Page 7 - Latest Updates on IRDAI
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")
Star Health introduces braille insurance policy for visually impaired
The policy is designed to address the specific requirements of individuals with disabilities of 40% or more, including physical, sensory, or cognitive impairments
 "Star Health introduces braille insurance policy for visually impaired")
Here is why SBI Life, HDFC Life, LIC shares rallied up to 4% on BSE today
Insurance stocks in focus: LIC has approached Irdai to increase the interest rate assumption and plan-based G-Sec assumption for the calculation of surrender value, reports say
 "Here is why SBI Life, HDFC Life, LIC shares rallied up to 4% on BSE today")
Irdai forms task force to tackle challenges, boost growth of surety bonds
A surety bond is a risk transfer mechanism whereby an insurance company provides a guarantee to the beneficiary that the principal or contractor will meet their contractual obligations
 "Irdai forms task force to tackle challenges, boost growth of surety bonds")
New surrender-value norms: Max Life pencils in 100-200-bp hit to profit
VNB margin measures the profitability margin for life insurers
 "New surrender-value norms: Max Life pencils in 100-200-bp hit to profit")
Deepak Sood appointed as whole time member (non-life) of Irdai
He previously worked as CEO of Avantha Ergo and Future Generali India Insurance and held leadership roles at Bajaj Allianz, Zurich Financial Services, and United India Insurance
 "Deepak Sood appointed as whole time member (non-life) of Irdai")
Health insurance master circular: General insurers seek 2-month extension
Irdai issued a circular on health insurance products in June and asked general/health insurers to offer a wider range of products to customers
 "Health insurance master circular: General insurers seek 2-month extension")
SAT stays Irdai order against Religare's Saluja, Care Health in ESOP case
However, chairperson Saluja prohibited from exercising pending ESOPs
 "SAT stays Irdai order against Religare's Saluja, Care Health in ESOP case")
Hybrid workers drive demand for pay as you drive insurance plans
The insurance regulator had allowed general insurers to introduce pay as you drive and pay how you drive for motor insurance cover in 2022
 "Hybrid workers drive demand for pay as you drive insurance plans")
Religare Enterprises sends Burmans' open offer plea to Sebi, RBI
The move follows directions passed last month by the Securities Appellate Tribunal and an order issued in June by Sebi against the management
 "Religare Enterprises sends Burmans' open offer plea to Sebi, RBI")
Wayanad floods: Irdai instructs insurers to disburse claims immediately
Life and general insurers have been asked to appoint nodal officers to manage claims related to landslides
 "Wayanad floods: Irdai instructs insurers to disburse claims immediately")
Irdai levies Rs 2 cr penalty on HDFC Life Insurance for violating norms
The regulator cited violations of norms related to policyholders' interests, web aggregators, and insurance distributors
 "Irdai levies Rs 2 cr penalty on HDFC Life Insurance for violating norms")
Life Insurers to seek extension on implementing surrender value norms
Revising all the traditional products according to the new surrender value norms and renegotiating terms with the distributors within the timeline is a huge challenge
 "Life Insurers to seek extension on implementing surrender value norms")
Irdai directs Care Health to buy back shares allotted to Rashmi Saluja
Irdai has directed Care Health to cancel and revoke stock options to Saluja which remain unexercised and also ensure that no further grant and/or allotment of options are made to Saluja
 "Irdai directs Care Health to buy back shares allotted to Rashmi Saluja")
Irdai imposes penalty of Rs 2 crore on Bajaj Finance, Aegon Life Insurance
Bajaj Finance said that the decision does not have any material impact on its financial, operational, or other activities, the company said in an exchange filing
 "Irdai imposes penalty of Rs 2 crore on Bajaj Finance, Aegon Life Insurance")
SAT directs Religare to comply with Sebi directions on Burman open offer
Told to file application with RBI, Irdai by July 22 along with concerns on 'fit & proper' status of Burmans
