Page 19 - Latest Updates on IRDAI
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
 "HC asks Irdai to consult insurance firms about health cover for disabled")
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
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
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")