Page 23 - Latest Updates on IRDAI
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 eases approval norms for health, general insurance products")
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
 "Insurance firm Howden to raise stake in Indian arm to 100%%; gets Irdai nod")
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
Non-life insurers' gross premium income rises 24% to Rs 21,327 cr in April
The non-life insurance companies had a gross premium business worth Rs 17,251.10 crore in April 2021
LIC listing to result in increased transparency of its operations: Moody's
"We see the arrival of external shareholders with experience of the insurance industry as a further key benefit of the IPO," Moody's said.
 "LIC listing to result in increased transparency of its operations: Moody's")
IRDAI suggests new modules for low-income group, small businesses
The committee has suggested that the insurers should be allowed to adopt a modular approach using various permutations and combinations for Combi MI (Micro Insurance) products.
Insurers allowed exposure to fin, insurance upto 30% of investment assets
Accordingly, the limit of 25% of investment assets stands revised to a limit of 30% of investment assets
Finally Irdai promotes an official as per Telangana High Court order
In line with the Telangana High Court's order but with delay, the Insurance Regulatory and Development Authority of India (IRDAI) has promoted S.N. Jayasimhan as the Chief General Manager (CGM).
Buy optimal mix of base plan and super top-up to check cost of health cover
If your insurer has hiked the premium rate excessively, consider porting
 "Buy optimal mix of base plan and super top-up to check cost of health cover")
New business premium income of insurance cos up 13% at Rs 3.14 trn in FY22
Twenty four life insurance companies had a total premium income of Rs 2,78,277.98 crore from new business in the previous fiscal
 "New business premium income of insurance cos up 13% at Rs 3.14 trn in FY22")
Irdai may go for 100% FDI in 'new' insurance biz to expand scope of sector
In Budget FY21, Finance Minister Nirmala Sitharaman had announced raising the cap of FDI to 74 per cent for insurance companies with effect from August 2021
Top headlines: India's FY21 CEO earnings, Russia's suspension from UNHRC
The insurance regulator wants the removal of the minimum entry capital requirement of Rs 100 crore for setting up business. More on that story in our top headlines.
 "Top headlines: India's FY21 CEO earnings, Russia's suspension from UNHRC")