Page 37 - Latest Updates on IRDAI
Irdai decides to defer implementation of IndAS in insurance sector
The regulator had planned to implement IndAS 117, which is an equivalent of IFRS 17, and IndAS 109 from April 1 onwards, but the IASB decided to amend IFRS 17
 "Irdai decides to defer implementation of IndAS in insurance sector")
Irdai chief warns firms against unfair trade practises, predatory pricing
The regulator also told insurance brokers to be more disciplined in filing their returns
 "Irdai chief warns firms against unfair trade practises, predatory pricing")
'Not sustainable', IRDAI chief cautions insurers against predatory pricing
Highlighting that the insurance industry is different from other business, he said if an insurer fails, it has bearing on customers as well
 "'Not sustainable', IRDAI chief cautions insurers against predatory pricing")
Only a few proposals get Irdai nod under regulatory sandbox structure
Among the proposals approved, the health insurance segment has got 19 approved proposals.
 "Only a few proposals get Irdai nod under regulatory sandbox structure")
Insurers to pay penal interest for delay in settling health claims
The regulator on Monday issued an exposure draft on guidelines on standardisation of general clauses in health insurance policies contracts
 "Insurers to pay penal interest for delay in settling health claims")
Two recent Irdai orders show why the regulator needs to be given more teeth
Between January 7 and 8 Irdai rapped an insurance firm and a broker for violating norms - one for parking money with related firms, and another for out-and-out reinsurance fraud
Non-life insurers log 11.5% rise in premium at Rs 15980 crore in Dec 2019
Seven stand-alone private sector health insurers collected Rs 1,258.14 crore premium during the month
 "Non-life insurers log 11.5% rise in premium at Rs 15980 crore in Dec 2019")
After standardising health insurance, Irdai looks at rating of hospitals
Under the rating mechanism, insurers can charge on the basis of grades based on facilities like number of doctors or equipment in the hospital
 "After standardising health insurance, Irdai looks at rating of hospitals")
Offer standard health policies with maximum sum insured Rs 5 lakh: Irdai
The product will be named as Arogya Sanjeevani Policy, succeeded by the name of the insurance company
 "Offer standard health policies with maximum sum insured Rs 5 lakh: 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
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
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