IRDAI Budget

Ajay Seth says claim payouts often fall short of expectations; stresses prompt, transparent settlement to build trust and achieve 'Insurance for All' by 2047

Ajay Seth, a 1987-batch IAS officer and former DEA secretary, has taken charge as chairman of Irdai nearly a month after his appointment for a three-year tenure by the government

Insurance regulator Irdai has formed panels of whole-time members to look into violations of regulatory norms by insurers and intermediaries. A decision to this effect was taken at the 132nd meeting of the Insurance Regulatory and Development Authority of India (Irdai), the regulator said in a release on Tuesday. "As part of enforcement function, to decide on the violations observed as regards the provisions of Insurance Act and Regulations issued thereunder, with respect to certain Insurers/Insurance Intermediaries, panels of Whole-Time Members were formed," Irdai said. There have been reports of data leakage and mis-selling of polices in the insurance sector. In terms of delegation of powers by the Authority, the regulator also decided to form a panel of Whole-Time Members to consider specific share transfer applications and other matters. The release further said the initial application form (R1 application) of Kiwi General Insurance was also approved during the meeting. To ob

Absence of a regulator stalls key insurance reforms including Bima Trinity, composite licence, and risk-based capital framework

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

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 discusses issues related to expanding insurance, technology and collaborations

Sinha is currently serving as the Managing Director and Chief Executive Officer of SBI Capital Markets, the investment banking arm of the State Bank of India

Axis Bank on Tuesday said it has entered into a revised agreement with Max Financial Services to acquire an additional 7 per cent stake in Max Life Insurance at fair market value using discounted cash flow method. The revision in agreement follows the guidance issued by the Insurance Regulatory and Development Authority (IRDAI) in October last year. Axis Bank and its subsidiaries -- Axis Securities and Axis Capital -- had in 2021 entered into definitive agreements with Max Financial Services Ltd for acquiring 20 per cent stake in its subsidiary Max Life Insurance Co Ltd. Following this, Axis Entities had collectively acquired 12.99 per cent of the equity share capital of Max Life. In a regulatory filing on Tuesday, Axis Bank said Axis Entities have entered into revised agreements with Max Financial on January 9, 2023. As per the revised agreement, "...the valuation for the right to acquire the balance 7 per cent equity stake of Max Life would be at fair market value using discounte

Irdai had a budget of Rs 60 cr for ad last year of which it spent only Rs 24 cr