Page 17 - Latest Updates on IRDAI
Axis Bank to pick residual stake in Max Life at fair market value
The revision in valuation has been done according to IRDAI guidance
 "Axis Bank to pick residual stake in Max Life at fair market value")
Irdai to allow insurers to auto renew FRN of cross border reinsurers
Move aimed at improving ease of doing business; reinsurers must first meet regulator's criteria for obtaining renewal, which would be available FY24 onwards
 "Irdai to allow insurers to auto renew FRN of cross border reinsurers")
Need insurers catering to niche sectors like NBFCs, MFIs: Rakesh Joshi
India has a huge protection gap of 83 per cent. Further, almost 50 per cent of the vehicles running on the road are uninsured
 "Need insurers catering to niche sectors like NBFCs, MFIs: Rakesh Joshi")
Irdai to introduce 'Bima Vahaks' to expand insurance force: Rakesh Joshi
BS BFSI Insight Summit 2022: The insurance companies are also in the process of developing state-level insurance plans in collaboration with state governments, Joshi added
 "Irdai to introduce 'Bima Vahaks' to expand insurance force: Rakesh Joshi")
Irdai advises firms about minimum rate rule for reinsurance treaties
Regulator's instruction is about burning or break-even cost calculated to estimate the expected losses for a policy
 "Irdai advises firms about minimum rate rule for reinsurance treaties")
BS BFSI Insight Summit 2022: Irdai member Rakesh Joshi to speak at event
Joshi was made the head of a 15-member Health Insurance Consultative Committee set up by Irdai in October. He has more than 37 years of experience in the financial services industry
 "BS BFSI Insight Summit 2022: Irdai member Rakesh Joshi to speak at event")
Delhi HC directs Irdai to introduce products for persons with disabilities
The Delhi High Court has directed the Irdai to ensure the products are introduced on an early date for persons with disabilities so as to enable them to obtain health insurance coverage
 "Delhi HC directs Irdai to introduce products for persons with disabilities")
HC asks Irdai to consult insurance firms about health cover for disabled
Court asked regulator and insurance companies to submit a status report before March 17, 2023
Buy more insurance cover if your liabilities have increased in the year
Hike health insurance coverage as well to keep pace with medical inflation
 "Buy more insurance cover if your liabilities have increased in the year")
New business premium of life insurance companies rises 30% in November
Private insurers' APE growth rebounds after lagging behind for three months
 "New business premium of life insurance companies rises 30% in November")
Govt to launch first surety bonds for road contractors on December 19
Will provide relief to contractors, free working capital stuck in bank guarantees, says Gadkari
 "Govt to launch first surety bonds for road contractors on December 19")
Irdai proposes 3 yrs insurance cover for cars, 5 yrs for two-wheelers
Regulator Irdai on Wednesday proposed to introduce an insurance cover of three years for cars and five years for two-wheelers with an aim to allow wider choice to customers
 "Irdai proposes 3 yrs insurance cover for cars, 5 yrs for two-wheelers")
More risk in our book helps us become more agile: MD, Bajaj Allianz Life
In a Q&A, Tarun Chugh dwells on how his firm became the fastest growing in its space, recent Irdai initiatives, and the company's future plans
 "More risk in our book helps us become more agile: MD, Bajaj Allianz Life")
Govt proposes issuance of one licence for all insurance businesses
Suggests allowing insurers to sell other financial products
 "Govt proposes issuance of one licence for all insurance businesses")
Irdai tonic for health insurance: A regulator for hospitals and doctors
By asking health insurers to access a national list of doctors, the regulator hopes to encourage them to offer more flexible policies outside of the hospital network
 "Irdai tonic for health insurance: A regulator for hospitals and doctors")
Max Financial Services gets Irdai nod to acquire residual stake in Max Life
This transaction is expected to be completed in the next fortnight, the company said in a statement on Monday
 "Max Financial Services gets Irdai nod to acquire residual stake in Max Life")
Irdai endorses panel's view to cut obligatory cession to zero from 4%
The obligatory cession was reduced from 5 per cent to 4 per cent in FY23. The regulator has been reducing the obligatory cession over time
 "Irdai endorses panel's view to cut obligatory cession to zero from 4%")
Irdai asks reinsurers to keep 50% of Indian underwritten biz within country
Any retrocession up to 20%, to the branch of a foreign insurer shall be adjusted against the required minimum retention of 50%
 "Irdai asks reinsurers to keep 50% of Indian underwritten biz within country")
Top headlines: Rs 20K-cr Adani FPO, sunflower oil shipments to India & more
Business Standard brings you the top headlines at this hour
 "Top headlines: Rs 20K-cr Adani FPO, sunflower oil shipments to India & more")
Irdai approves amendments, simplifies rules to set up insurance firms
Under the current guidelines, to invest in insurance companies as "promoter", a PE fund can do so only through an SPV