Page 11 - Irdai

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

Irdai proposes 30 days 'free look' period for policies from date of receipt

At present, for physical policies the free look period is 15 days while for policies sold online, it can be up to 30 days

Life insurers ask Irdai to charge surrender value on accumulated premia

The exposure draft by Irdai in December 2023 outlined the introduction of a defined premium threshold for each product, beyond which no surrender charges will be levied

Irdai launches regulations for insurance electronic marketplace Bima Sugam

The company will be operative and accessible at all times and will not store or hold any data, with the board of the company also having a policy on a revenue model which is self-sustainable

Irdai chief asks insurance firms to underwrite disruptions to grow biz

Artificial intelligence, machine learning, big data, the internet of things, and many more such new technologies are causing disruptions and changing the traditional fabric of the sector

Lack of full Bench takes a toll on SAT's functioning and efficiency

Industry players fear that if the Bench is not restored soon, it could hamper the fundraising and expansion plans of companies with pending litigation

Uncharacteristic of NBFCs to seek bank licences: RBI Dy Guv Rajeshwar Rao

Reserve Bank Deputy Governor M Rajeshwar Rao on Friday said it is uncharacteristic of non-bank lenders to seek bank licences when they are already enjoying some regulatory advantages. Addressing a conference on non-bank finance companies (NBFCs) organized by CII, Rao also hit out at certain microlenders for "misusing" the liberty offered by the regulator on interest rates, and charging high rates. Rao also expressed displeasure at certain peer-to-peer lending platforms for following business practices which are not in line with the licensing guidelines, and made it clear that such breaches were not acceptable. He also spoke about the constant demand from NBFCs to convert into banks, and made it clear that regulations for even entities in the top-most tier of NBFCs are not at par with universal banks, and NBFCs enjoy some advantages. "NBFCs have evolved as niche companies serving specific economic functions, and it is uncharacteristic of them to demand becoming like a bank," Rao ...

Irdai proposes revising coverage across sectors to secure insurance for all

Irdai said that a new strategy and fresh approach have been devised to boost insurance penetration in the country

Irdai proposes changes in listing requirements of insurance companies

The insurance regulator has proposed the merger of seven different regulations

IRDAI asks insurers to give coverage for AYUSH in health insurance policies

IRDAI asked companies to modify products that contain limitations for AYUSH treatments and ensure compliance with the revised guidelines

Irdai notifies a consolidated regulation on expenses of management

The RRC recommended the IRDAI (EoM, including commission, of insurers) Regulations 2023, after repealing three separate regulations

Niva Bupa premium growth may slow down to 25-30% over next 3-5 years: CEO

The health insurer is also planning to come up with their Initial Public Offering (IPO) in financial year 2024-25, though the size has not been decided yet

Nearly 90% of young people lack ability to calculate loan repayments

The exercise involved calculating the total amount to be repaid after a year if one is given the loan amount and the interest applicable

Govt appoints Rajay Kumar Sinha as Irdai's member for three years

Sinha is currently serving as the Managing Director and Chief Executive Officer of SBI Capital Markets, the investment banking arm of the State Bank of India