Page 3 - Latest Updates on IRDAI
Irdai asks insurers, distributors to form fraud risk management framework
Irdai has asked insurers and reinsurers to implement anti-fraud frameworks and cybersecurity systems by April 2026, including data sharing and blacklisting via IIB
 "Irdai asks insurers, distributors to form fraud risk management framework")
Govt circular on Covid-19 cannot limit insurers' obligations, says Delhi HC
The court ordered full reimbursement for a policyholder after observing that the insurer's reliance on Covid-19 circular was unjustified according to Irdai's clarifications
 "Govt circular on Covid-19 cannot limit insurers' obligations, says Delhi HC")
Life insurers firms plan to approach regulator for relief after ITC removal
This comes after the industry passed the entire benefit of lower GST rates to policyholders to increase affordability
 "Life insurers firms plan to approach regulator for relief after ITC removal")
Irdai Chairman Ajay Seth launches Bima Sugam India Federation website
The website was launched in the presence of industry CEOs, senior IRDAI officials, and the Bima Sugam leadership team at the IRDAI headquarters in Hyderabad
 "Irdai Chairman Ajay Seth launches Bima Sugam India Federation website")
Insurance executives knock on FinMin door for input tax credit fix
The insurance chiefs in a letter submitted to the finance ministry officials on Friday sought for implementation of the new GST rates on a prospective basis, while allowing for ITC on renewal premiums
 "Insurance executives knock on FinMin door for input tax credit fix")
Best of BS Opinion: India's new-age economy gets a data reset
Today's Opinion pieces explore a new data framework, the Bima Sugam initiative, the real impact of the GST rate cuts, and what the startup ecosystem really needs
 "Best of BS Opinion: India's new-age economy gets a data reset")
Bima Sugam can deepen insurance penetration, but must be fair, transparent
Bima Sugam aims to transform insurance with a digital one-stop platform for buying, managing, and claiming policies, targeting "Insurance for All by 2047
Bima Sugam to roll out in phases for insurers, intermediaries, customers
Bima Sugam India Federation said the digital insurance marketplace will launch in phases this year with pilot insurer integrations and gradual customer onboarding
 "Bima Sugam to roll out in phases for insurers, intermediaries, customers")
New Irdai chairman Ajay Seth urges insurers to innovate using DPI framework
Ajay Seth, the new Irdai chairman, has urged insurers to experiment and innovate using digital public infrastructure rails to drive affordable and tailored insurance products
Former DEA secy Ajay Seth takes charge as Irdai chairman for 3-year tenure
Ajay Seth, a 1987-batch IAS officer and former DEA secretary, has taken charge as chairman of Irdai nearly a month after his appointment for a three-year tenure by the government
 "Former DEA secy Ajay Seth takes charge as Irdai chairman for 3-year tenure")
Irdai asks insurers to complete QIS 2 under RBC framework by October 15
Irdai has directed insurers to conduct the Second Quantitative Impact Study using March 31, 2025 data and submit results under the Risk Based Capital framework by October 15
 "Irdai asks insurers to complete QIS 2 under RBC framework by October 15")
Irdai imposes ₹5 crore penalty on Policybazaar for violating norms
Upon examining a selection of 67 insurance policies, IRDAI found that premiums were remitted with delays exceeding 30 days
 "Irdai imposes ₹5 crore penalty on Policybazaar for violating norms")
Policybazaar fined ₹5 crore by Irdai for violations of insurance norms
Insurance Regulatory and Development Authority of India has also issued direction, advisory and caution to the company
 "Policybazaar fined ₹5 crore by Irdai for violations of insurance norms")
Meeting motor TP obligation tough due to IRDAI formula: Shriram General MD
Shriram General Insurance sees industry-wide difficulty in achieving IRDAI's motor third-party coverage targets and plans premium growth via non-motor insurance push
 "Meeting motor TP obligation tough due to IRDAI formula: Shriram General MD")
Irdai sets higher targets for rural, social, and motor TP coverage in FY27
Irdai raises insurance coverage targets for rural, social, and motor TP obligations in FY27. Insurers must cover more Gram Panchayats and increase motor vehicle insurance
 "Irdai sets higher targets for rural, social, and motor TP coverage in FY27")
Centre appoints Anuradha Thakur as director on central board of RBI
The move comes a day after Seth was named chairman of the Insurance Regulatory and Development Authority of India (Irdai)
 "Centre appoints Anuradha Thakur as director on central board of RBI")
Irdai fines Star Health Insurance ₹3.39 cr for cybersecurity lapses
The Insurance Regulatory and Development Authority (Irdai) has also issued a warning to the insurer
 "Irdai fines Star Health Insurance ₹3.39 cr for cybersecurity lapses")
Former Finance Secretary Ajay Seth appointed as new Irdai chairman
Ajay Seth, former finance secretary and G20 finance track lead, appointed as Irdai chairman for three years or until the age of 65, whichever is earlier
 "Former Finance Secretary Ajay Seth appointed as new Irdai chairman")
Stabilising sector: Task cut out for new Irdai chairman Ajay Seth
With major reforms underway and growth tapering, Seth's key challenge will be to stabilise the insurance sector and steer regulatory transitions
Irdai proposes internal ombudsman to address claims up to ₹50 lakh
The ombudsman will apply to insurers with over three years of operations, be empowered to handle claims up to Rs 50 lakh, and offer time-bound grievance redressal
 "Irdai proposes internal ombudsman to address claims up to ₹50 lakh")