Page 35 - Latest Updates on IRDAI
Irdai slaps Rs 2.18 cr fine on Hero Insurance Broking for violating norms
Irdai, in its order, clarified that neither the insurance broker nor the MISP can create such a panel of insurers for selling motor insurance policies
 "Irdai slaps Rs 2.18 cr fine on Hero Insurance Broking for violating norms")
Enforcement of share pledging in Reliance General null & void: Irdai
Reliance Capital believes that the order by Irdai will protect the interest of all lenders and debenture holders of the company.
 "Enforcement of share pledging in Reliance General null & void: Irdai")
Irdai restores Reliance Capital's 100% shares in Reliance General Insurance
The regulator also said its prior approval was not taken for the transfer. The Irdai added that the unauthorised transfer also violates FDI regulations
IRDAI backs hospital ratings for standardisation of health insurance
Rating of hospitals would be an addition of this database, as will lead to more standardisation the health insurance segment
 "IRDAI backs hospital ratings for standardisation of health insurance")
Preference to GIC likely to continue in reinsurance business in India
As a rule, GIC Re is given preferential treatment in taking reinsurance risk.
 "Preference to GIC likely to continue in reinsurance business in India")
With lower sum assured, Ulips emerge as attractive option with high returns
Recently, the Insurance Regulatory and Development Authority of India (IRDAI) allowed those under the age of 45 years to also buy Ulips with a lower sum assured
 "With lower sum assured, Ulips emerge as attractive option with high returns")
IRDAI to seek councils' view before offering indemnity- based health plans
Non-life companies feel that allowing life insurers to offer indemnity-based plans will increase competition further in the market
 "IRDAI to seek councils' view before offering indemnity- based health plans")
General Insurance sector's PAT drops 90% in FY19, finds Irdai report
The underwriting losses of the general insurance industry increased to Rs 22,320 crore in FY19 from Rs 15,341 crore, a jump of 45%
 "General Insurance sector's PAT drops 90% in FY19, finds Irdai report")
Irdai okays debt ETFs of CPSEs as eligible class of investment for insurers
Irdai said such debt ETFs should be issued by mutual funds registered by Sebi and governed by its regulations.
NHA, IRDAI recommend measures to check frauds, data standardization
In the report, the experts recommended building a national repository of empanelled hospitals under insurance/government schemes with defined standards for quality and package rates and codes
 "NHA, IRDAI recommend measures to check frauds, data standardization")
Irdai plans to standardise insurance guidelines for houses and shops
In the last few years, the need for such standardisation was accentuated by increasing loss of small houses and commercial establishments due to natural calamities
Irdai may allow banks to hold over 10% stake in multiple insurance firms
Irdai chairman says considering proposal to change rules for lenders
 "Irdai may allow banks to hold over 10% stake in multiple insurance firms")
Irdai may allow merged state-run banks to hold over 10% in insurance firms
Some of the 10 public sector banks that are merging into four are promoters of insurance entities as well
 "Irdai may allow merged state-run banks to hold over 10% in insurance firms")
DHFL insolvency proceedings: Irdai rules out troubles for two insurers
He also asked insurance companies to write off their exposure to the bankrupt DHFL as they did in case of IL&FS
 "DHFL insolvency proceedings: Irdai rules out troubles for two insurers")
IRDAI approves sale of 51% stake in Max Bupa to True North: Max India
The all-cash transaction announced in February 2019 valued Max Bupa at an enterprise value of Rs 1,001 crore, Max India said in a statement
Irdai proposes to make calculation of motor cover simpler, more transparent
Customers will not have to buy add-ons like invoice cover in the new regime
 "Irdai proposes to make calculation of motor cover simpler, more transparent")
Irdai slaps Rs 2-cr fine on India Infoline Insurance for violating norms
The regulator has penalised the broker with a fine of Rs 1 crore each for violating norms on related party transactions and not having its own office infrastructure
Policyholders likely to gain as Irdai proposes changes to motor policy
For partial loss claims, age-wise depreciation has been recommended, wherein if the vehicle is less than a year old, the depreciation will be 10 per cent
Irdai issues draft norms on wellness services in health insurance products
It said that the wellness and preventive features shall be designed only with the objective of maintaining good health
Irdai directs Reliance Health Insurance to stop selling new policies
The company will be merged into Reliance General