Page 7 - Latest Updates on IRDAI
Insurance marketplace Bima Sugam's capital requirement to rise to Rs 500 cr
Digital platform will allow consumers to compare, purchase and manage life, health, general insurance products
 "Insurance marketplace Bima Sugam's capital requirement to rise to Rs 500 cr")
A lot of 'ills' have crept into the system: Panda on product mis-selling
'You don't need to chase customers. You have to give the option to the customer. No mis-selling, no force-selling, the Bima Sugam will also facilitate that,' says Debasish Panda
 "A lot of 'ills' have crept into the system: Panda on product mis-selling")
TVS' Srinivasan, Star Health founder launch health insurance product
Plan allows customers to make multiple claims within same policy year
 "TVS' Srinivasan, Star Health founder launch health insurance product")
Simplify T&Cs in insurance policies to cut complaints: Irdai panel member
Irdai's Insurance Ombudsman Advisory Committee member Pushpa Girimaji also stressed on the need to reduce the number of 'non-entertainable complaints' by the insurance ombudsman
 "Simplify T&Cs in insurance policies to cut complaints: Irdai panel member")
Time to open up insurance sector for 100% FDI: Irdai chief Debasish Panda
Panda spoke about the transformation the industry has undergone since he took over and what is next in store.
 "Time to open up insurance sector for 100% FDI: Irdai chief Debasish Panda")
Data, tech & Bima Sugam to transform insurance sector: Irdai boss at BFSI
At the Business Standard BFSI Insight Summit 2024, Debasish Panda, Irdai boss, shared his transformative vision for India's insurance sector
 "Data, tech & Bima Sugam to transform insurance sector: Irdai boss at BFSI")
Irdai to amend regulatory sandbox norms after committee recommendation
Irdai has invited comments from the stakeholders on 'Exposure draft Irdai (Regulatory Sandbox) (Amendment) Regulations, 2024' by November 25
 "Irdai to amend regulatory sandbox norms after committee recommendation")
Irdai proposes changes to IAC meeting frequency, notice period, structure
The IAC comprises members representing various sectors, including commerce, industry, agriculture, and consumers, along with the chairperson and members of Irdai as ex officio members
 "Irdai proposes changes to IAC meeting frequency, notice period, structure")
Lockton receives Irdai approval to acquire Arihant Insurance Broking
The acquisition marks Lockton's strategic expansion into the Indian market, where it aims to address the growing demand for advanced risk consulting and management services
 "Lockton receives Irdai approval to acquire Arihant Insurance Broking")
Consumer protection: Changes in insurance policy terms must be conveyed
The National Commission noted that critical illness risk should have been included by the insurer to avoid prejudice caused by the discontinuation of this risk
 "Consumer protection: Changes in insurance policy terms must be conveyed")
Data leaks: Irdai directs two insurers to conduct IT systems audit
Star Health Insurance had recently admitted data breach. The name of the second insurer could not be immediately ascertained
 "Data leaks: Irdai directs two insurers to conduct IT systems audit")
Irdai asks insurers to check vulnerabilities in IT systems, take measures
Recently, there was a data breach at Star Health & Allied Insurance's servers and reportedly sensitive data of 31 million customers were put up for sale
Irdai extends IFRS 17 deadline to FY27; aims to give ample time to cos
Previously, Irdai had set a timeline of FY25 for the implementation of IFRS 17 in the insurance sector
From perestroika to glasnost: Efforts underway to make insurance inclusive
All efforts are on to make insurance inclusive and attract global investors. The second, and concluding, part of the column on 25 years of the insurance industry
Sebi, RBI and Irdai: How financial regulators are appointed, removed
Tenures across organisations often range from three to five years with the possibility of reappointment
 "Sebi, RBI and Irdai: How financial regulators are appointed, removed")
Consider benefits, costs before agreeing to insurance policy splitting
While splitting is common in life insurance, it sometimes happens in health insurance as well
 "Consider benefits, costs before agreeing to insurance policy splitting")
SBI Life fined Rs 1 cr by insurance regulator for 'violating norms'
IRDAI's says investigation was based on various charges arising from an on-site inspection and several regulations under the Insurance Act of 1938
 "SBI Life fined Rs 1 cr by insurance regulator for 'violating norms'")
25 years of the Indian insurance industry: Here are the hits and misses
De-tariffing and portability are two milestones ahead of the Insurance Act amendment that made health insurance an independent line of business and raised FDI limits to 49%. The first of 2 part column
 "25 years of the Indian insurance industry: Here are the hits and misses")
Insurance regulator issues circular to protect interests of policyholders
Norms on claims settlement process, electronic policies improve transparency for policyholders
 "Insurance regulator issues circular to protect interests of policyholders")
Irdai asks insurance companies to integrate IT systems with Digilocker
According to the circular, both life and general insurers are mandated to provide an essential summary of important information at different stages of the insurance contract
 "Irdai asks insurance companies to integrate IT systems with Digilocker")