Page 21 - Insurance News
Irdai retains obligatory cession of business to GIC Re at 4% for FY25
Obligatory cession refers to the part of the business that general insurance companies have to mandatorily cede to the national reinsurer
 "Irdai retains obligatory cession of business to GIC Re at 4% for FY25")
Irdai to introduce collaterals for reinsurance transactions with CBRs
The proposed guidelines given in an exposure draft will be applicable for all the reinsurance placements with CBRs by cedants or insurers from India
 "Irdai to introduce collaterals for reinsurance transactions with CBRs")
HDFC Life International launches health plan for overseas Indian students
The plan enables customers to access top private medical facilities and services while avoiding the conventional hassle of going through lengthy appointment wait times, as seen in various countries
 "HDFC Life International launches health plan for overseas Indian students")
Insurance regulator IRDAI website down, users unable to access services
IRDAI website reported an outage on Tuesday due to some technical issues. Services became inaccessible to users, with the site showing the message - "Our services aren't available right now"
 "Insurance regulator IRDAI website down, users unable to access services")
PNB MetLife announces launch of PMLI small cap fund in ULIP segment
The product is a unit linked insurance plan that gives policyholders the chance to invest in a diversified equity portfolio with a focus on small-cap companies
 "PNB MetLife announces launch of PMLI small cap fund in ULIP segment")
PB Fintech subsidiary can now facilitate sale of reinsurance products
A composite insurance broker can also sell reinsurance products besides general and life insurance products
 "PB Fintech subsidiary can now facilitate sale of reinsurance products")
Irdai proposes 30 days 'free look' period for policies from date of receipt
At present, for physical policies the free look period is 15 days while for policies sold online, it can be up to 30 days
 "Irdai proposes 30 days 'free look' period for policies from date of receipt")
Life insurers ask Irdai to charge surrender value on accumulated premia
The exposure draft by Irdai in December 2023 outlined the introduction of a defined premium threshold for each product, beyond which no surrender charges will be levied
 "Life insurers ask Irdai to charge surrender value on accumulated premia")
Relief to homebuyers: Allotted houses to stay out of liquidation, says IBBI
12 key changes to overall regulations introduced to ensure transparency
 "Relief to homebuyers: Allotted houses to stay out of liquidation, says IBBI")
Irdai launches regulations for insurance electronic marketplace Bima Sugam
The company will be operative and accessible at all times and will not store or hold any data, with the board of the company also having a policy on a revenue model which is self-sustainable
 "Irdai launches regulations for insurance electronic marketplace Bima Sugam")
Irdai chief asks insurance firms to underwrite disruptions to grow biz
Artificial intelligence, machine learning, big data, the internet of things, and many more such new technologies are causing disruptions and changing the traditional fabric of the sector
 "Irdai chief asks insurance firms to underwrite disruptions to grow biz")
Irdai proposes revising coverage across sectors to secure insurance for all
Irdai said that a new strategy and fresh approach have been devised to boost insurance penetration in the country
 "Irdai proposes revising coverage across sectors to secure insurance for all")
LIC's group yearly renewable premium rises by 137% in Apr-Jan FY24
In January 2024, LIC saw an increase of 36.51 per cent in Group Premium and 41.04 per cent growth in Group Yearly Renewable Premium from January 2023
 "LIC's group yearly renewable premium rises by 137% in Apr-Jan FY24")
Irdai proposes changes in listing requirements of insurance companies
The insurance regulator has proposed the merger of seven different regulations
 "Irdai proposes changes in listing requirements of insurance companies")
IRDAI asks insurers to give coverage for AYUSH in health insurance policies
IRDAI asked companies to modify products that contain limitations for AYUSH treatments and ensure compliance with the revised guidelines
 "IRDAI asks insurers to give coverage for AYUSH in health insurance policies")
Irdai notifies a consolidated regulation on expenses of management
The RRC recommended the IRDAI (EoM, including commission, of insurers) Regulations 2023, after repealing three separate regulations
'Cashless everywhere' may cut claims cost, say insurance companies
The 'Cashless Everywhere' initiative aimed at making cashless treatment available for policyholders even in non-empanelled hospitals registered under the Clinical Establishment Act
 "'Cashless everywhere' may cut claims cost, say insurance companies")
Insurance firms must adhere to best practices for customers: Regulator
IRDAI discusses issues related to expanding insurance, technology and collaborations
Cashless treatment facility to be available across hospitals, says GIC
Currently, only 63 per cent of customers avail cashless treatment, whereas the remaining 47 per cent opt for reimbursement claims
 "Cashless treatment facility to be available across hospitals, says GIC")
LIC launches non-participating product Jeevan Dhara-II: Check details here
According to the exchange filing, the product, which will be available from 22 January 2023, is a non-linked, non-participating, individual savings deferred annuity plan