Page 21 - Latest Updates on IRDAI
Online players, agents may have to disclose insurance commission
IRDAI is considering a proposal that seeks to have a single limit for expenses made by insurance companies
 "Online players, agents may have to disclose insurance commission")
Irdai may extend testing period to 3 years under regulatory sandbox
Insurance Regulatory and Development Authority of India (Irdai) is mulling to extend testing of products under the regulatory sandbox mechanism to up to three years.
 "Irdai may extend testing period to 3 years under regulatory sandbox")
Your life insurer may soon be able to offer a health insurance policy too
It is speculated that health insurance premium range may get lowered by 5-10 per cent if Irdai allows life insurers to design and sell medical insurance
 "Your life insurer may soon be able to offer a health insurance policy too")
Top Headlines: COAI on captive pvt networks, fintechs see surge in loans
The IRDAI is considering a proposal to make insurance frauds a parameter for calculating credit scores in an attempt to put a lid on the increase in such activity
 "Top Headlines: COAI on captive pvt networks, fintechs see surge in loans")
Irdai mulls linking insurance frauds with individuals' credit score
Believed to be a good deterrent as low score can deprive access to services
 "Irdai mulls linking insurance frauds with individuals' credit score")
In the works at IRDAI: Making Indian insurance firms less risk-averse
The regulator hints at relaxing the FDI cap still further but it is unclear yet whether doing so would spread insurance to the bottom of the pyramid
Irdai eases solvency margin requirement for insurers underwriting crop biz
It is estimated that the Insurance Regulatory and Development Authority of India (Irdai)'s move to ease solvency margin will unlock nearly Rs 1400 crore.
 "Irdai eases solvency margin requirement for insurers underwriting crop biz")
Irdai working group recommends relaxing investment norms for insurers
The panel has suggested having a single limit of expenses over and above the monitoring of solvency and enterprise level expense limit
 "Irdai working group recommends relaxing investment norms for insurers")
Irdai trims solvency margin for crop insurers; to unlock Rs 1,400 cr funds
Irdai expects that the effect of the relaxation will be positive on the industry as it will free up the capital, which can be utilised for underwriting more business
 "Irdai trims solvency margin for crop insurers; to unlock Rs 1,400 cr funds")
Go Digit promoters Watsa, Goyal seek regulatory nod for reinsurance biz
Currently, India has one domestic reinsurance company, the state-owned General Insurance Corporation (GIC Re)
 "Go Digit promoters Watsa, Goyal seek regulatory nod for reinsurance biz")
Now, life insurers can introduce products without Irdai's prior approval
Currently, all life insurance products and riders require prior approval of the insurance regulator before launch
 "Now, life insurers can introduce products without Irdai's prior approval")
Irdai eases capital requirement for insurers to offer PMJJBY schemes
PMJJBY provides life insurance cover worth Rs 2 lakh to all account holders aged 18-50 years
 "Irdai eases capital requirement for insurers to offer PMJJBY schemes")
Irdai eases PMJJBY capital requirement to encourage insurer participation
Insurance sector regulator Irdai on Friday relaxed capital requirement norms significantly for insurers to encourage their participation in the government's flagship programme PMJJBY
 "Irdai eases PMJJBY capital requirement to encourage insurer participation")
More flexibility for insurers as Irdai eases health product approvals
Move will help firms adapt to changing customer preferences
 "More flexibility for insurers as Irdai eases health product approvals")
Irdai extends 'Use & File' procedure to health and general insurance plans
Currently, insurance companies have to obtain prior approval from the insurance regulator to launch new products
IRDAI eases approval norms for health, general insurance products
Irdai has tweaked 'Use and File' procedure for all health insurance products and almost all the general insurance products in line with the reform agenda taken up towards having a fully insured India
Irdai fines Deinon Risk Rs 10 lakh for acting as insurance intermediary
The firm did not have a valid registration with the insurance regulator
Piramal Group not eligible to acquire Reliance Capital, says Irdai
Group has promoter stake in Pramerica Life Insurance
 "Piramal Group not eligible to acquire Reliance Capital, says Irdai")
Insurance firm Howden to raise stake in Indian arm to 100%%; gets Irdai nod
Global insurance broker Howden said it has received insurance regulator Irdai's approval to raise its stake from 49% to 100% in its Indian arm
Irdai sets up committees through GIC to suggest industry overhaul
These panels have been formed to look into areas of regulation, products, distribution, finance, health, finance, taxation, ease of doing business, among others