Page 14 - Irdai

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

Insurers to provide details of basic features to customers from Jan 1

The regulator has observed several complaints from policyholders due to the asymmetry of information between insurers and the policyholders

Insurers to provide details of basic features to customers from Jan 1, 2024

Insurance companies will have to provide basic features of a policy like sum assured, what the policy covers as well as exclusions, and claim procedure, to policyholders in a prescribed format from January 1, for easy understanding of terms and conditions. The Insurance Regulatory and Development Authority of India (Irdai) has revised the existing customer information sheet so as to convey basic information about the policy purchased in a manner that is easily understood. "The revised customer information sheet (CIS) shall be implemented with effect from January 1, 2024," the regulators said in a circular to all insurance companies. Irdai said that it is important for a policyholder to understand the terms and conditions of the policy that has been purchased. "Since a policy document may be fraught with legalese, it is imperative to have a document that explains in simple words, the basic features with regards to the policy and provides necessary information," the circular said. I

Irdai sets up 12-member committee to simplify insurance policy wordings

This comes in the backdrop of the Irdai's observation that policyholders often find it difficult to understand the terms and conditions in insurance policy contracts

Irdai excludes retail sector of general insurance from arbitration clause

Following the amendment, the clause will only apply to commercial lines of business

Irdai mandates TP insurance to employees travelling in employer's vehicle

IRDAI added that no additional premium will be charged until further directions are issued

Sikkim floods: IRDAI asks insurers to ensure quick settlement of claims

Regulator Irdai on Wednesday said it has asked general insurers and standalone health insurance companies to ensure expeditious settlement of claims arising out of the havoc caused by the floods in Sikkim. The flash floods in the Teesta river, triggered by a cloudburst in the early hours of October 4, caused widespread devastation and 40 people were killed. Insurers have been asked to mobilise all resources to ensure immediate service response, including engaging the services of surveyors, loss adjustors and investigators, for "quick settlement of claims arising out of the havoc created by the floods", Irdai said in a release. "Insurers are advised to respond/assist the claimants through their 24x7 helplines, special claims desks at district level with delegated Claims Settlement Authorities for speedy processing and settlement of claims," Irdai said. Further, Insurance Regulatory and Development Authority of India (Irdai) said insurers have been advised to settle claim payments/on

BimaKavach receives IRDAI's approval for direct insurance broking

In 2022, the company secured $2 million in funding from WaterBridge Ventures, Blume Ventures, Arali Ventures, and Eximius Ventures

Acquisition of RCap: Hinduja-led IIHL in a fix after setback from Irdai

The RBI-appointed Administrator of debt-ridden Reliance Capital (RCAP) has written to Hinduja Group firm IndusInd International Holdings Ltd (IIHL), the successful bidder for acquiring RCAP, raising questions on the source of funds and business plan, sources said. The letter went from the Administrator after Insurance Regulatory and Development Authority of India (Irdai) rejected IIHL's proposal to raise funds for the RCAP acquisition by creating a pledge over the shares of Reliance General Insurance (RGIC) and Reliance Nippon Life Insurance (RNLIC), sources said. RGIC and RNLIC are subsidiaries of the debt-ridden financial services firm. In a letter to IIHL, sources said, the Administrator has asked the successful resolution bidder IIHL to submit a fresh application along with the source of funds and the business plan which do not contemplate the creation of pledge over the shares of RGIC and RNLIC. The Administrator has written to IIHL that in their meeting with Irdai on October

Irdai to deploy Bima Vahak in every Gram Panchayat before end of 2024

The objective of Bima Vahak continues to be a women-centric, dedicated distribution channel that will ensure accessibility and availability of insurance in every nook and corner of the country

LIC's sops for agents could price out smaller life insurance companies

The new benefits incentivise 1.35 million agents to continue with LIC, India's largest life insurer, but raise the heat on smaller firms in an expanding but difficult business

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

30-year sovereign green bonds may attract insurance companies, not banks

A report by Nomura expressed disappointment at the government's sporadic issuance of green bonds, stating it has led to a relative lack of liquidity in these securities

ICICI Lombard General Insurance appoints Sanjeev Mantri as MD & CEO

He will take over from Bhargav Dasgupta, who will be officiating his duties until the close of business hours on 30 November 2023

Terms, bonus, sum assured: Making sense of life insurance policies

Insurers' products are complex; investors must have a rational expectation about the returns they will get

Take advantage of surety bonds: Irdai Chairman to infra stakeholders

Irdai Chairman Debasish Panda on Tuesday urged stakeholders in the infrastructure sector to take advantage offered by surety bonds, which complement bank guarantees needed for large scale funding. Surety bond is a type of insurance policy protecting parties involved in a transaction or contract from potential financial losses due to a breach of contract or other types of non-performance. He was speaking at a roundtable organised by Confederation of Indian Industry (CII) and The Infravision Foundation (TIF) on the financing of infrastructure projects in the country as part of the massive push to the sector by the government by allocating Rs 10 lakh crore towards it in the Union Budget 2022-23. The chairman of Insurance Regulatory and Development Authority of India (Irdai) pointed out that India is expected to spend approx Rs 100 lakh crore on infrastructure through the National Infrastructure Pipeline in the next five years. This requires bank guarantees of approximately Rs 90 lakh

Surety bonds must complement bank guarantee: Irdai's Debasish Panda

According to Irdai norms, a surety bond is a contract to perform the promise, or discharge the liability, of a third person in case of his default

Finance ministry seeks applications for post of whole time member Irdai

The finance ministry has invited applications for the post of Whole Time Member (Distribution) at insurance regulator Irdai. The applicant should preferably have at least 25 years of experience in the relevant area with a minimum of three years experience at a senior level, the Department of Financial Services said in an advertisement. The applicant should not be below the rank of a Chief General Manager of the Reserve Bank of India or equivalent that place in other financial institutions or regulatory bodies, it said. The department, under the finance ministry, said the applicant should have a minimum of two years of residual service as of the date of vacancy, that is March 4, 2024, and the applicant's age should not exceed 60 years on the said date. The term of the office of the member will be in accordance with the Insurance Regulatory and Development Authority Act. No person will hold the office of the Whole Time Member after attaining the age of 62 years, it added. Currently,

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 obliged to ensure persons with disability not unduly prejudiced: HC

Taking note of claims of high health insurance premium and loading charges for the specially-abled, the Delhi High Court has said it is the obligation of the sector regulator IRDAI to ensure that such people are not unduly prejudiced. Justice Prathiba M Singh, dealing with a petition for health insurance coverage by a person suffering from Tetraplegia, said the principle of reasonable accommodation mandates that such persons are provided additional support by the society and the State to enable them to lead a life of equal worth and dignity, and that right to life includes the right to avail healthcare, including medical insurance. Following several judicial orders, various general and health insurance companies, including four government insurance companies, have launched products for persons with disabilities, the court noted. The launched products, Justice Singh said, may not be the most ideal for persons with disabilities, but this would be the first step in the process of ...