Irdai

Irdai proposes April 2026 shift to Ind AS with parallel reporting phase

To smooth the transition, Irdai has proposed parallel reporting under both Ind AS and Indian GAAP during the first year of implementation

Demand for actuaries surges as insurance sector shifts to IFRS, RBC norms

Insurers preparing for IFRS and risk-based capital frameworks are stepping up actuarial hiring, but limited supply, high turnover and rising reporting complexity pose challenges

India needs more qualified actuaries amid RBC, IFRS transition: Irdai Chair

Irdai Chairman Ajay Seth flags acute actuarial talent shortage, says capacity building critical as India adopts risk-based capital norms and aligns with IFRS standards

Life insurance firms propose deferment of frontloaded commissions

Industry players meet Irdai chief; upfront payouts may be deferred to reduce acquisition costs

Leading South Korean insurers explore entry into India's $130 bn market

MUMBAI, Feb 6 (Reuters) - South Korean firms Samsung Fire & Marine Insurance, Mirae Asset Financial Group and Hyundai Marine & Fire Insurance Co are in exploratory talks about entering India's $130 billion insurance market, three Indian sources said.

Soon, single monthly snapshot to reflect all your savings and investments

Investors may soon get a single monthly snapshot of savings and investments across asset classes as Sebi works with other regulators to expand the CAS framework

Insurers knock on Irdai door for clarity on director overlap ban

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

Insurers approach Irdai over common directorship rule in new Bill

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

Cap or stagger distributor payouts: Life Insurance Council committee

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

Misselling in insurance sector a concern, insurers must probe cause: Irdai

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

Misselling grievances against life insurers up 14% in FY25, says Irdai

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

Misselling in insurance sector a significant concern: Irdai annual report

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

Irdai imposes ₹1 cr penalty on Reliance General Insurance for norm breaches

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

Insurance intermediaries with high commissions may see payouts drop

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

Irdai proposes allowing insurers to invest 20% in debt of public infra SPVs

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

FDI for growth: Foreign participation in insurance should raise competition

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

Health insurance companies are quietly bringing back claims-based loading

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

Insurance Amendment Bill: High-commission intermediaries may see payout cut

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 mandates 1600 series for insurance service calls by Feb 15, 2026

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

Insurance Amendment Bill to ensure accessibility, affordability for all: FM

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