Page 22 - Latest Updates on IRDAI
No need to submit separate form to buy annuity from NPS at retirement
At present, NPS retirees have to submit an exit form to PFRDA and a proposal form to insurers at the time of superannuation
 "No need to submit separate form to buy annuity from NPS at retirement")
Top Headlines: Gyanvapi verdict today, Russia's discounted oil, and more
In a bid to counter the growing clamour among the G7 nations to enforce a price cap on Russian oil, Moscow told New Delhi it is willing to provide petroleum at even lower rates than before to India
 "Top Headlines: Gyanvapi verdict today, Russia's discounted oil, and more")
Irdai mulls SFIO-like independent agency to probe cases of insurance fraud
Insurance Fraud Investigation Agency proposed via Insurance Act amendment
 "Irdai mulls SFIO-like independent agency to probe cases of insurance fraud")
Dematerialisation: Irdai urges industry to open e-insurance accounts
The regulator is developing "Bima Sugam", a digital platform for selling, servicing, and settling claims.
Irdai set to meet insurance CEOs on dematerialisation of policies
This initiative was started by insurance regulator a few years ago, but did not take off as the operational challenges and associated cost for insurers outweighed customer convenience
 "Irdai set to meet insurance CEOs on dematerialisation of policies")
Ombudsmen disposed of 32% more complaints against insurers in 2021-22
Complaints relating to health insurance made up a third of the total number cases disposed of in 2020-21, a period marked by the first wave of Covid-19
 "Ombudsmen disposed of 32% more complaints against insurers in 2021-22")
Use technology to make insurance affordable, says Irdai chairman Panda
Panda also nudged the industry to come out with solutions that are pocket-friendly
 "Use technology to make insurance affordable, says Irdai chairman Panda")
Irdai's commission cap move: General insurers get operational flexibility
Mid-to-smaller life companies and standalone health insurers could face near term pressure
Regulator seeks to make insurers have clear policy for agents' commission
Boards will make written norms that will be reviewed annually, says draft IRDAI proposal
 "Regulator seeks to make insurers have clear policy for agents' commission")
Irdai eases firm registration process from 8 to 2 months: Chairman
"Thereby, we are moving from a rule-based regulatory regime to a principle-based one," Panda said
 "Irdai eases firm registration process from 8 to 2 months: Chairman")
Manipal Cigna seeks 30% growth in health insurance: CEO Prasun Sikdar
High claims for Covid-19 a challenge for the industry, says the senior executive
 "Manipal Cigna seeks 30% growth in health insurance: CEO Prasun Sikdar")
Can the new Irdai chief bring in much-awaited reforms in insurance sector?
For Irdai Chairman Debasis Panda, LIC's fortune and reforms in health insurance sector will be the two most difficult tests to pass
 "Can the new Irdai chief bring in much-awaited reforms in insurance sector?")
Govt hardens norms on Irdai, public insurer top brass' post-retirement jobs
This comes after the Centre had reportedly received complaints against two past Irdai chairpersons, Subhash Chandra Khuntia and T S Vijayan
 "Govt hardens norms on Irdai, public insurer top brass' post-retirement jobs")
New business premiums of life insurance companies jump 91% in July
This is thanks to strong premium growth by LIC
 "New business premiums of life insurance companies jump 91% in July")
Irdai proposes limits on expenses of management of life insurers
Insurance regulator releases exposure draft aiming to provide greater flexibility to insurers as far as their corporate agency tie-ups are concerned
Irdai proposes single limit on expenses for non-life insurance firms
According to the exposure draft released by the regulator, non-life insurers cannot spend an amount exceeding 30 per cent of the gross premium written as company expense during a financial year
Irdai tightens anti-money laundering rules for insurance companies
The guidelines come as the regulator is preparing the ground for a larger exposure of foreign companies and a wider range of domestic financial sector companies to enter the sector
 "Irdai tightens anti-money laundering rules for insurance companies")
Irdai may offer more flexibility to insurers in corporate agency tie-ups
Insurance regulator's board proposes limit on expenses of management for general insurers
Non-life insurers not keen on paying obligatory cession to GIC Re
The obligatory cession was reduced from 5 per cent to 4 per cent for FY23. The impact of the reduction on GIC Re would be around Rs 2,000 crore
 "Non-life insurers not keen on paying obligatory cession to GIC Re")
Irdai carrying out series of reforms for ease of doing business: Minister
Irdai has also developed a mechanism to process applications filed for registration of new insurers and for grant of certificate of registration to commence the insurance business in India