Page 29 - Latest Updates on IRDAI
IRDAI proposes extension of regulatory sandbox guidelines by 2 years
Insurance regulator IRDAI on Tuesday proposed to extend the validity of regulatory sandbox guidelines by two years as the proposals received under it require more time for completion.
 "IRDAI proposes extension of regulatory sandbox guidelines by 2 years")
Irdai wants fuel pumps and cooking gas agencies to sell insurance
The regulator also wants all life insurance companies to have a 13th month persistency of 90 per cent and 61st month persistency of not below 65 per cent
 "Irdai wants fuel pumps and cooking gas agencies to sell insurance")
Standard travel policy to ease purchase of product: Who should go for it?
Those travelling to developed countries or needing elaborate coverage should consider existing plans
 "Standard travel policy to ease purchase of product: Who should go for it?")
PFRDA raises cap on fund management charges as it floats RFPs
There would now be four slabs, each attracting charges based on the quantum of assets under management
 "PFRDA raises cap on fund management charges as it floats RFPs")
Irdai set to introduce standard products for fire, allied peril risks
General insurers that offer fire and allied perils policies have to mandatorily introduce the same from April 1, 2021, replacing the Standard Fire and Special Perils (SFSP) policy
 "Irdai set to introduce standard products for fire, allied peril risks")
Insurance regulator keeps obligatory cession at 5% to GIC Re in FY21
The entire obligatory cession has to be reinsured with India's largest reinsurer, General Insurance Corporation of India (GIC Re)
 "Insurance regulator keeps obligatory cession at 5% to GIC Re in FY21")
Irdai maintains 5% obligatory cession to GIC Re in FY21, fixes commission
Obligatory cession is the part of the business, or premium, that general insurers are required to cede on every policy sold to GIC Re
From Covid-19 insurance to easier KYC norms: IRDAI's initiatives in 2020
From Corona Kavach to Corona Rakshak, insurance regulator IRDAI made intense efforts throughout the pandemic-disrupted 2020
 "From Covid-19 insurance to easier KYC norms: IRDAI's initiatives in 2020")
Saral Jeevan Bima will have lower entry barriers, but may not be cheaper
High expectations are pegged to the Saral Jeevan Bima (SJB), the standard term insurance cover slated to be launched on January 1
 "Saral Jeevan Bima will have lower entry barriers, but may not be cheaper")
DHFL's sale poses legal hurdle for Oaktree due to insurance JV stake
Insurance sale before DHFL sale would have eliminated regulatory uncertainty, say lawyers
 "DHFL's sale poses legal hurdle for Oaktree due to insurance JV stake")
Allow insurance, pension funds to invest in lower-rated debt: SBI chief
Dinesh Kumar Khara says this is needed to ensure money flows into infrastructure, as is the case across the globe
 "Allow insurance, pension funds to invest in lower-rated debt: SBI chief")
Irdai to bring in standard personal accident cover, max sum assured Rs 1 cr
All general and standalone health insurers will have to offer it from April 1, 2021; hospitalisation costs up to 10% of base sum insured covered
IRDAI proposes standard personal accident insurance product from April 1
Insurance regulator IRDAI proposed a standard personal accident product with common coverage and policy wordings across the industry, a move aimed at increasing penetration of the product
 "IRDAI proposes standard personal accident insurance product from April 1")
HC seeks govt, RBI views on plea seeking regulation of Big Tech in finance
The Delhi High Court Wednesday sought response of the Centre, RBI, SEBI, IRDAI and National Payments Corporation of India (NPCI)
 "HC seeks govt, RBI views on plea seeking regulation of Big Tech in finance")
Mandating insurance not the way forward to boost penetration: Irdai member
T L Alamelu says health insurers need to address trust deficit; regulator has tried to standardise areas of concern such as definitions, pre-existing diseases, among others
 "Mandating insurance not the way forward to boost penetration: Irdai member")
Health covers are not a last-resort offering
Covid will change the health insurance industry permanently. The perception of consumers towards insurance has moved from mere compliance or tax saving towards a protection standpoint
 "Health covers are not a last-resort offering")
Approval from IRDAI on Axis Bank stake hike expected by March: Max Life CEO
Earlier in October, the Reserve Bank of India (RBI) did not approve Axis Bank''s proposal to raise its stake up to 29 per cent but scaled it down to an aggregate of 19.02% with the subsidiaries
 "Approval from IRDAI on Axis Bank stake hike expected by March: Max Life CEO")
Max Financial gets Irdai nod for share swap agreement with Mitsui Sumitomo
Irdai's approval takes Max Financial Services one step closer to the consummation of its deal with private lender Axis Bank
 "Max Financial gets Irdai nod for share swap agreement with Mitsui Sumitomo")
Irdai gives in-principle approval for Bharti AXA-ICICI Lombard deal
Insurance Regulatory and Development Authority of India (Irdai) on Friday gave in-principle approval for the merger of Bharti AXA General with ICICI Lombard.
 "Irdai gives in-principle approval for Bharti AXA-ICICI Lombard deal")
Max Financial gets approval for share swap agreement with Mitsui Sumitomo
The transaction entails swapping Mitsui Sumitomo's 20.6 per cent stake in Max Life Insurance with 21.9 per cent stake in Max Financial Services
 "Max Financial gets approval for share swap agreement with Mitsui Sumitomo")