Page 16 - Latest Updates on IRDAI
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
 "IRDAI's new rules to affect PSU insurers, legalises actions of pvt players")
Insurance companies get more autonomy to decide on commission amount
Govt gives nod to Irdai rules on payment of commissions for intermediaries
 "Insurance companies get more autonomy to decide on commission amount")
Industry majors welcome Irdai move to remove cap on agent commissions
Insurance regulator has replaced earlier cap on commission payments with overall cap on expenses; move is seen to provide more flexibility to insurers in managing their expenses
 "Industry majors welcome Irdai move to remove cap on agent commissions")
Focus on coverage provided, not premium collected
Measuring actual coverage provided, rather than premiums received, will ensure that the insurance industry's success is aligned with the goal of 'insurance for all'
 "Focus on coverage provided, not premium collected")
A year of reforms for insurance sector under Irdai's Debasish Panda
Irdai has also now provided more flexibility and autonomy to the boards of insurers in operational and financial decisions
 "A year of reforms for insurance sector under Irdai's Debasish Panda")
To cover mental illness, buy health insurance policy offering OPD coverage
Industry regulator nudging companies to underwrite policies that include people with mental illnesses
 "To cover mental illness, buy health insurance policy offering OPD coverage")
Irdai to bring in 'EASE' in delivering entire suite of insurance services
Regulator takes stock of industry's progress under the State Insurance Plan; five-year plan to be formulated to expand footprints of lead insurers in their respective states
 "Irdai to bring in 'EASE' in delivering entire suite of insurance services")
Launch insurance products for the disabled, mentally unwell: Irdai
Regulator Irdai has asked general and standalone health insurers to offer a specific cover for Persons with Disabilities (PWD), persons afflicted with HIV/AIDS, and those with mental illness
 "Launch insurance products for the disabled, mentally unwell: Irdai")
More insurance players required for diverse needs of citizens: Irdai chief
Will look to move to risk-based solvency regime in the next two years, says Debasish Panda; 19 applications to set up shop are in the pipeline at various stages
More insurance players key to achieve insurance for all goal by 2047: Irdai
In the past five years, the sector has grown 10 per cent each year, still insurance penetration is too low at 4.2 per cent in 2021 and we need to cover much more, he said
Borzo, Symbo tie up to provide insurance to over 50,000 delivery partners
The firms are also exploring in-app integration of insurance services for faster, seamless and paper-less processes
Case for having insurers cater to niche sectors: Irdai's Rakesh Joshi
In order to enhance the insurance force, the regulator is contemplating the concept of Bima Vahak
 "Case for having insurers cater to niche sectors: Irdai's Rakesh Joshi")
Covid was the moment of truth for the life insurance industry: Experts
On the part of Irdai, they have relaxed capital requirements in certain lines of business
 "Covid was the moment of truth for the life insurance industry: Experts")
A new dawn for insurance industry: Irdai looks to make sector attractive
Irdai is charting out a long-term road map to markedly increase India's insurance penetration through a supportive regulatory architecture
 "A new dawn for insurance industry: Irdai looks to make sector attractive")
Govt asks Irdai, insurance firms to address issues to reduce pending cases
Irdai can mandate the companies to resolve the issues, if they remain unaddressed voluntarily for a long term
 "Govt asks Irdai, insurance firms to address issues to reduce pending cases")
IRDAI should set up a committee to review its regulations: Experts
In line with Nirmala Sitharaman's budget announcement, the Insurance Regulatory and Development Authority of India (IRDAI) should set a committee of its own to review its various regulations
 "IRDAI should set up a committee to review its regulations: Experts")
India set to become one of fastest growing insurance mkts: Economic Survey
Survey says with Ukraine war weighing on Europe, insurance industry growth in emerging markets is likely to outpace that in the developed markets this year, with emerging Asia in the lead
 "India set to become one of fastest growing insurance mkts: Economic Survey")
Insurance sector needs Rs 50,000 cr capital each year to double penetration
Irdai Chairman Debabsish Panda said the Rs 50,000 crore figure was arrived at by making assumptions on the country's GDP, inflation, and how the world GDP will grow during this period
 "Insurance sector needs Rs 50,000 cr capital each year to double penetration")
Joshimath subsidence: Irdai asks insurers to expeditiously settle claims
Insurers have also been asked to engage adequate number of surveyors immediately as required and, if need be, consider engaging surveyors from neighboring areas as well
 "Joshimath subsidence: Irdai asks insurers to expeditiously settle claims")
Insurers can classify green bond purchases as infra investments: Irdai
The investments in green bonds can qualify towards statutory liquidity ratio (SLR) - the minimum percentage of deposits commercial banks are required to invest in liquid assets, such as government bon
