Page 15 - Latest Updates on IRDAI
Irdai asks SBI Life to acquire Sahara India's Life Insurance business
The decision was taken at the meeting of the Insurance Regulatory and Development Authority of India (Irdai) in view of deteriorating financial health of the SILIC
 "Irdai asks SBI Life to acquire Sahara India's Life Insurance business")
Checkmate for Chinese firms in India's growing reinsurance market
The insurance business, by its nature, collects enormous data about Indians and is regarded as an economically sensitive sector
 "Checkmate for Chinese firms in India's growing reinsurance market")
Irdai to create state insurance plan mirroring SLBCs: Debasish Panda
Aim is to bring down regulations and promote innovation in the sector
 "Irdai to create state insurance plan mirroring SLBCs: Debasish Panda")
'Changes to be made in surety bond offering for making it more lucrative'
The Surety Bond Insurance is a risk transfer tool for the principal and shields the principal from the losses that may arise in case the contractor fails to perform their contractual obligation
 "'Changes to be made in surety bond offering for making it more lucrative'")
Irdai to hold open house for insurtech, fintech on 15th of every month
Regulator Irdai will hold an open house for the insurtech and fintech companies on 15th of every month to look at bringing in more innovation ideas for the insurance sector
 "Irdai to hold open house for insurtech, fintech on 15th of every month")
Irdai forms task force to facilitate ease of doing KYC using Aadhaar
Regulator Irdai has constituted a task force to facilitate ease of doing Know Your Customer (KYC) by insurers using Aadhaar, the 12-digit individual identification number
 "Irdai forms task force to facilitate ease of doing KYC using Aadhaar")
Irdai relaxes norms for surety bonds to expand market for such products
Irdai said it has relaxed norms for 'surety bonds', a type of insurance policy protecting parties involved in a transaction or contract from potential financial losses due to a breach of contract
 "Irdai relaxes norms for surety bonds to expand market for such products")
IRDAI lowers the solvency requirement for surety bonds to 1.5 times
Removes 30% exposure limit on each contract
Order to stop loan re-payment via credit card good for customers: Insurers
Insurers said it was never in the interest of the customer to repay the loan by borrowing on a credit card and paying much higher interest rates on the outstanding balance on the card
Irdai proposes to tighten norms for media campaigns by insurance cos
Irdai is proposing to tighten norms for insurance advertisements by assigning higher responsibility on senior management of insurers in designing and approving media campaigns for product promotion
Irdai proposes guidelines for remuneration of core team of private insurers
Insurance sector regulator Irdai on Wednesday proposed a revised guidelines for remuneration for non-executive directors and persons in key managerial positions of private insurers
Irdai asks insurance cos to lay down social media guidelines for employees
Irdai has asked insurance companies to lay down social media guidelines for their employees to ensure that no unverified or confidential information relating to the organisation is disseminated
Tax trouble: GST authorities quiz auto dealers on fake invoicing
Certain automobile dealers appointed by insurers/insurance intermediaries allegedly billed commission in excess of Irdai cap
 "Tax trouble: GST authorities quiz auto dealers on fake invoicing")
Irdai's recent reforms will help expand the market
The unique capacity of the insurance industry to engender resilience and self-sufficiency, by underwriting risks and spurring the capital markets provides the foundation for the nation's progress
 "Irdai's recent reforms will help expand the market")
Irdai looking at 20 more insurance applications: Chairman Debasish Panda
The Life licence was last given in 2011, the Chairman told reporters on the sidelines of an industry summit organised by the industry lobby Ficci here
 "Irdai looking at 20 more insurance applications: Chairman Debasish Panda")
Non-life insurers may have to reduce payouts to adhere to EoM norms
Unlisted life players may rack up a commission war to gain market share
 "Non-life insurers may have to reduce payouts to adhere to EoM norms")
Irdai names LIC, GIC as 'domestic systemically important' insurers
These were the same institutions that were identified as DSII in 2021-22
 "Irdai names LIC, GIC as 'domestic systemically important' insurers")
Irdai grants life insurance registration to Acko & Credit Access Grameen
With the entry of these two firms into the space, the number of life insurance companies in the sector goes up to 25, after remaining stagnant since 2011
Why Irdai's flexible rules are significant for insurance industry
By removing the limit for agents, the regulator has provided insurers greater scope to build their businesses
 "Why Irdai's flexible rules are significant for insurance industry")
IRDAI's new rules to affect PSU insurers, legalises actions of pvt players
What was being done in a clandestine manner by the industry players, the the Insurance Regulatory and Development Authority of India (IRDAI) has legalised the same with the new norms