Page 14 - Latest Updates on IRDAI
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
 "Finance ministry seeks applications for post of whole time member Irdai")
IRDAI Chairman bats for more players in segment to cater India's population
As an effort to set up a conducive environment for new participants and to boost innovation in the segment, the regulatory body is said to have taken several steps
IRDAI obliged to ensure persons with disability not unduly prejudiced: HC
Following several judicial orders, various general and health insurance companies, including four government insurance companies, have launched products for persons with disabilities, the court noted
 "IRDAI obliged to ensure persons with disability not unduly prejudiced: HC")
Irdai approves modification on withdrawn life insurance products
The alterations are introduced to give additional benefits and flexibility to existing policyholders, ensuring they are not adversely impacted
 "Irdai approves modification on withdrawn life insurance products")
NHRC wants Irdai to ensure insurers offer health products to disabled
Disability advocacy groups have long been pushing for comprehensive health coverage for the disabled
 "NHRC wants Irdai to ensure insurers offer health products to disabled")
Irdai directs insurance companies to settle HP flood claims on urgent basis
The relentless floods and landslides that have wreaked havoc in Himachal Pradesh caused widespread loss to property, including homes and businesses, as well as infrastructure
 "Irdai directs insurance companies to settle HP flood claims on urgent basis")
Irdai lowers minimum capital need for foreign reinsurers to Rs 50 crore
Alongside lowering the capital requirement, IRDAI has also restructured the order of preference to four categories from the existing six levels
 "Irdai lowers minimum capital need for foreign reinsurers to Rs 50 crore")
NHA, Irdai hold workshop to fuse insurance cos to Ayushman Bharat platform
The workshop also assisted firms with adoption of health claims exchange specifications and e-claim standards and Third Party Administrators (TPAs)
 "NHA, Irdai hold workshop to fuse insurance cos to Ayushman Bharat platform")
PB Fintech down 5% in 2 days on Bima Sugam worry; analysts say buy the dip
The selling in PB Fintech (Policybazaar) shares, analysts feel, is overdone as the owner of the online insurance portal remains committed to achieving profitability
 "PB Fintech down 5% in 2 days on Bima Sugam worry; analysts say buy the dip")
North India floods: Irdai asks insurance firms to settle claims quickly
The regulator said insurers have been advised to communicate the nomination of a Senior Executive in each affected State / UT to the Chief Secretary/ Officer concerned of the State immediately
 "North India floods: Irdai asks insurance firms to settle claims quickly")
Digit Life enters insurance space with maiden product group term plan
The group term cover focuses on holistic coverage of death, disease, and disability and provides flexibility through multiple payout options, with four in-built optional benefits and various add-ons
 "Digit Life enters insurance space with maiden product group term plan")
Regulator IRDAI approves transfer of HDFC Life shares to HDFC Bank
HDFC announced a $40 billion deal last year to merge with the top private lender
 "Regulator IRDAI approves transfer of HDFC Life shares to HDFC Bank")
Irdai says prior nod not needed for ULIPs; extends 'use and file' procedure
Move aimed at ease of doing business, says IRDAI
 "Irdai says prior nod not needed for ULIPs; extends 'use and file' procedure")
Ministry of Transport proposes 15% insurance discount on school buses
The ministry and insurance regulator of India have proposed insurance discounts of 7.5-50% on motor insurance premium for select vehicles for financial year 2023-24
 "Ministry of Transport proposes 15% insurance discount on school buses")
IRDAI moves Supreme Court against SAT's order in Sahara-SBI case
SAT had last week stayed IRDAI's order directing transfer of policy liabilities, entire business as well as well as assets of Sahara to SBI
 "IRDAI moves Supreme Court against SAT's order in Sahara-SBI case")
Biparjoy: Irdai directs insurers to fast-track claim settlement process
Cyclone Biparjoy is likely to have caused loss to property (homes and businesses) and infrastructure in various states
 "Biparjoy: Irdai directs insurers to fast-track claim settlement process")
Irdai fine-tuning Bima Sugam, likely to miss its August launch date
The launch of the much-touted affordable insurance product Bima Sugam is likely to be delayed beyond August timeline as regulator Irdai is working on fine-tuning the product