Page 10 - Irdai

Red Sea crisis: RBI, Irdai called in to help limit impact on Indian exports

The Ministry of Finance urged these entities to monitor disruptions that could potentially drive up India's export expenses

Irdai raises concern over Hinduja Group-led IIHL's bid for Reliance Capital

Insurance regulator IRDAI has expressed some reservations over Hinduja Group firm IndusInd International Holdings' (IIHL) resolution plan for debt-ridden Reliance Capital, which is also in the insurance business, including non-life, sources said. Insurance Regulatory and Development Authority of India (IRDAI) in a recent communication to Nageshwara Rao Y, the administrator of Reliance Capital has said that the resolution plan submitted by IIHL is not in line with insurance regulations. The regulator has sought clarification regarding equity capital that IIHL, the proposed buyer of insolvent Reliance Capital is willing to put in. It has expressed reservations about debt that IIHL plans to raise to fund the Reliance Capital takeover, sources said. The sector regulator is of the opinion that promoters should invest their own capital as insurance companies deal with the money of policyholders and as a regulator protection of policyholders is the top priority. It has also sought ...

Loan against insurance, minding mental health: Top personal finance stories

Our top stories this week tell you about the pros and cons of using your life policy as collateral and what it takes to be mentally fit

Choose life policy carefully; early surrender can cause major losses

Switch credit card if changes in reward structure do not align with your needs

Bima Sugam - your one-stop portal for all insurance policies: Details here

It's an online platform where customers can choose a suitable scheme from multiple options given by various companies

LIC, GIC Re and New India Assurance Company retain the 'D-SII' tag

D-Slls are insurance companies which are perceived as 'too big or too important to fail'(TBTF) based on their size, market importance, and domestic and global interconnectedness

Irdai retains surrender value norms, positive for life insurers: Analysts

Insurance industry leaders believed that higher surrender values could lead to the premature exit of policyholders from long-term insurance policies

Irdai notifies series of regulations, tweaks rules on surrender charges

Insurance regulator IRDAI has notified a host of regulations, including on surrender charges wherein insurers have to disclose such charges upfront. IRDAI (Insurance Products) Regulations, 2024 merge six regulations into a unified framework aimed at enabling insurers to swiftly respond to evolving market demands, enhancing the ease of conducting business, and boosting insurance penetration. These regulations promote good governance in product design and pricing, including strengthening the principles governing guaranteed surrender value & special surrender value along with disclosures thereof, IRDAI said in a statement. It also ensures that the insurers adopt sound management practices for effective oversight and due diligence, it said. These regulations, which will be effective April 1, 2024, stipulate that the surrender value is expected to remain the same or even lower if policies are surrendered within three years of the purchase. For policies that have been surrendered from .

Irdai allows firms to offer customised insurance to match customer needs

That there is no flash in the pan has been made clear by the insurance regulator when it announced these changes through a series of gazette notifications on Friday

Bima Sugam likely to reduce dependence on intermediaries for insurers

According to IRDAI's annual report for FY23, the online sales channel of life insurers contributed to 0.84 per cent of the individual new business premium (NBP)

Will end FY24 with growth rate of over 30%: CEO Shriram Life Insurance

In life insurance, it is about creating distribution capacity and solutions for customers. We are constantly working on that Casparus JH Kromhout, managing director and chief executive officer said

Banks to insurers: Using the ombudsman system to get complaints resolved

A guide to how banks, insurers, brokers and tax officials are supposed to listen to you

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

Galaxy Health gets Irdai approval to launch health insurance business

According to the regulator, this is the sixth registration granted by IRDAI in around one year across the Life, Non-life, and Health segments

Burmans ask Care Health to cancel Rs 350 cr ESOP given to Religare's Saluja

Dabur owners, the Burman family, has increased their stake in Religare to 25.18%, which allows them to block special resolutions at Religare

Unclaimed insurance funds higher in agent-sold policies: Analysts

LIC accounted for more than 90% of total unclaimed funds in the last five years

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 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

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"

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