Page 3 - Latest Updates on IRDAI
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")
General insurers launch ₹120-cr campaign to raise insurance awareness
With penetration slipping to 3.7% in FY24, general insurers roll out "Acha Kiya Insurance Liya" campaign modelled on mutual fund success to drive awareness
 "General insurers launch ₹120-cr campaign to raise insurance awareness")
New India Assurance to launch parametric insurance for climate risks: CMD
Subramanian said the parametric insurance product would mostly cover climate-related uncertainties, which affects daily livelihood, employment generation, and so on
 "New India Assurance to launch parametric insurance for climate risks: CMD")
AIFs push to flip the switch on regulatory static to ease fund flows
Operational noise disrupts capital flow; industry demands an inter-regulatory bridge
 "AIFs push to flip the switch on regulatory static to ease fund flows")
Go Digit General Insurance's Q4 net profit up 2.2 times at ₹115.61 crore
The expenses of the insurer rose by nearly 9.39 per cent Y-o-Y to ₹2,426.12 crore
 "Go Digit General Insurance's Q4 net profit up 2.2 times at ₹115.61 crore")
Irdai warns Heritage TPA against unilaterally closing health claims
The order is in response to the remote inspection conducted by the authority from November 8, 2021 to November 11, 2021
Insurers struggle to meet motor third party obligations set by Irdai
Inusrers with 5 per cent to 10 per cent share in Motor TP segment must expand their insurance by 7.5 per cent over the last year
 "Insurers struggle to meet motor third party obligations set by Irdai")
Margin improvement likely to boost life insurance companies' stocks
Diversified insurers like ICICI Prudential Life Insurance or IPRU may be better positioned while those reliant on parent bancassurance
 "Margin improvement likely to boost life insurance companies' stocks")
Cyber incidents: IRDAI asks insurers to empanel forensic experts in advance
Insurance Regulagtory and Development Authority of India (Irdai) said that in today's digital age, any cyber incident and crisis poses significant threats to organisations
 "Cyber incidents: IRDAI asks insurers to empanel forensic experts in advance")
Govt approves Swaminathan S Iyer's appointment as Irdai Life Member
He is appointed for five years from the date of assumption of charge or until he attains the age of 62 years or until further orders, whichever is earlier
 "Govt approves Swaminathan S Iyer's appointment as Irdai Life Member")
Star Health Insurance's shares hit 52-week low amid reports of Irdai probe
Company calls it a routine exercise to ensure compliance
 "Star Health Insurance's shares hit 52-week low amid reports of Irdai probe")
LIC counters Rahul Gandhi, says it's committed to policyholders, agents
The clarification came a day after some of the LIC agents met the Leader of Opposition and raised certain issues regarding recent changes in rules by IRDAI and LIC
 "LIC counters Rahul Gandhi, says it's committed to policyholders, agents")
Former SBI & LIC chiefs among new members of Irdai's advisory panel
The regulator proposed that the IAC should allow the circulation of meeting notices and agendas to its members in less than seven days, subject to chairperson approval
 "Former SBI & LIC chiefs among new members of Irdai's advisory panel")
Insurers likely to prefer bond forwards over forward-rate agreements
Irdai allows insurers to hedge interest rate risks with bond forwards
 "Insurers likely to prefer bond forwards over forward-rate agreements")
Several hits, few misses in Debasish Panda's 3-year tenure as Irdai chief
Irdai under Panda moved to principle-based regulation from rule-based regulation
 "Several hits, few misses in Debasish Panda's 3-year tenure as Irdai chief")
Irdai lets insurers to undertake transactions in bond forwards for hedging
The Reserve Bank has recently issued directions specifying that any entity, eligible to be classified as a non-retail user shall be eligible to undertake transactions in Bond Forwards
