Page 2 - Irdai Chairman

Irdai sets up panels to probe insurer and intermediary rule violations

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

Three months after Panda's exit, Irdai chairperson post remains vacant

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

New India Assurance to launch parametric insurance for climate risks: CMD

State-owned New India Assurance will this month launch a parametric insurance product, which will provide a financial safety net to its retail and business customers against climate risks, said chairman and managing director Girija Subramanian on Tuesday. Parametric insurance refers to losses arising out of calamities including heavy rainfall, high speed wind and flood/drought. Unlike traditional insurance policies, the payout in case of parametric insurance products depends upon triggering of pre-defined parameters, thus allowing for quicker claim settlement. "Parametric insurance is a use and file product, which is allowed by the regulator IRDAI. We have got it already registered on IRDAI so the product is ready and can be used across both retail and business groups. We are ready with that in a big way," Subramanian told PTI. Asked about the timeline for launch of the product, she said: "We will be launching it by the end of this month." Subramanian said the parametric insurance

Govt invites applications for Irdai chief's post as Panda's term ends soon

The last day for submitting applications is April 6

Insurers urge IRDAI crackdown against OEM-linked motor insurance brokers

Insurance companies are demanding an open architecture where customers can choose policies from multiple insurers without being limited by OEM brokers

Data, tech & Bima Sugam to transform insurance sector: Irdai boss at BFSI

At the Business Standard BFSI Insight Summit 2024, Debasish Panda, Irdai boss, shared his transformative vision for India's insurance sector

Irdai engaging with select insurance firms for public listing: Chairman

Irdai chairman urges large conglomerates and business houses to invest in India's insurance sector

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