Irdai Chairman

Irdai issues circular to create single reference for all periodic returns

The insurance regulator has taken up a comprehensive review of the regulatory framework for the insurance sector, to facilitate ease of doing business and reduce compliance burden

Irdai to meet insurers today on Bima Sugam, 'Cashless Everywhere'

Sources said the regulator is likely to discuss the appointment of a CEO for Bima Sugam

IRDAI approves Bima Sugam, 7 other regulations in 125th board meet

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 reconstitutes expert committee for Ind AS/IFRS implementation

The committee will also address the requirements of guidance notes, APS, and Education Material from respective professional institutes

Underwrite disruptions to boost mkt penetration: Irdai chief to insurers

Insurance players need to underwrite disruptions to make the vision of 'insurance for all' a reality by 2047, regulator IRDAI's chief Debasish Panda said on Tuesday. The chairman of the Insurance Regulatory and Development Authority of India (IRDAI) also emphasised that the approach of 'one-size-fits-all' has become a thing of past due to the radical technology-driven changes taking place in the industry. It's time we retrieve our base, firm up our resolve and collectively underwrite disruptions in the insurance sector and make the vision of 'insurance for all' a reality by 2047. In this process, the role of the actuary becomes paramount. The disruptions in the insurance sector cannot happen without the support of actuaries, Panda said at the 23rd global conference of actuaries organized by the Institute of Actuaries of India here. "There is a need to come out of the traditional and conventional roles and embrace dynamism and agility and also there is a need to see the sector from a

Insurance firms must adhere to best practices for customers: Regulator

IRDAI discusses issues related to expanding insurance, technology and collaborations

Health insurance: Govt to discuss 24-hr hospitalisation rule with Irdai

President of NCDRC, Justice Amreshwar Prasap Sahi, said that some district forums have innovated and ordered insurance cos to clear claims even when hospitalisation was less than 24 hrs

Centre may set up regulator for healthcare to expand insurance coverage

A regulator for the healthcare sector is expected to bring in standardisation and lower the costs

IRDAI release draft for increasing surrender value of non-par products

The insurance regulator has proposed a high surrender value on non-participating insurance products

IRDAI aims to move towards RBC model, IFRS by 2025, says chairman

The Chairman also said that Indian insurers are converging towards the IFRS Accounting system by implementing the IND-AS

Insurance industry must embrace innovation, enhance capabilities: Irdai

The biggest challenge is to draft a regulation which can foresee, predict and provide guidance for payments, said Panda

Regulators must collaborate on international standards, says Irdai chief

In order for the financial sector to strike a right balance between the interests of the stakeholders and the broader society, the regulatory framework should be both enabling and protecting

BS BFSI Summit 2023: 'Technology creating watershed moment in insurance'

IRDAI's chairperson Debasish Panda said there is a need for regulators to embrace innovation and make consumer-centric policies

Insurance industry lacks human capital in administration: Irdai member

He further said that the lack of skilled professionals has affected the Assets under Management (AUM) of these companies

IRDAI Chairman bats for more players in segment to cater India's population

As an effort to set up a conducive environment for new participants and to boost innovation in the segment, the regulatory body is said to have taken several steps

Irdai issues Bima Vahaks draft to establish channel at Gram Panchayat level

Regulator Irdai on Thursday came out with draft guidelines for 'Bima Vahaks (BV)', which seeks to establish a dedicated distribution channel at the level of Gram Panchayats. The guidelines propose Corporate Bima Vahaks and Individual Bima Vahaks for the distribution channel. Corporate Bima Vahak would be legal persons registered in accordance with the respective laws and engaged by an insurer. Individual Bima Vahak could be any individual appointed by an insurer or appointed by a Corporate Bima Vahak. The BVs, both corporate and individual, would be authorised to undertake activities like the collection of proposal information, and KYC documents and coordinate claims-related services. "Every Insurer shall remain responsible for ensuring KYC and AML (anti-money laundering) compliance with respect to the policies sourced through Individual Bima Vahaks and Corporate Bima Vahaks," said the draft on which Irdai has invited stakeholders' comments till June 22. As per the draft, every ..

Irdai looking at 20 more insurance applications: Chairman Debasish Panda

Insurance regulator Irdai has given licence to a General insurer for the first time since 2017, close on the heels of allowing two more applicants in the Life space and is looking at around 20 more applications, its Chairman Debasish Panda said on Wednesday. The latest to get the licence is Kshema General Insurance and earlier in the year Credit Access Life and Acko Life were given licences, Panda said, adding the regulator is looking at around 20 more applications. The Life licence was last given in 2011, the Chairman told reporters on the sidelines of an industry summit organised by the industry lobby Ficci here. There are 23 life insurers and 33 general players operating in the country now. The industry closed February with an AUM of Rs 59 lakh crore with a premium value of Rs 10 lakh crore, a growth of 16 per cent. Addressing the gathering, the regulator asked the industry to take the "Insurance for All by 2047" mandate not as a slogan but as a call to action and expressed ..

More insurance players key to achieve insurance for all goal by 2047: Irdai

India needs more number of insurance players, much wider range of products and also more distribution partners to achieve the insurance for all goal by 2047, Irdai chairman Debasish Panda said here on Tuesday. The insurance sector was opened up more than two decades ago and the market has grown much bigger, but still there is too much scope for faster and deeper growth, he said addressing the annual summit of the Indian Private Equity and Venture Capital Association. In the past five years, the sector has grown 10 per cent each year, still insurance penetration is too low at 4.2 per cent in 2021 and we need to cover much more, he said. "We're a diverse nation of 1.4 billion people. We can't have a one-size-fits-all approach, instead we need more unique products that can meet the insurance needs of both the super rich as well as the very poor. And such unique products cannot be served by the limited number of players we have today at 70. "Therefore, we need more players, a much wide

BS BFSI Insight Summit 2022: Irdai member Rakesh Joshi to speak at event

Joshi was made the head of a 15-member Health Insurance Consultative Committee set up by Irdai in October. He has more than 37 years of experience in the financial services industry

Indian insurance industry can be sixth largest globally: Irdai chairman

He also said that the regulator is working on Bima Sugam- a one stop shop, for all insurance products