Page 25 - Latest Updates on IRDAI
Irdai asks insurers to review claims denied for antibody cocktail therapy
IRADI said it had come across instances where claims were denied/ there was a deduction in expenses incurred towards "antibody cocktail therapy", under the pretext that it's an experimental treatment
 "Irdai asks insurers to review claims denied for antibody cocktail therapy")
Irdai to set up two hubs on motor insurance and property insurance
The decision to set up these hubs was based on the recommendations of a working group on loss prevention and minimisation in the general insurance industry
 "Irdai to set up two hubs on motor insurance and property insurance")
Irdai seeks to revise formula for fixing insurers' obligation for Motor TP
The regulator has asked for comments from stakeholders, which they have to submit by January 25
 "Irdai seeks to revise formula for fixing insurers' obligation for Motor TP")
Irdai issues guidelines for promoting, regulating surety insurance business
Surety bonds protect the beneficiary against acts or events that impair the underlying obligations of the principal
 "Irdai issues guidelines for promoting, regulating surety insurance business")
15-year cap on tenure of MD, CEOs of insurance companies on cards
Proposed remuneration to be divided between fixed/variable pay, perquisites
 "15-year cap on tenure of MD, CEOs of insurance companies on cards")
IRDAI caps value of surety insurance contracts at Rs 500 crore
The IRDAI has also stipulated that the non-life insurers wanting to underwrite the surety insurance risks should have a solvency margin of 1.25
Three private life insurers increase term plan rates by 10-30%
Munich Re had nudged its insurance partners on the hike in September and insurers were engaged in negotiations with the reinsurer on the quantum of increase.
 "Three private life insurers increase term plan rates by 10-30%")
Irdai to modify norms for remuneration of CEOs, directors of pvt insurers
Surety insurance pertains to a contract to perform the promise or discharge the liability of a third person in case of default
Covid LIVE: Over 4 mn children in 15-17 age group vaccinated on Day 1
37,84,212 children in 15-17 age group vaccinated till 7pm as on the first day of COVID19 vaccination for children, as per CoWIN portal
 "Covid LIVE: Over 4 mn children in 15-17 age group vaccinated on Day 1")
Irdai directs Go Digit to withdraw product offering life insurance benefits
The Insurance Regulatory and Development Authority of India (Irdai) also asked the insurer to wthdraw advertisements regarding the product from all media
Reliance General Insurance gets IRDAI approval to test 9 products
Reliance General Insurance Company will soon roll out nine sandbox products to cater to the fast transforming customer requirement in the insurance sector.
 "Reliance General Insurance gets IRDAI approval to test 9 products")
MFIN to launch natural catastrophe insurance cover for micro borrowers
The MicroFinance Institutions' Network is planning to introduce this product with Cholamandalam MS General Insurance as insurer
 "MFIN to launch natural catastrophe insurance cover for micro borrowers")
Life insurers' new business premium spikes 42% at Rs 27,177 cr in Nov
Profitability a worry with excess reserves on balance sheet for Covid claims
 "Life insurers' new business premium spikes 42% at Rs 27,177 cr in Nov")
New premium income of life insurers up 42% at Rs 27,177 cr in Nov: Irdai
The new premium income of life insurance companies jumped by nearly 42 per cent to Rs 27,177.26 crore in November this year, data from Irdai showed on Tuesday.
 "New premium income of life insurers up 42% at Rs 27,177 cr in Nov: Irdai")
'Have health-care watchdog or let us regulate it,' says Irdai member
The insurance regulator is keeping an eye on hikes in premiums, said Alamelu T L, member (non-life), Irdai
 "'Have health-care watchdog or let us regulate it,' says Irdai member")
Soon, regular yoga will get you a discount on your insurance premium
Irdai set to allow wellness programme along with life plans; policyholders participation voluntary
IRDAI needs young CEO, abolish licence permit raj: Experts
Insurance sector wherein licence permit raj is abolished and the sectoral regulator is headed by a dynamic young person to increase insurance penetration, said a senior industry official
IRDAI, Banks Board Bureau in the dock on promotions in insurance sector
All is not well in the government insurance sector with regard to elevation of officials, it seems.
 "IRDAI, Banks Board Bureau in the dock on promotions in insurance sector")
No plans to bring standard products for cyber liability insurance: Irdai
Irdai has no plans to bring standard products for cyber liability insurance policy as of now, a senior Irdai member said on Thursday.
Covid insurance makes sense if you have a comprehensive policy: Experts
Especially if sum insured is small, at say Rs 5-7 lakh for the family
 "Covid insurance makes sense if you have a comprehensive policy: Experts")