall be implemented with effect from January 1, 2024," the regulators said in a circular to all insurance companies
 "Insurers to provide details of basic features to customers from Jan 1, 2024")
Irdai sets up 12-member committee to simplify insurance policy wordings
This comes in the backdrop of the Irdai's observation that policyholders often find it difficult to understand the terms and conditions in insurance policy contracts
Irdai excludes retail sector of general insurance from arbitration clause
Following the amendment, the clause will only apply to commercial lines of business
 "Irdai excludes retail sector of general insurance from arbitration clause")
Irdai mandates TP insurance to employees travelling in employer's vehicle
IRDAI added that no additional premium will be charged until further directions are issued
 "Irdai mandates TP insurance to employees travelling in employer's vehicle")
Sikkim floods: IRDAI asks insurers to ensure quick settlement of claims
Insurers have been asked to mobilise all resources to ensure immediate service response, including engaging the services of surveyors, loss adjustors and investigators
 "Sikkim floods: IRDAI asks insurers to ensure quick settlement of claims")
BimaKavach receives IRDAI's approval for direct insurance broking
In 2022, the company secured $2 million in funding from WaterBridge Ventures, Blume Ventures, Arali Ventures, and Eximius Ventures
Acquisition of RCap: Hinduja-led IIHL in a fix after setback from Irdai
IIHL had sought approval from insurance regulator for the change in control of the ownership of RGIC and RNLIC and creation of pledge over their shares to raise funds from the investors, source said
 "Acquisition of RCap: Hinduja-led IIHL in a fix after setback from Irdai")
Irdai to deploy Bima Vahak in every Gram Panchayat before end of 2024
The objective of Bima Vahak continues to be a women-centric, dedicated distribution channel that will ensure accessibility and availability of insurance in every nook and corner of the country
LIC's sops for agents could price out smaller life insurance companies
The new benefits incentivise 1.35 million agents to continue with LIC, India's largest life insurer, but raise the heat on smaller firms in an expanding but difficult business
 "LIC's sops for agents could price out smaller life insurance companies")
Insurance industry lacks human capital in administration: Irdai member
He further said that the lack of skilled professionals has affected the Assets under Management (AUM) of these companies
 "Insurance industry lacks human capital in administration: Irdai member")
30-year sovereign green bonds may attract insurance companies, not banks
As part of its borrowing programme, the central government is set to raise Rs 20,000 crore via sovereign green bonds.
 "30-year sovereign green bonds may attract insurance companies, not banks")
ICICI Lombard General Insurance appoints Sanjeev Mantri as MD & CEO
He will take over from Bhargav Dasgupta, who will be officiating his duties until the close of business hours on 30 November 2023
 "ICICI Lombard General Insurance appoints Sanjeev Mantri as MD & CEO")
Terms, bonus, sum assured: Making sense of life insurance policies
Insurers' products are complex; investors must have a rational expectation about the returns they will get
 "Terms, bonus, sum assured: Making sense of life insurance policies")
Take advantage of surety bonds: Irdai Chairman to infra stakeholders
Surety bond is a type of insurance policy protecting parties involved in a transaction or contract from potential financial losses due to a breach of contract or other types of non-performance
 "Take advantage of surety bonds: Irdai Chairman to infra stakeholders")
Surety bonds must complement bank guarantee: Irdai's Debasish Panda
According to Irdai norms, a surety bond is a contract to perform the promise, or discharge the liability, of a third person in case of his default
 "Surety bonds must complement bank guarantee: Irdai's Debasish Panda")
Finance ministry seeks applications for post of whole time member Irdai
The applicant should not be below the rank of a Chief General Manager of the Reserve Bank of India or equivalent that place in other financial institutions or regulatory bodies