Page 3 - Insurers

Irdai forms task force to facilitate ease of doing KYC using Aadhaar

Regulator Irdai has constituted a task force to facilitate ease of doing Know Your Customer (KYC) by insurers using Aadhaar, the 12-digit individual identification number. In a circular, the Insurance Regulatory and Development Authority of India (Irdai) said presently, the UIDAI framework allows insurance companies to indentify the customer by using his/her Aadhaar with consent management. "In the absence of the Unique Customer Identification in the insurance sector, insurance companies are facing various issues while providing the services and claims apart from ease of onboarding the customers, circumventing possible frauds, etc," it said. The 12-member task force is being headed by Member (F&I), Irdai. The panel has been asked to suggest measures to ease of onboarding of customers using Aadhaar, and steps for fraud management at underwriting and claims stages. It has also to suggest measures for improving the traceability of customers/beneficiaries to reduce unclaimed amounts .

Have dependent family members? Buy return of purchase price annuity

Buy without return of purchase price plan if your retirement corpus is small

Insurer can't transfer liability to another party

The National Commission said even if the landlord is the tortfeasor, the insurer should settle the claim and then take legal action to recover the amount from the latter

IRDAI's new rules to affect PSU insurers, legalises actions of pvt players

What was being done in a clandestine manner by the industry players, the the Insurance Regulatory and Development Authority of India (IRDAI) has legalised the same with the new norms

Govt to infuse more capital in public sector general insurers next year

The government may have to infuse more capital in the three public sector general insurance companies to improve their financial health, a senior government official said. The government last year provided Rs 5,000 crore capital to three insurers --National Insurance Company Limited, Oriental Insurance Company Limited and United India Insurance Company. Based on the performance in the FY23, the finance ministry would take a call as to how much capital they would require to meet regulatory requirement, the official said. They are not in good financial health and fund would be infused in these entities to augment their solvency margin, the official added. The solvency margin is the extra capital the companies must hold over and above the claim amounts they are likely to incur. It acts as a financial backup in extreme situations, enabling the company to settle all claims. As per the regulator IRDAI's mandate, the minimum solvency ratio insurance companies must maintain is 1.5 to lowe

Buy comprehensive home insurance, with add-ons, for all-round protection

A standard policy is simpler and makes premium comparison across insurers easier

Spike in frauds cost insurers $6 billion annually, says Deloitte survey

These frauds cost insurers about $6 billion annually, and they lose about 10 per cent of their overall premium collection to frauds

Irdai to allow insurers to auto renew FRN of cross border reinsurers

Move aimed at improving ease of doing business; reinsurers must first meet regulator's criteria for obtaining renewal, which would be available FY24 onwards

Higher claims pushed up non-life insurers' underwriting losses: Report

Life insurers paid benefits to the tune of Rs 5.02 trillion in FY22, says regulator's annual report

Several insurance companies exceed limit on expenses in FY22: Irdai report

The expense of management of regulations (2016) for life insurers prescribes the allowable limits of expenses of management taking into account the type and nature of product,

Regulatory changes may bring new dawn for insurers: BFSI Summit panelists

Globally, insurance is moving to a risk management and a risk service business. India also has to do the same

Persistency ratio must improve for life insurance customers: CEOs at BFSI

Work done by life insurance industry led to economic revival amid Covid

Gadkari wants surety bond insurance, not bank guarantee for infra projects

Launches country's first surety bond product, says instrument offers relief to contractors; govt has built in safeguards to protect insurers as well

Proposed changes to insurance laws may cause health claim disputes: Unions

The Unions also said the proposed amendments does not define the term liability which may lead to misappropriation by the insurers

Not all banks may opt to sell products of 27 insurers, say experts

Insurers are happy with the opening up of the distribution network as they need not shell out huge sums as a sign-in bonus to banks as corporate agents

Irdai tonic for health insurance: A regulator for hospitals and doctors

By asking health insurers to access a national list of doctors, the regulator hopes to encourage them to offer more flexible policies outside of the hospital network

Irdai approves amendments, simplifies rules to set up insurance firms

Under the current guidelines, to invest in insurance companies as "promoter", a PE fund can do so only through an SPV

Removal of cap: Insurers to get flexibility to allocate commissions

According to Irdai, the revised draft regulations on commissions emphasise on the board's oversight through a board-approved policy on the payment of commission

Social safety net product Bima Vistaar being developed for Bima Sugam

The regulator last month had formed a 24-member committee, headed by Devasia, to develop an affordable, accessible and comprehensive cover - Bima Vistaar -- for rural population

LIC's move to sell Reliance Capital's debt to ARC upsets lenders, bidders

Days ahead of the deadline to submit binding bids, LIC's move to sell its Rs 3,400 crore secured principal debt of cash-strapped Reliance Capital Ltd (RCL) to an asset reconstruction company (ARC) has irked its lenders and bidders. The last date for submitting binding bids for Reliance Capital Ltd (RCL) and its subsidiaries is November 28. LIC is conducting a Swiss Challenge process to invite bids from Asset Reconstruction Companies (ARCs) to sell its exposure in RCL, sources said, adding prospective bidders will be asked to better the offer. However, the sources said, Asset Care and Reconstruction Enterprise will have the first right to match the counteroffer. The last date to submit the bids is November 25, while the deadline for submission of binding bids for RCL is November 28. According to the sources, the Committee of Creditors (CoC) of RCL are upset as to why LIC has initiated a parallel process to sell its debt so close to the bids submission deadline. LIC is a member of