Page 9 - Latest Updates on IRDAI
Hinduja led IIHL gets Irdai's nod for acquisition of Reliance Capital
The approval is subject to certain 'regulatory, statutory, and judicial' clearances/compliances, says IIHL spokesperson
 "Hinduja led IIHL gets Irdai's nod for acquisition of Reliance Capital")
Irdai asks insurers to compulsorily meet rural, social sector obligations
All life insurers shall ensure a minimum percentage of lives in identified and allocated gram panchayat, the master circular on rural, social sector and motor third party obligation said
 "Irdai asks insurers to compulsorily meet rural, social sector obligations")
Irdai imposes a fine of Rs 1 crore on IPO-bound Go Digit Insurance
According to recent general insurance council data, the company had a gross written premium (GWP) of Rs 7,941.1 cr in FY24
 "Irdai imposes a fine of Rs 1 crore on IPO-bound Go Digit Insurance")
Pricing key challenge for health insurance of older citizens: Experts
Most companies had an internal policy which did not allow them to sell health insurance products to persons of more than 65 years
 "Pricing key challenge for health insurance of older citizens: Experts")
Irdai removes age limit of 65 yrs for buying health insurance policies
Insurers have been mandated to offer health policies to individuals with pre-existing medical conditions of any kind
 "Irdai removes age limit of 65 yrs for buying health insurance policies")
Early in the tenure of non-linked policy you don't like? Surrender it
But if you have held it for long, run the numbers; continuing may be prudent
 "Early in the tenure of non-linked policy you don't like? Surrender it")
Red Sea crisis: RBI, Irdai called in to help limit impact on Indian exports
The Ministry of Finance urged these entities to monitor disruptions that could potentially drive up India's export expenses
 "Red Sea crisis: RBI, Irdai called in to help limit impact on Indian exports")
Irdai raises concern over Hinduja Group-led IIHL's bid for Reliance Capital
The regulator has sought clarification regarding equity capital that IIHL, the proposed buyer of insolvent Reliance Capital is willing to put in
 "Irdai raises concern over Hinduja Group-led IIHL's bid for Reliance Capital")
Loan against insurance, minding mental health: Top personal finance stories
Our top stories this week tell you about the pros and cons of using your life policy as collateral and what it takes to be mentally fit
 "Loan against insurance, minding mental health: Top personal finance stories")
Choose life policy carefully; early surrender can cause major losses
Switch credit card if changes in reward structure do not align with your needs
 "Choose life policy carefully; early surrender can cause major losses")
Bima Sugam - your one-stop portal for all insurance policies: Details here
It's an online platform where customers can choose a suitable scheme from multiple options given by various companies
 "Bima Sugam - your one-stop portal for all insurance policies: Details here")
LIC, GIC Re and New India Assurance Company retain the 'D-SII' tag
D-Slls are insurance companies which are perceived as 'too big or too important to fail'(TBTF) based on their size, market importance, and domestic and global interconnectedness
 "LIC, GIC Re and New India Assurance Company retain the 'D-SII' tag")
Irdai retains surrender value norms, positive for life insurers: Analysts
Insurance industry leaders believed that higher surrender values could lead to the premature exit of policyholders from long-term insurance policies
Irdai notifies series of regulations, tweaks rules on surrender charges
A surrender value in insurance refers to the amount paid by the insurers to the policyholder upon terminating the policy before its maturity date
Irdai allows firms to offer customised insurance to match customer needs
That there is no flash in the pan has been made clear by the insurance regulator when it announced these changes through a series of gazette notifications on Friday
 "Irdai allows firms to offer customised insurance to match customer needs")
Bima Sugam likely to reduce dependence on intermediaries for insurers
According to IRDAI's annual report for FY23, the online sales channel of life insurers contributed to 0.84 per cent of the individual new business premium (NBP)
Will end FY24 with growth rate of over 30%: CEO Shriram Life Insurance
In life insurance, it is about creating distribution capacity and solutions for customers. We are constantly working on that Casparus JH Kromhout, managing director and chief executive officer said
 "Will end FY24 with growth rate of over 30%: CEO Shriram Life Insurance")
Banks to insurers: Using the ombudsman system to get complaints resolved
A guide to how banks, insurers, brokers and tax officials are supposed to listen to you
 "Banks to insurers: Using the ombudsman system to get complaints resolved")
IRDAI approves Bima Sugam, 7 other regulations in 125th board meet
The board of the insurance regulator approved the 'Bima Sugam' platform where the policyholders can compare premiums and purchase a wide array of insurance products
 "IRDAI approves Bima Sugam, 7 other regulations in 125th board meet")
Galaxy Health gets Irdai approval to launch health insurance business
According to the regulator, this is the sixth registration granted by IRDAI in around one year across the Life, Non-life, and Health segments
 "Galaxy Health gets Irdai approval to launch health insurance business")
