Page 30 - Latest Updates on IRDAI
Irdai to bring in standard vector-borne disease cover of up to Rs 2 lakh
Policyholders can choose protection against any one or more ailments such as dengue, malaria, filaria, etc; price for every covered disease to be set separately
 "Irdai to bring in standard vector-borne disease cover of up to Rs 2 lakh")
Irdai extends electronic customer consent for life insurers by 3 months
Facility has been allowed for pure risk products, is available till next March
 "Irdai extends electronic customer consent for life insurers by 3 months")
Non-life insurers report marginal decline in October premium collections
This, despite good growth in premiums by standalone health insurers, aided by rise in demand for health plans in the country
 "Non-life insurers report marginal decline in October premium collections")
Merger of insurers: Irdai releases draft norms on shareholder compensation
Says those whose rights against the acquiring insurer have been reduced, must be paid compensation based on the residual value of assets
SAT clearing more cases now than before Covid-19 pandemic, shows data
August and September each saw over 80 appeals to the SAT
 "SAT clearing more cases now than before Covid-19 pandemic, shows data")
IRDAI panel to examine need for standard cyber liability insurance product
Irdai has set up a panel to explore possibility of a basic standard product structure to provide insurance cover for individuals and establishments to manage their cyber risks
 "IRDAI panel to examine need for standard cyber liability insurance product")
General Insurers should be allowed in surety bond biz: Irdai working group
This is because surety bond insurance is yet to develop in India and risk exposure under this business is significant compared to other more mature lines of business
 "General Insurers should be allowed in surety bond biz: Irdai working group")
Robust legal framework key for development of surety bonds market: IRDAI
An IRDAI working group has made a case for a robust legislation and ecosystem keeping in view the best international practices for promoting development of the surety bonds markets in the country.
 "Robust legal framework key for development of surety bonds market: IRDAI")
Covid-19: Switch to comprehensive insurance policy for broader coverage
Waiting period gains of Covid policy stay intact
 "Covid-19: Switch to comprehensive insurance policy for broader coverage")
Need to expand health insurance to include outpatient care: Irdai chairman
In light of the Coronavirus (Covid-19) pandemic, health insurance has seen a surge in demand from consumers
 "Need to expand health insurance to include outpatient care: Irdai chairman")
Saral Jeevan Beema for Bharat: Irdai introduces standard life product
All insurers to offer the product from January 1, 2020
 "Saral Jeevan Beema for Bharat: Irdai introduces standard life product")
Need to have more disease-specific health insurance products: Irdai
Irdai Chairman Subhash Khuntia has urged health insurance providers to develop disease-specific products which could help policy holders in preventing different ailments
Irdai allows renewal, migration and porting of Covid specific policies
The Indian insurance regulator has allowed renewal, migration and portability of Covid-19 specific standard health insurance policies -- Corona Kavach, Corona Rakshak and Group Corona Kavach Policy
Irdai allows renewal, migration and portability of Covid-specific products
Renewal subject to insurer's underwriting policy, must be done before expiry of existing policy contract
 "Irdai allows renewal, migration and portability of Covid-specific products")
Don't impose 15-day waiting period for Corona Kavach renewal: IRDAI
As per the guidelines issued by the IRDAI, the short-term Corona Kavach policies are issued by insurance companies for three-and-a-half months, six-and-a-half months or nine-and-a-half-months
 "Don't impose 15-day waiting period for Corona Kavach renewal: IRDAI")
Regulators hand out more tools to customers for decoding financial products
Sebi's new risk-o-meter and Irdai's proposed colour coding of health insurance plans will enable buyers to make more informed choices
 "Regulators hand out more tools to customers for decoding financial products")
Irdai to start colour coding of individual health plans based on complexity
The regulator has sought comments from all stakeholders on the matter by October 15
Choosing a suitable health plan to become easier with standardised norms
Uniform policy wordings will reduce ambiguity and allow buyers to understand key policy features better
IRDAI group tables broad framework for insurance cover to drone industry
The panel noted that the drone ecosystem is in nascent stages in India and finding more usage/applications in various sectors at a slower pace
 "IRDAI group tables broad framework for insurance cover to drone industry")
Do your research well before buying a life insurance plan for the long run
Customers must also avoid the temptation to cash out of their policies mid-tenure, once they have gathered considerable fund value.
 "Do your research well before buying a life insurance plan for the long run")