Page 9 - Latest Updates on IRDAI
New 160 number series for service calls to reduce spam, says Trai
DCA facility discussed in meeting with RBI, sectoral regulators and 25 plus banks on Friday
 "New 160 number series for service calls to reduce spam, says Trai")
Multiple levers with insurers to mitigate higher surrender value: Experts
The Insurance Regulatory and Development Authority of India (Irdai) in its 'Master Circular on Life Insurance Products' issued on Wednesday prescribed enhanced Special Surrender Value (SSV)
 "Multiple levers with insurers to mitigate higher surrender value: Experts")
Irdai accepts registration withdrawal plea of Paytm General Insurance
Paytm said that it aims to innovate on small ticket insurance products for consumers and merchants alike by focusing on small-ticket general insurance offerings along with our partners
 "Irdai accepts registration withdrawal plea of Paytm General Insurance")
Regulator Irdai mandates life insurers to provide loans against policies
The regulator has also allowed policyholders an option of partial withdrawal under pension products
 "Regulator Irdai mandates life insurers to provide loans against policies")
Policy loan now mandatory in all life insurance savings products: Irdai
Issuing a circular, the Irdai also said the free look period, which provides time to review the policy terms and conditions, is 30 days as against 15 days earlier
 "Policy loan now mandatory in all life insurance savings products: Irdai")
Major changes made by regulator in general insurance: Check details
Insurers to settle claims within seven days and surveyors to submit reports within 15 days
 "Major changes made by regulator in general insurance: Check details")
Policyholders can cancel policy at any time by notifying insurer: Irdai
The Irdai said retail policyholders can cancel their insurance policy at any time during its term by notifying the insurer, and will receive a refund for the remaining period of the policy
 "Policyholders can cancel policy at any time by notifying insurer: Irdai")
Insurance companies can't reject claims for lack of documents: Irdai
The regulator said that the insurer cannot reject claim in full or part if the breach of warranty or condition is not relevant to nature or circumstance of loss
 "Insurance companies can't reject claims for lack of documents: Irdai")
Moratorium to refund: Reforms in health insurance you must know about
Be meticulous with disclosures during policy purchase despite lowering of moratorium period
 "Moratorium to refund: Reforms in health insurance you must know about")
Irdai to meet insurers today on Bima Sugam, 'Cashless Everywhere'
Sources said the regulator is likely to discuss the appointment of a CEO for Bima Sugam
 "Irdai to meet insurers today on Bima Sugam, 'Cashless Everywhere'")
IRDAI asks insurers to approve cashless claim in 3 hours: Check all changes
Insurer will be responsible for covering additional charges levied by hospital if the deadline is not met, says IRDAI
Irdai mandates health insurers to decide on cashless claims within 1 hour
Regulator Irdai on Wednesday released a master circular on health insurance specifying that an insurer will have to decide on cashless authorization within one hour of request.
 "Irdai mandates health insurers to decide on cashless claims within 1 hour")
Noida-based Paytm General Insurance withdraws application with Irdai
The company will focus on its insurance distribution portfolio, moving away from making insurance products
 "Noida-based Paytm General Insurance withdraws application with Irdai")
Mahindra Finance gets IRDAI nod to sell insurance as corporate agent
The process would augment the company's existing sources of revenue and profits as it would deploy its common infrastructure of branch network and feet on street
 "Mahindra Finance gets IRDAI nod to sell insurance as corporate agent")
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")