Page 18 - Latest Updates on IRDAI
Removal of cap: Insurers to get flexibility to allocate commissions
According to Irdai, the revised draft regulations on commissions emphasise on the board's oversight through a board-approved policy on the payment of commission
 "Removal of cap: Insurers to get flexibility to allocate commissions")
Piramal, Zurich Insurance may bid separately for Reliance General Insurance
Piramal, Zurich Insurance may bid separately for Reliance General Insurance
 "Piramal, Zurich Insurance may bid separately for Reliance General Insurance")
Social safety net product Bima Vistaar being developed for Bima Sugam
The regulator last month had formed a 24-member committee, headed by Devasia, to develop an affordable, accessible and comprehensive cover - Bima Vistaar -- for rural population
 "Social safety net product Bima Vistaar being developed for Bima Sugam")
GSTN now part of AA network to facilitate cash flow lending to MSMEs: RBI
The AA network had been in discussion with the GSTN network for their onboarding for a long time as this would give financial institutions access to data regarding small businesses
 "GSTN now part of AA network to facilitate cash flow lending to MSMEs: RBI")
Irdai draft norms do away with specific caps on commissions to agents
Proposes that commissions to agents can't exceed management expense limit
 "Irdai draft norms do away with specific caps on commissions to agents")
LIC has edge over private insurers: Gains market share in FY23
Top private insurance firms shed 447 bps as national insurer gets aggressive in group biz
 "LIC has edge over private insurers: Gains market share in FY23")
Irdai boss signals faster regulatory reforms to boost insurance penetration
Dwells on huge potential of insurance in the country; emphasises need for Insurance Ombudsman to be fair and equitable
 "Irdai boss signals faster regulatory reforms to boost insurance penetration")
Irdai proposes allowing insurers to invest in unlisted companies
Easier access to funds would help lift the mood in a startup sector that has been hit by the global tech market rout
 "Irdai proposes allowing insurers to invest in unlisted companies")
'IRDAI in talks with govt to relax Rs 100-cr entry capital for insurers'
The IRDAI has suggested the government to ease the minimum capital requirement of Rs 100 crore and permit the regulator to fix the amount depending upon business plans of the prospective company
 "'IRDAI in talks with govt to relax Rs 100-cr entry capital for insurers'")
Changed and new rules for National Pension Scheme: All you need to know
Here is a list of the changed and new rules by Irdai and PFRD regarding the National Pension Scheme
 "Changed and new rules for National Pension Scheme: All you need to know")
One-stop for insurance services 'Bima Sugam' a game changer: IRDAI Chairman
Insurance regulator IRDAI is working on Bima Sugam, which will act as a game changer in the insurance sector by providing a one-stop platform for multiple services
 "One-stop for insurance services 'Bima Sugam' a game changer: IRDAI Chairman")
Irdai sets up consultative committee to increase health insurance
15-member panel asked to identify challenges for health insurance business
Irdai allows foreign reinsurance branches, Lloyd to deport excess capital
The Insurance Regulatory and Development Authority of India (IRDAI) on Wednesday allowed foreign reinsurance branches (FRB) and Lloyd's India to repatriate excess capital
 "Irdai allows foreign reinsurance branches, Lloyd to deport excess capital")
Insurance regulator Irdai proposes changes to reinsurance regulations
Seeks to revise order of preference while placing reinsurance business
 "Insurance regulator Irdai proposes changes to reinsurance regulations")
Two years on, Sebi's sandbox initiative yet to find its feet
Most applications have either been withdrawn or stand rejected
 "Two years on, Sebi's sandbox initiative yet to find its feet")
Irdai imposes Rs 3 cr penalty on Max Life, Rs 2 cr penalty on Axis Bank
Regulator Irdai has imposed a penalty of Rs 3 crore on Max Life Insurance Company for certain violations in a case pertaining to purchase and sale of shares by the Axis Bank and group companies.
 "Irdai imposes Rs 3 cr penalty on Max Life, Rs 2 cr penalty on Axis Bank")
Life insurers' new biz premium up 17% at Rs 36,367 cr in September: Irdai
The new business premium income of domestic life insurance companies rose by 17.3 per cent to Rs 36,366.53 crore in September of this fiscal year, data from Irdai showed on Tuesday
 "Life insurers' new biz premium up 17% at Rs 36,367 cr in September: Irdai")
Indian insurance industry can be sixth largest globally: Irdai chairman
He also said that the regulator is working on Bima Sugam- a one stop shop, for all insurance products
 "Indian insurance industry can be sixth largest globally: Irdai chairman")
Irdai mulling longer-tenure general insurance products, forms working group
In certain areas such as home insurance, it is exploring 20-year plans; in some others, tenures of 2, 3 and 5 years are being considered
 "Irdai mulling longer-tenure general insurance products, forms working group")
Buy an adequate OPD cover to take care of mental health treatment
Most of these ailments are treated on outpatient basis, so just a hospitalisation cover won't suffice
 "Buy an adequate OPD cover to take care of mental health treatment")