Page 26 - Latest Updates on IRDAI
IRDAI permits insurers to sell short-term Covid policies till Mar 2022
Regulator IRDAI on Monday allowed insurers to continue selling and renewing short-term Covid specific health insurance policies till March 2022.
 "IRDAI permits insurers to sell short-term Covid policies till Mar 2022")
Irdai issues draft rules for promoting and regulating surety insurance biz
A general insurer can start a surety business if it has 1.25x the solvency margin; but if solvency goes below the required level, insurer will stop underwriting new business
 "Irdai issues draft rules for promoting and regulating surety insurance biz")
Drone use, satellite imagery for agriculture insurance may be a must
Govt, Irdai considering using artificial intelligence to control fraud claims, cut delays in settlement
 "Drone use, satellite imagery for agriculture insurance may be a must")
Attractive though they are, scrutinise costs before you invest in Ulips
After the recent run up in equity markets, it would be prudent to opt for a mix of equity and debt funds
 "Attractive though they are, scrutinise costs before you invest in Ulips")
Delay in third-party premium hike hurting balance sheets: Insurers
The insurance regulator had proposed a hike in third-party premium for FY21 but it was put on hold to provide relief to policyholders during the pandemic
 "Delay in third-party premium hike hurting balance sheets: Insurers")
FDI for bank-promoted insurance firm to be vetted by RBI, Irdai: Govt
Foreign direct investment in an insurance company promoted by a private bank will be cleared by the RBI and Irdai to ensure that the 74 per cent limit of overseas investment is not breached, govt said
 "FDI for bank-promoted insurance firm to be vetted by RBI, Irdai: Govt")
Irdai should monitor life insurers' expense management only: Deepak Parekh
Allowing life insurers to distribute health indemnity and NPS products will improve the insurance reach, Parekh said
 "Irdai should monitor life insurers' expense management only: Deepak Parekh")
Govt moves Irdai to allow listing of 'corporation' ahead of LIC's IPO
This comes ahead of listing of LIC as India's largest IPO
 "Govt moves Irdai to allow listing of 'corporation' ahead of LIC's IPO")
IRDAI allows home treatment as add-on cover in health insurance
Norms for settlement of claims should be mentioned in the policy document and prospectus: IRDAI
 "IRDAI allows home treatment as add-on cover in health insurance")
Irdai looking for agency to manage its grievance redressal centre
Regulator Irdai is looking for an agency to manage its multi-media grievance redressal centre with a view to address complaints of insured public against insurance companies.
Govt wants speedy settlement of claims; FM to meet insurers today
FM Sitharaman to meet insurers to discuss easing processes for settling claims
 "Govt wants speedy settlement of claims; FM to meet insurers today")
As Covid-19 vaccination slows down, insurers insist customers take jabs
Only 3.2% of India's population has been fully vaccinated with two shots
 "As Covid-19 vaccination slows down, insurers insist customers take jabs")
Insurance companies seek early implementation of IFRS from govt
Currently, India follows the old solvency standards where insurers have to hold a percentage of reserve as capital.
 "Insurance companies seek early implementation of IFRS from govt")
IRDAI imposes Rs 30 lakh penalty on SBI General Insurance Company
Regulator IRDAI has imposed a penalty of Rs 30 lakh on SBI General Insurance Company for its failure to comply with the third-party motor insurance regulations.
Former Irdai chairman asks insurers to concentrate on prevention of risk
In the first two quarters after the onset of the Covid-19 pandemic, the insurance industry suffered negative growth. But, it bounced back as soon as the economy opened up post the lockdown
 "Former Irdai chairman asks insurers to concentrate on prevention of risk")
Irdai issues guidelines for a standard domestic travel insurance product
Rollout on July 1, five plans on offer depending on mode of travel
No immediate worry about solvency due to surge in Covid claims: Irdai chief
Irdai Chairman Subhash Chandra Khuntia talks to Subrata Panda on a range of subjects including shareholding of banks in insurance firms
 "No immediate worry about solvency due to surge in Covid claims: Irdai chief")
Irdai allows insurers to invest in debt instruments of InvITS and REITS
Securities should not be rated below 'AA' under the "approved investment" category. In case the instrument is subsequently downgraded, it will be part of "other investments"
 "Irdai allows insurers to invest in debt instruments of InvITS and REITS")
Irdai slaps Rs 51 lakh fine on four insurers for violation of norms
Regulator Irdai has imposed a penalty of Rs 51 lakh on four insurers, including SBI General Insurance Company, for violation of certain norms related to motor insurance.
 "Irdai slaps Rs 51 lakh fine on four insurers for violation of norms")
Irdai brings draft rules for general insurers on product design, pricing
The regulator has asked all stakeholders to give their views on the draft guidelines before April 26