Page 18 - Irdai

Irdai asks reinsurers to keep 50% of Indian underwritten biz within country

Any retrocession up to 20%, to the branch of a foreign insurer shall be adjusted against the required minimum retention of 50%

Top headlines: Rs 20K-cr Adani FPO, sunflower oil shipments to India & more

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Irdai approves amendments, simplifies rules to set up insurance firms

Under the current guidelines, to invest in insurance companies as "promoter", a PE fund can do so only through an SPV

Removal of cap: Insurers to get flexibility to allocate commissions

According to Irdai, the revised draft regulations on commissions emphasise on the board's oversight through a board-approved policy on the payment of commission

Piramal, Zurich Insurance may bid separately for Reliance General Insurance

Piramal, Zurich Insurance may bid separately for Reliance General Insurance

Social safety net product Bima Vistaar being developed for Bima Sugam

The regulator last month had formed a 24-member committee, headed by Devasia, to develop an affordable, accessible and comprehensive cover - Bima Vistaar -- for rural population

GSTN now part of AA network to facilitate cash flow lending to MSMEs: RBI

The AA network had been in discussion with the GSTN network for their onboarding for a long time as this would give financial institutions access to data regarding small businesses

Irdai draft norms do away with specific caps on commissions to agents

Proposes that commissions to agents can't exceed management expense limit

LIC has edge over private insurers: Gains market share in FY23

Top private insurance firms shed 447 bps as national insurer gets aggressive in group biz

Irdai boss signals faster regulatory reforms to boost insurance penetration

Dwells on huge potential of insurance in the country; emphasises need for Insurance Ombudsman to be fair and equitable

Irdai proposes allowing insurers to invest in unlisted companies

Easier access to funds would help lift the mood in a startup sector that has been hit by the global tech market rout

'IRDAI in talks with govt to relax Rs 100-cr entry capital for insurers'

The Insurance Regulatory and Development Authority of India (IRDAI) has suggested the government to ease the minimum capital requirement of Rs 100 crore and permit the regulator to fix the amount depending upon business plans of the prospective company. Doing away with the minimum capital requirement of Rs 100 crore would allow entry of small, specialised and niche players, which would help in increased insurance penetration and density in the country. "Like in the banking system, we have microfinance institutions, regional banks, and small finance banks. So, we have all categories of banks then there are non-banking financial companies. In the insurance sector also, we should have different size players to come into the market so that they can operate in smaller geographies," IRDAI Chairman Debasish Panda told PTI in an interview. Entry of smaller and specialised players would help in increasing insurance penetration and density, he said. "So, in this context we are suggesting to

Changed and new rules for National Pension Scheme: All you need to know

Here is a list of the changed and new rules by Irdai and PFRD regarding the National Pension Scheme

One-stop for insurance services 'Bima Sugam' a game changer: IRDAI Chairman

Insurance regulator IRDAI is working on Bima Sugam, which will act as a game changer in the insurance sector by providing a one-stop platform for multiple services including the sale of policy, renewal, and settlement of claims. This tech-led portal will help in expanding insurance penetration in the country by ensuring a hassle-free experience for customers across the country. Insurance Regulatory and Development Authority of India (IRDAI) chairman Debasish Panda in an interview with PTI said Bima Sugam should be a UPI moment for the insurance industry. Unified Payments Interface (UPI) has revolutionised digital payment in the country as common people have started using it for making even small payments. The success of UPI in a short span of time has caught global attention and many countries are trying to replicate it. Launched in 2016, Payment through UPI has crossed a milestone of Rs 11 lakh crore in September this year. "Bima Sugam will be a one-stop shop for buying and sellin

Irdai sets up consultative committee to increase health insurance

15-member panel asked to identify challenges for health insurance business

Irdai allows foreign reinsurance branches, Lloyd to deport excess capital

The Insurance Regulatory and Development Authority of India (IRDAI) on Wednesday allowed foreign reinsurance branches (FRB) and Lloyd's India to repatriate excess capital

Insurance regulator Irdai proposes changes to reinsurance regulations

Seeks to revise order of preference while placing reinsurance business

Two years on, Sebi's sandbox initiative yet to find its feet

Most applications have either been withdrawn or stand rejected

Irdai imposes Rs 3 cr penalty on Max Life, Rs 2 cr penalty on Axis Bank

Regulator Irdai has imposed a penalty of Rs 3 crore on Max Life Insurance Company for certain violations in a case pertaining to purchase and sale of shares by the Axis Bank and group companies. In another order, the Insurance Regulatory and Development Authority of India (Irdai) has imposed a penalty of Rs 2 crore on Axis Bank, a corporate agent of the insurer. The penalty on Max Life Insurance is for violation of Irdai's direction, misrepresentation to obtain approval, and contravention of share transfer directions. In the order, Irdai said "it is evident that Axis Bank has sold its stake of 0.998 per cent shares of Max Life in March 2021 to MFSL and MSI at Rs 166 per share. Subsequently, in March-April 2021, Axis Bank and its Group entities acquired 12.002 per cent shares from MFSL at a price range of Rs 31.51-Rs 32.12 per share. This is not in compliance with the directions issued by the Authority (Irdai)..." MFSL is Max Financial Service Ltd and MSI is Mitsui Sumitomo ...

Life insurers' new biz premium up 17% at Rs 36,367 cr in September: Irdai

The new business premium income of domestic life insurance companies rose by 17.3 per cent to Rs 36,366.53 crore in September of this fiscal year, data from Irdai showed on Tuesday. All the 24 life insurance companies had a collective premium income of Rs 31,001.17 crore in the same period a year ago. The largest and the only state-owned insurer LIC recorded a jump of nearly 35 per cent in the new premium income of Rs 24,991.26 crore in September 2022-23, as against Rs 18,520.21 crore in same period of 2021-22, showed the data from the Insurance Regulatory and Development Authority of India (Irdai). However, the rest of the 23 players in the private sector witnessed a decline of 8.9 per cent in their combined new premium income during the reported month at Rs 11,375.27 crore as against Rs 12,480.96 crore a year ago. Among the private sector players: SBI Life registered a fall of 15 per cent in new premium income at Rs 2,471.37 crore; HDFC Life down by 22.3 per cent at Rs 2,165.97 .