IRDAI

Insurers seek Irdai clarity on a new law barring common directorships, a move that could disrupt boards of bank-backed insurance companies

Insurance companies have sought clarification from Irdai on a provision barring directors from holding board roles across insurers, banks and investment firms, citing governance and compliance concern

RBI has flagged high expense structure, particularly acquisition costs of insurance companies, in its recent report

Mis-selling is a significant concern in the insurance sector, and insurers need to conduct a root cause analysis to identify the underlying causes, the regulator Irdai said in its latest annual report. The total number of grievances registered against life insurers has remained almost the same at 1,20,429 in 2024-25 against 1,20,726 in 2023-24, whereas the total number of grievances registered under UFBP (Unfair Business Practices) has increased from 23,335 in 2023-24 to 26,667 in 2024-25, according to the report. Thus, the share of UFBP grievances to total grievances has increased to 22.14 per cent in FY25 compared to 19.33 per cent in the previous fiscal. Mis-selling involves the sale of insurance products to consumers without proper disclosure of terms, conditions or suitability. "To prevent or reduce mis-selling, insurers have been advised to implement strategies, such as assessing product suitability, implementing distribution channel-specific controls and developing a plan to

Mis-selling complaints against life insurers rose over 14% in FY25 even as total grievances dipped marginally, prompting Irdai to flag concerns and seek corrective action

Irdai has flagged mis-selling as a major concern in India's insurance sector, asking insurers to conduct root-cause analysis, even as penetration remained unchanged at 3.7% in FY25

Regulator said the insurer made payouts to entities and an individual agent in violation of norms, and asked it to place the order before its board and submit an action report

Currently, 50 per cent of life insurance investment is allocated to government securities and the balance 50 per cent to other alternative investments

Irdai noted that once infrastructure projects begin commercial operations, their cash flows become more predictable and regulated, significantly reducing funding risks

Even as the sector opens up to greater competition and foreign investment, long-standing challenges continue to constrain its reach and credibility

The move is taking the form of a reduction in discount on next year's premium once a policyholder has made a claim

The Insurance Amendment Bill empowers IRDAI to limit high commissions, reclaim unlawful gains, and strengthen oversight of intermediaries while opening new investment avenues for insurers

Trai has asked insurance-sector entities regulated by IRDAI to move service and transactional calls to 1600-series numbers by February 15, 2026, to curb spam and fraud

Nirmala Sitharaman further noted that India needs further capital infusion into the insurance sector

Sahaj Insurance Services Pvt Ltd, which recently received a corporate agency licence from IRDAI, aims to sell about 10 crore insurance policies designed to suit the rural population. Sahaj Insurance Services Pvt Ltd, a subsidiary of Sahaj Retail Ltd, operates a network of about 4.5 lakh digitally enabled rural centres serving over 70 crore people. In a statement, the Kanoria Foundation company said the new vertical is designed to make insurance, long characterised by low awareness and limited access in rural regions, simple, affordable and accessible at the last mile. Sahaj Centres will offer a full suite of insurance products, with trained Sahaj Mitrs facilitating customer onboarding, support and claims assistance, it said. "Customers will be able to access assisted digital enrolment, paperless processes, multi-lingual support and help with filing claims. These features are essential for first-time insurance adopters in rural markets. The services will also integrate ...

Irdai has raised concerns over rising complaints, urging insurers to improve grievance redressal systems, standardise classification processes

Leaders called Bima Sugam a tool for transparency, affordability and inclusion

Making insurance products more affordable shows that the govt views the sector as essential as food, says Irdai chief Ajay Seth

Regulatory shocks and withdrawal of a tax benefit slowed down growth, nudging firms to focus on affordability, efficiency and chasing more customers

IRDAI member Swaminathan Iyer stresses the need to track ₹1.9 trillion in unclaimed life insurance funds to build trust and boost penetration, vital for achieving 'insurance for all by 2047'