Page 3 - Latest Updates on IRDAI
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
 "Stabilising sector: Task cut out for new Irdai chairman Ajay Seth")
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")
Irdai may curb Kiwi Insurance's retail health plans over promoter links
With about 60 per cent stake in Kiwi General Insurance, WestBridge now effectively holds a significant stake in companies that will both operate in the retail health insurance segment
 "Irdai may curb Kiwi Insurance's retail health plans over promoter links")
Irdai panel flags risks in merging insurers with non-insurance firms
Dinesh Khara-led panel warns that allowing mergers between insurers and non-insurance firms could endanger policyholders; report submitted amid broader review of Insurance Act reforms
 "Irdai panel flags risks in merging insurers with non-insurance firms")
Irdai sets up panels to probe insurer and intermediary rule violations
Insurance regulator Irdai has formed panels of whole-time members to look into violations of regulatory norms by insurers and intermediaries.
 "Irdai sets up panels to probe insurer and intermediary rule violations")
As debate over obligatory cession rages, GIC Re could hold the solution
Whether obligatory cession should be cut to zero or retained could be resolved by allowing GIC Re to independently set commissions instead of Irdai mandating a fixed rate
 "As debate over obligatory cession rages, GIC Re could hold the solution")
Irdai unlikely to act against bancassurance despite mis-selling fears
Insurance regulator finds bancassurance mis-selling not alarming and rules out coercive curbs while continuing to advise insurers to list for transparency and governance
 "Irdai unlikely to act against bancassurance despite mis-selling fears")
Evaluate OPD plans on sum insured, coverage, sub-limit, and network
Estimate your annual OPD expenses to decide suitable sum insured
 "Evaluate OPD plans on sum insured, coverage, sub-limit, and network")
Govt may raise motor third-party insurance premiums by up to 10% soon
The hike, likely to take effect by October 2025 or April 2026, aims to ease pressure on insurers facing rising claims, especially from commercial vehicles and pandemic-era payouts
 "Govt may raise motor third-party insurance premiums by up to 10% soon")
Sumit Madan next MD,CEO of Max Life Insurance, to take charge from Oct 2025
The appointment of Madan would be subject to the approval from the Insurance Regulatory and Development Authority of India (IRDAI) in accordance with the applicable laws, it said
 "Sumit Madan next MD,CEO of Max Life Insurance, to take charge from Oct 2025")
Three months after Panda's exit, Irdai chairperson post remains vacant
Absence of a regulator stalls key insurance reforms including Bima Trinity, composite licence, and risk-based capital framework
 "Three months after Panda's exit, Irdai chairperson post remains vacant")