Page 7 - Latest Updates on IRDAI
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."
 "Bima Vahak's portal is ready for soft launch in April 2025, says Irdai")
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
 "Irdai seeks IPO road map from 10 general and life insurance companies")
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")
First phase of Bima Sugam project likely to be rolled out mid-2025
Initially proposed for Jan '23 launch, project missed many deadlines
Field agents at a crossroads: The BC channel is ripe for being reimagined
The business correspondent channel is sought to be reworked with more offerings being hawked on it
 "Field agents at a crossroads: The BC channel is ripe for being reimagined")
Uncertainty looms over launch of Irdai's ambitious Bima Sugam project
Industry players, who are also investors in the project, say it is unlikely the project will meet the announced launch date of April 2025, with few updates on its progress
 "Uncertainty looms over launch of Irdai's ambitious Bima Sugam project")
Non-life insurers report dip in Dec premiums under Irdai's revised norms
Even in Q3, their premium growth slowed down to a meagre 1 per cent year-on-year
 "Non-life insurers report dip in Dec premiums under Irdai's revised norms")
Health insurance claim denial: Check reasons against policy terms first
Health insurance claims are often denied due to exclusions in policy terms. Buyers frequently overlook the fine print or misinterpret clauses
 "Health insurance claim denial: Check reasons against policy terms first")
FIU-IND, Irdai sign MoU for enhanced anti-money laundering efforts
Laying down procedure and manner in which the regulated entities/reporting entities report to FIU-IND under the PML Rules and conducting outreach and training for regulated entities as per the MoU
Suspect a loved one had bought a policy? Search life insurers' websites
Unclaimed amounts often result from outdated customer details, making it difficult for insurers to trace policyholders or their nominees
Health insurers reject claims worth Rs 15,100 crore in FY24: Irdai
In terms of number of claims settled, 72 per cent were settled through third-party administrator and the balance 28 per cent were settled through in-house mechanism
 "Health insurers reject claims worth Rs 15,100 crore in FY24: Irdai")
Fire, engineering insurance premiums likely to move up by 60% in 2025
In 2024, the country was rocked by multiple natural catastrophes causing major losses to insurers and reinsurers, particularly in Gujarat and Nagpur thus affecting the 'free pricing' of insurance
 "Fire, engineering insurance premiums likely to move up by 60% in 2025")
Health insurers disallowed claims worth Rs 15,100 cr during FY24: Irdai
Of the total Rs 1.17 trillion claims under health insurance of general as well as standalone health insurers, only Rs 83,493.17 crore or 71.29 per cent were paid during the year ending March 2024
 "Health insurers disallowed claims worth Rs 15,100 cr during FY24: Irdai")
Surety bonds vs bank guarantees: A financial shift in project risk-sharing
The surety bonds market in India has the potential to generate billions of dollars in premiums over the coming years
 "Surety bonds vs bank guarantees: A financial shift in project risk-sharing")