Page 17 - Irdai

Insurance sector needs Rs 50,000 cr capital each year to double penetration

Irdai Chairman Debabsish Panda said the Rs 50,000 crore figure was arrived at by making assumptions on the country's GDP, inflation, and how the world GDP will grow during this period

Joshimath subsidence: Irdai asks insurers to expeditiously settle claims

Insurers have also been asked to engage adequate number of surveyors immediately as required and, if need be, consider engaging surveyors from neighboring areas as well

Insurers can classify green bond purchases as infra investments: Irdai

The investments in green bonds can qualify towards statutory liquidity ratio (SLR) - the minimum percentage of deposits commercial banks are required to invest in liquid assets, such as government bon

Axis Bank to pick residual stake in Max Life at fair market value

The revision in valuation has been done according to IRDAI guidance

Irdai to allow insurers to auto renew FRN of cross border reinsurers

Move aimed at improving ease of doing business; reinsurers must first meet regulator's criteria for obtaining renewal, which would be available FY24 onwards

Need insurers catering to niche sectors like NBFCs, MFIs: Rakesh Joshi

Need insurers catering to niche sectors akin to NBFCs, MFIs: Rakesh Joshi

Irdai to introduce 'Bima Vahaks' to expand insurance force: Rakesh Joshi

BS BFSI Insight Summit 2022: The insurance companies are also in the process of developing state-level insurance plans in collaboration with state governments, Joshi added

Irdai advises firms about minimum rate rule for reinsurance treaties

Regulator's instruction is about burning or break-even cost calculated to estimate the expected losses for a policy

BS BFSI Insight Summit 2022: Irdai member Rakesh Joshi to speak at event

Joshi was made the head of a 15-member Health Insurance Consultative Committee set up by Irdai in October. He has more than 37 years of experience in the financial services industry

Delhi HC directs Irdai to introduce products for persons with disabilities

The Delhi High Court has directed the Irdai to ensure the products are introduced on an early date for persons with disabilities so as to enable them to obtain health insurance coverage

HC asks Irdai to consult insurance firms about health cover for disabled

Court asked regulator and insurance companies to submit a status report before March 17, 2023

Buy more insurance cover if your liabilities have increased in the year

Hike health insurance coverage as well to keep pace with medical inflation

New business premium of life insurance companies rises 30% in November

Private insurers' APE growth rebounds after lagging behind for three months

Govt to launch first surety bonds for road contractors on December 19

Will provide relief to contractors, free working capital stuck in bank guarantees, says Gadkari

Irdai proposes 3 yrs insurance cover for cars, 5 yrs for two-wheelers

Regulator Irdai on Wednesday proposed to introduce an insurance cover of three years for cars and five years for two-wheelers with an aim to allow wider choice to customers. The Insurance Regulatory and Development Authority of India (Irdai) has floated a draft on 'Long-Term Motor Products covering both Motor Third Party Insurance and Own Damage Insurance'. The draft proposes to permit all general insurers to offer 3-year insurance policy in respect of private cars and 5-year for two-wheelers, co-terminus with motor third party liability cover. The premium for the entire term of the policy coverage would be collected at the time of sale of insurance. The pricing, as per the draft, would be based on sound actuarial principles, including claims experience, and long-term discount. "The pricing of add-on and optional covers may likewise consider the cost efficiencies of policy administration," said the draft, on which the Irdai has invited stakeholder comments by December 22. It also

More risk in our book helps us become more agile: MD, Bajaj Allianz Life

In a Q&A, Tarun Chugh dwells on how his firm became the fastest growing in its space, recent Irdai initiatives, and the company's future plans

Govt proposes issuance of one licence for all insurance businesses

Suggests allowing insurers to sell other financial products

Irdai tonic for health insurance: A regulator for hospitals and doctors

By asking health insurers to access a national list of doctors, the regulator hopes to encourage them to offer more flexible policies outside of the hospital network

Max Financial Services gets Irdai nod to acquire residual stake in Max Life

This transaction is expected to be completed in the next fortnight, the company said in a statement on Monday

Irdai endorses panel's view to cut obligatory cession to zero from 4%

The obligatory cession was reduced from 5 per cent to 4 per cent in FY23. The regulator has been reducing the obligatory cession over time