Page 4 - Latest Updates on IRDAI
Govt invites applications for Irdai chief's post as Panda's term ends soon
The last day for submitting applications is April 6
 "Govt invites applications for Irdai chief's post as Panda's term ends soon")
Insurance cos knock on Irdai door seeking more time to implement Bima-ASBA
Insurers seek Irdai's nod for more time to implement Bima-ASBA, citing early deadline; feature allows policyholders to block premiums until underwriting is completed
 "Insurance cos knock on Irdai door seeking more time to implement Bima-ASBA")
Insurance cos knock on Irdai door seeking more time to implement Bima-ASBA
The insurance regulator had in mid-February set the March 1 deadline for rollout of the feature, which allows insurers to take a customer's consent and block the premium amount for a period of 14 days
 "Insurance cos knock on Irdai door seeking more time to implement Bima-ASBA")
Multi-year health insurance policy sales dip as agents' commissions drop
Irdai's new accounting norms for premium reporting has resulted in insurers revising commissions on multi-year health policies
 "Multi-year health insurance policy sales dip as agents' commissions drop")
Home insurance: Cover should suffice to rebuild structure, replace contents
A home insurance policy covers damage from earthquakes, fires, explosions, floods, landslides, cyclones, storms, aircraft damage, and acts of terrorism
 "Home insurance: Cover should suffice to rebuild structure, replace contents")
Irdai retains obligatory cession at 4% for FY26, third year in a row
Obligatory cession is the portion of business that Indian non-life insurers must mandatorily reinsure with GIC Re
 "Irdai retains obligatory cession at 4% for FY26, third year in a row")
Health insurance premium growth in slow lane due to tapering demand
Change in accounting norms, sharp decline in premiums from govt. schemes have also weighed on health insurance premium growth
 "Health insurance premium growth in slow lane due to tapering demand")
Irdai move on equity derivatives: Insurers gain tools to manage volatility
Irdai felt the need to permit insurers to hedge through equity derivatives
Irdai allows insurers to hedge volatility through equity derivatives
The regulator also issued guidelines aimed at providing insurers with enhanced opportunities for risk management and portfolio diversification
 "Irdai allows insurers to hedge volatility through equity derivatives")
Insurance industry can use derivatives to hedge equity exposures: Irdai
Insurance Development and Regulatory Authority of India (Irdai) has issued the 'Guidelines on Hedging through Equity Derivatives' following representations from insurers
 "Insurance industry can use derivatives to hedge equity exposures: Irdai")
Pump Rs 300 crore into Bima Sugam by February-end: Irdai to insurers
After multiple delays, Phase-I of Amazon-like one-step digital platform may be launched in mid-2025
 "Pump Rs 300 crore into Bima Sugam by February-end: Irdai to insurers")
Insurance firms asked to contribute capital to Bima Sugam by month's end
Insurance regulator Irdai has told insurance firms which will be shareholders in Bima Sugam to inject initial capital of Rs 300 crore
 "Insurance firms asked to contribute capital to Bima Sugam by month's end")
Ex-SBI chairman Khara to head panel to implement amendment to insurance law
Highly placed sources in the insurance sector clarified that the panel will not propose any further amendments and that its mandate is to work on the proposed amendments
 "Ex-SBI chairman Khara to head panel to implement amendment to insurance law")
Irdai permits insurance premium payment through blocked amount on UPI
Both the Life and General Insurance Councils have to issue a standard declaration within a week of Irdai's circular to be included in the proposal for authorisation.
 "Irdai permits insurance premium payment through blocked amount on UPI")
Bima Vahak's portal is ready for soft launch in April 2025, says Irdai
The regulator also said, "A compliant, simple, comprehensive, and customer-friendly model has been signed off by the top brass of the industry."
Irdai seeks IPO road map from 10 general and life insurance companies
To list on an Indian stock exchange, an insurance company must meet several performance parameters
Budget 2025: How 100% FDI will benefit the Indian insurance industry
The government seeks to fully unlock the potential of India's insurance industry, and has announced opening up of the sector to 100 per cent FDI
 "Budget 2025: How 100% FDI will benefit the Indian insurance industry")
Irdai caps senior citizens' health premium increase at 10% per annum
Steep rise in health insurance premium of senior citizens has been engaging the attention of Irdai and is a regulatory concern, Irdai said
 "Irdai caps senior citizens' health premium increase at 10% per annum")
Insurers push for more hedging tools from regulator to boost strategies
Currently, the regulatory norms do not permit insurers to use instruments like options to manage equity-market risks
Irdai expands scope of regulatory sandbox framework to foster innovation
Regulatory sandbox refers to live testing of new products or services in a controlled regulatory environment for which regulators may permit certain relaxations for limited purpose of testing
 "Irdai expands scope of regulatory sandbox framework to foster innovation")
