Page 31 - Latest Updates on IRDAI
Irdai says LIC, GIC Re, New India are too big to fail, need more control
The three are seen as key players to deal with systemic risks and moral hazard issues, have been told to raise corporate governance levels and promote a sound risk management culture
 "Irdai says LIC, GIC Re, New India are too big to fail, need more control")
LIC, GIC, New India Assurance systemically important insurers: IRDAI
The three insurers have also been asked to raise the level of corporate governance, identify all relevant risks and promote a sound risk management culture, IRDAI said in a statement
 "LIC, GIC, New India Assurance systemically important insurers: IRDAI")
Top headlines: Vodafone wins case against govt, Harley in talks with Hero
From Vodafone International winning arbitration case against govt to Election Commission announcing Bihar poll dates, Business Standard bring you top news of the evening
 "Top headlines: Vodafone wins case against govt, Harley in talks with Hero")
Covid-19: Irdai permits life, general insurers to conduct video-based KYC
The objective of the VIBP, Irdai said, is to leverage various electronic platforms to simplify KYC process and make it customer-friendly
 "Covid-19: Irdai permits life, general insurers to conduct video-based KYC")
Irdai to develop standardised products for bridging protection gap
Life Insurers must aim to achieve a 13th month persistency of 90% within a year, says Irdai chairman
 "Irdai to develop standardised products for bridging protection gap")
Irdai panel recommends forming Rs 75,000 cr pandemic pool under PPP model
The group has recommended coverage for 40-50 million MSME workers initially
Irdai to take decision on extending tenure of Covid-19 products: Chairman
Regulator Irdai is mulling over a plan to allow the tenure extension of Covid-19 specific insurance products as the vaccine for the disease is seemingly away, its chairman Subhash C Khuntia said
 "Irdai to take decision on extending tenure of Covid-19 products: Chairman")
Digital health plan may make insurance products cheaper: Irdai member
Health insurance products calculated based on historical data will get better information, says T L Alamelu
 "Digital health plan may make insurance products cheaper: Irdai member")
Health insurance: Irdai issues guidelines on wellness, preventive measures
Steps shall help achieve the desired objective of maintaining and improving good health and enabling affordable health insurance
 "Health insurance: Irdai issues guidelines on wellness, preventive measures")
Insurers can offer wellness coupons, reward points to policyholders: Irdai
Regulator Irdai on Friday came out with fresh guidelines for wellness and preventive features under which insurers can offer discount coupons and vouchers for health supplements and yoga centres
 "Insurers can offer wellness coupons, reward points to policyholders: Irdai")
Third-party motor insurance premium hike delay worries insurers
Next six months will be tough for the industry in terms of loss ratios
 "Third-party motor insurance premium hike delay worries insurers")
Irdai invites applications for innovative ideas under regulatory sandbox
Irdai said it has created a regulatory sandbox with the objective of using new and innovative ideas with a view to accelerate the growth of the sector
 "Irdai invites applications for innovative ideas under regulatory sandbox")
Sales of Corona Kavach health insurance policies on rise: Max Bupa
"The initial response for Corona Kavach plan has been encouraging and we are selling between 200-300 policies every day," Ramachandran said
 "Sales of Corona Kavach health insurance policies on rise: Max Bupa")
RBI frames plan for financial education among school students, communities
The 'National Strategy for Financial Education 2020-2025' suggests a multi-stakeholder-led approach for creating a financially aware and empowered India
 "RBI frames plan for financial education among school students, communities")
We're hoping growth in insurance will pick up by Q2-end: Irdai Chairman
In an email Q&A, Subhash Chandra Khuntia speaks about the positive response to Corona Kavach policy, standardisation of covid treatment rates and need for a retrenchment cover
 "We're hoping growth in insurance will pick up by Q2-end: Irdai Chairman")
Health has become biggest business in general insurance: Irdai member
The pandemic has promoted people to buy health covers, as the uncertainty around the virus and its effects are rising with the number of infections going up daily
Insurers can take action against hospitals denying cashless service: Irdai
An insurance company can take action against a hospital for demanding advance from a policy holder who is supposed to get cashless service
 "Insurers can take action against hospitals denying cashless service: Irdai")
IRDAI allows life insurers to get consent of policyholders electronically
This facility, to be allowed on an experimental basis with immediate effect till December 31, 2020, will remain limited to pure risk products
IRDAI allows life insurers to issue policies electronically due to Covid-19
The regulator further said there will be a mandatory 30-day free look period for all such electronic policy documents
 "IRDAI allows life insurers to issue policies electronically due to Covid-19")
Who is the real boss of India's financial markets?
For financial sector companies setting up shop in India, as of now the go-to regulators are obviously the Sebi and the Reserve Bank of India
