Page 31 - Latest Updates on IRDAI
Irdai extends timeline for sale and renewal of Covid specific products
Earlier, insurance companies were allowed to offer these policies till March 31, 2021
 "Irdai extends timeline for sale and renewal of Covid specific products")
Health insurance claim rejection: Insurers may turn more cautious
Onus may now shift to them to justify rejection after Irdai's circular
 "Health insurance claim rejection: Insurers may turn more cautious")
Insurers cannot reject claims based on presumptions and conjectures: Irdai
Insurers need to put in place systems by which policyholders can track the status of claims, says regulator
 "Insurers cannot reject claims based on presumptions and conjectures: Irdai")
Irdai nudges insurers to facilitate immunisation for policyholders
Irdai on Friday directed insurers to make special arrangements to facilitate inoculation of the eligible people at government or private hospitals
 "Irdai nudges insurers to facilitate immunisation for policyholders")
Irdai asks insurers to facilitate Covid vaccination of policyholders
The regulator said insurers may create awareness among policyholders about vaccination through effective communication via SMS or email
 "Irdai asks insurers to facilitate Covid vaccination of policyholders")
Remote working to push demand for cyber insurance: IRDAI official
Insurers are confronting a new reality in the COVID-19 situation as a long- term disruption to the customers, employees, investors and suppliers
 "Remote working to push demand for cyber insurance: IRDAI official")
Covid-19 impact on claims may force insurers to review prices: Irdai exec
General and standalone health insurers have received 938,640 claims related to Covid-19 till March 15, says Suresh Mathur
 "Covid-19 impact on claims may force insurers to review prices: Irdai exec")
'Policies to cover hospitalisation cost due to adverse effects of vaccine'
Hospitalisation is covered under the health insurance policies subject to the specific terms and conditions of the policy, says Irdai
 "'Policies to cover hospitalisation cost due to adverse effects of vaccine'")
Health cover: Irdai rule gives consumers more freedom, say experts
Barring insurers from raising prices by adding benefits may also lead to better pricing: Experts
Insurers may soon be able to launch covers without regulator nod
In 2019, there were 439 actuaries and in a year, that number has gone up by just 19
 "Insurers may soon be able to launch covers without regulator nod")
We should have 1,000-1,200 actuaries at the earliest: Irdai chairman
Currently, India has only 458 full-fledged actuaries. In 2019, there were 439 actuaries and in a year, that number has gone up by just 19
 "We should have 1,000-1,200 actuaries at the earliest: Irdai chairman")
Standardisation of products not against innovation, says Irdai Chairman
Irdai chairman further said that these standard products will not be frozen in time
Coming soon: Pay life insurance premium in advance, get a discount
IRDAI proposes to link discount with SBI savings bank rate, which is currently at 2.7%
 "Coming soon: Pay life insurance premium in advance, get a discount")
Health insurance companies get over 900K Covid-19 claims, settle 84%
Overall, the insurers have settled almost 84 per cent of the claims in terms of the number of claims, and 52 per cent in terms of the amount of claims
 "Health insurance companies get over 900K Covid-19 claims, settle 84%")
Irdai removes curbs on dividend payout as insurers deliver better results
But, it has advised them to take a conscious call while declaring dividends for FY21, keeping in mind their capital position, solvency margin and liquidity position
 "Irdai removes curbs on dividend payout as insurers deliver better results")
Irdai launches standard personal accident cover, maximum Rs 1 cr assured
In the case of permanent total disablement, a similar benefit will be paid by the insurance firm
 "Irdai launches standard personal accident cover, maximum Rs 1 cr assured")
Irdai withdraws circular on dividends payouts for FY20 over Covid-19
Insurance sector regulator Irdai on Thursday withdrew its circular on dividend payouts for 2019-20 by insurers in the wake of COVID-19, citing improving economic conditions
 "Irdai withdraws circular on dividends payouts for FY20 over Covid-19")
Irdai launches standard personal accident cover, max Rs 1 cr sum assured
General and standalone health insurers will have to offer product from April 1, full claim payable on death with 12 months of accident date, even after the end of policy period
IRDAI approves Axis entities' stake acquisition in Max Life Insurance
In addition, Axis entities have the right to acquire an additional stake of up to 7 per cent in Max Life in one or more tranches which they intend to acquire in the next few years
 "IRDAI approves Axis entities' stake acquisition in Max Life Insurance")
Axis entities get Irdai approval to acquire stake in Max Life Insurance
Axis Entities will have the right to acquire another 7 per cent in the life insurance company, in or more tranches
 "Axis entities get Irdai approval to acquire stake in Max Life Insurance")