Page 14 - Irdai

Irdai directs insurance companies to settle HP flood claims on urgent basis

The relentless floods and landslides that have wreaked havoc in Himachal Pradesh caused widespread loss to property, including homes and businesses, as well as infrastructure

Irdai lowers minimum capital need for foreign reinsurers to Rs 50 crore

Alongside lowering the capital requirement, IRDAI has also restructured the order of preference to four categories from the existing six levels

NHA, Irdai hold workshop to fuse insurance cos to Ayushman Bharat platform

The National Health Authority and insurance regulator IRDAI jointly organised a workshop to facilitate the completion of the integration process of insurance companies on the Ayushman Bharat Digital Mission platform. The workshop also assisted firms with adoption of health claims exchange specifications and e-claim standards and Third Party Administrators (TPAs). The workshop, organised from August 10-12 in the national capital, saw the participation of over 150 professionals representing 29 insurance companies and 16 TPAs, according to a statement by NHA. In June, the Insurance Regulatory and Development Authority of India (Irdai) issued a circular advising all insurance companies to start compiling the Ayushman Bharat Health Account (ABHA) number of all people seeking insurance cover and obtain their consent for sharing medical records with insurers/TPAs through ABHA. Irdai had also issued a circular advising insurers and providers to come on board the National Health Claims ..

PB Fintech down 5% in 2 days on Bima Sugam worry; analysts say buy the dip

The selling in PB Fintech (Policybazaar) shares, analysts feel, is overdone as the owner of the online insurance portal remains committed to achieving profitability

North India floods: Irdai asks insurance firms to settle claims quickly

The regulator said insurers have been advised to communicate the nomination of a Senior Executive in each affected State / UT to the Chief Secretary/ Officer concerned of the State immediately

Digit Life enters insurance space with maiden product group term plan

Digit Life Insurance, which is the newest licensee to get the regulatory approval to enter the life insurance space, on Monday said it has begun operations with the launch of a group term plan as its maiden product. The company, promoted by Canadian NRI Prem Watsa's Fairfax Financial Holdings and Kamesh Goyal of Go Digit General Insurance, said that it began operations within two weeks of receiving the license from the Insurance Regulatory and Development Authority of India (Irdai) on June 9. The group term cover focuses on holistic coverage of death, disease, and disability and provides flexibility through multiple payout options, with four in-built optional benefits and various add-ons. Bengaluru-based Go Digit Life Insurance is a tech-backed life insurer and is part of Go Digit Group. The four payout options include the lumpsum sum assured, regular income till retirement, regular income linked to the age of insured members' children, and regular income for a specified period of

Regulator IRDAI approves transfer of HDFC Life shares to HDFC Bank

HDFC announced a $40 billion deal last year to merge with the top private lender

Irdai says prior nod not needed for ULIPs; extends 'use and file' procedure

Move aimed at ease of doing business, says IRDAI

Ministry of Transport proposes 15% insurance discount on school buses

The ministry and insurance regulator of India have proposed insurance discounts of 7.5-50% on motor insurance premium for select vehicles for financial year 2023-24

IRDAI moves Supreme Court against SAT's order in Sahara-SBI case

SAT had last week stayed IRDAI's order directing transfer of policy liabilities, entire business as well as well as assets of Sahara to SBI

Biparjoy: Irdai directs insurers to fast-track claim settlement process

Insurance regulator Irdai has asked insurers to settle claims in the states affected by cyclone Biparjoy in an expeditious manner. In a circular to CEOs of all general insurance companies, and standalone health insurance companies, the Insurance Regulatory and Development Authority of India (Irdai) said it needs to be ensured that all claims are surveyed immediately and claim payments/on account payments are disbursed at the earliest and in any case not exceeding the stipulated timeline. "The insurer shall encourage the policyholder to use electronic communication wherever possible for correspondence while initiating the claim and filing all the relevant documents. Efforts shall be made to ensure that digital processes are resorted to the extent possible for assessment of claims," it said. Cyclone Biparjoy is likely to have caused loss to property (homes and businesses) and infrastructure in various states. The regulator has asked the insurers to mobilise all resources to ensure ..

Irdai fine-tuning Bima Sugam, likely to miss its August launch date

The launch of the much-touted affordable insurance product Bima Sugam is likely to be delayed beyond August timeline as regulator Irdai is working on fine-tuning the product, which will help deepen insurance penetration and simplify the claim procedures. Bima Sugam once launched will serve as an online insurance marketplace, similar to an e-commerce platform, where insurers have the opportunity to offer and sell their products, while consumers can buy or renew their policies, raise claims, and receive all the related services at a single place. Last month, Iradi Chairman Debasish Panda had met chief executives of some leading insurers in Mumbai to give a new thrust to the project and onboard them by August 1. The regulator is also pushing to implement another high tech project Health Claims Exchange. Talking to reporters on the sidelines of the annual summit of the Insurance Brokers Association of India (IBAI) here on Friday, Panda was evasive on the proposed launch date, saying th

SAT stays Irdai order to transfer Sahara Life Insurance assets to SBI Life

On June 2, Irdai directed SBI Life Insurance to take over policy liabilities of around 2 lakh policies of Sahara Life as the latter failed to comply with the regulatory directions

Irdai grants permission to Go Digit Life Insurance to commence business

According to IRDAI, this is the fourth registration granted by IRDAI in the last one year in the Life and Non-life segment

Go Digit Life Insurance gets Irdai nod to carry life insurance business

Regulator Irdai on Friday said it has given permission to Go Digit Life Insurance Limited to carry the life insurance business in India. Go Digit, a firm backed by Canada-based Fairfax Group, is already in the general insurance business. With the latest addition, the number of insurers operating in the life insurance segment has gone up to 26. "Insurance Regulatory and Development Authority of India (Irdai) in its 122nd meeting held on June 02, 2023, has granted a Certificate of Registration to a new life insurer namely, Go Digit Life Insurance Limited to carry life insurance business in India," the regulator said. Go Digit General Insurance is also proposing to come out with an IPO and has already filed papers with markets regulator Sebi.

Go Digit Life Insurance receives IRDAI's approval to start business

"This is the fourth registration granted by IRDAI in last one year in Life and Non-life segment," it added

Train tragedy: Insurers ease claims process, set up helpline for settlement

Many insurance players, including SBI Life, on Monday announced the prioritisation of claims related to victims of the tragic train accident in Balasore (Odisha) to provide immediate financial relief to families. General Insurance Council chairman Tapan Singhel said, "As an industry, to support the rebuilding of our community, we have created a dedicated helpline and digital capabilities so that it is easier for customers or their family members to reach insurers". Insurers have allocated specialised teams to expedite such claims and ensure a seamless claim process for policyholders, Singhel, who is also managing director of Bajaj Allianz General Insurance, said. "We are reaching out to our customers in the affected region proactively to ensure they are safe and in case of a requirement then that their claims are also being prioritised. Insurance companies have also deployed their resources on-sight for immediate resolution and assistance," he said. SBI Life has taken steps to ease

IRDAI asks insurers to suo motu settle claims of Odisha rail mishap victims

Under suo motu settlement, the companies settle the claims even without the other parties applying for it

Irdai asks SBI Life to acquire Sahara India's Life Insurance business

Regulator Irdai on Friday directed SBI Life Insurance Company to take over the policy liabilities of around two lakh policies along with assets of Sahara India Life Insurance Co. Ltd (SILIC) with immediate effect. The decision was taken at the meeting of the Insurance Regulatory and Development Authority of India (Irdai) in view of deteriorating financial health of the SILIC. "The Authority has identified SBI Life Insurance Company Limited (SBI Life), which is one of the largest life insurers in the country with satisfactory financials, as the acquirer insurer of the life insurance business of SlLIC. "SBI Life shall take over the policy liabilities of around two lakh policies of SILIC, backed by the policyholders' assets, with immediate effect," Irdai said in its order. In a statement, the Irdai said it has also taken necessary steps to ensure the smooth transition for all policyholders of SILIC.

Checkmate for Chinese firms in India's growing reinsurance market

The insurance business, by its nature, collects enormous data about Indians and is regarded as an economically sensitive sector