Page 6 - Latest Updates on IRDAI
LIC counters Rahul Gandhi, says it's committed to policyholders, agents
The clarification came a day after some of the LIC agents met the Leader of Opposition and raised certain issues regarding recent changes in rules by IRDAI and LIC
 "LIC counters Rahul Gandhi, says it's committed to policyholders, agents")
Former SBI & LIC chiefs among new members of Irdai's advisory panel
The regulator proposed that the IAC should allow the circulation of meeting notices and agendas to its members in less than seven days, subject to chairperson approval
 "Former SBI & LIC chiefs among new members of Irdai's advisory panel")
Insurers likely to prefer bond forwards over forward-rate agreements
Irdai allows insurers to hedge interest rate risks with bond forwards
 "Insurers likely to prefer bond forwards over forward-rate agreements")
Several hits, few misses in Debasish Panda's 3-year tenure as Irdai chief
Irdai under Panda moved to principle-based regulation from rule-based regulation
 "Several hits, few misses in Debasish Panda's 3-year tenure as Irdai chief")
Irdai lets insurers to undertake transactions in bond forwards for hedging
The Reserve Bank has recently issued directions specifying that any entity, eligible to be classified as a non-retail user shall be eligible to undertake transactions in Bond Forwards
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
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
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."