Page 19 - Irdai

Indian insurance industry can be sixth largest globally: Irdai chairman

He also said that the regulator is working on Bima Sugam- a one stop shop, for all insurance products

Irdai mulling longer-tenure general insurance products, forms working group

In certain areas such as home insurance, it is exploring 20-year plans; in some others, tenures of 2, 3 and 5 years are being considered

Buy an adequate OPD cover to take care of mental health treatment

Most of these ailments are treated on outpatient basis, so just a hospitalisation cover won't suffice

Non-life insurers see 12% rise in gross direct premium income in Aug: Irdai

Non-life insurers registered a 12 per cent yearly growth in their gross direct premium income during August this fiscal at Rs 24,471.95 crore, data from insurance sector regulator Irdai showed. In the same month a year ago, all the 31 non-life insurance companies in the domestic market had garnered a gross premium income of Rs 21,867.93 crore. According to the data provided by the Insurance Regulatory and Development Authority of India (Irdai), a total of 24 general insurers witnessed a 9.3 per cent growth in their collective gross direct premium income in August at Rs 17,101.75 crore as against Rs 15,648.63 crore in the year-ago period. The five standalone health insurance providers reported a jump of 28 per cent in their gross direct premium income during the month at Rs 2,059.38 crore. The figure stood at Rs 1,609.75 crore in August 2021. The rest two specialised public sector insurers in the non-life space witnessed a 15.2 per cent rise in their combined premium income in Augus

PFRDA proposes tweaks in NPS subscribers rule: Here's what could change

The Pension Fund Regulatory and Development Authority (PFRDA) is in talks with the Insurance Regulatory and Development Authority of India (IRDAI) to let NPS subscribers port their annuity plans

Irdai reduces number of returns to be filed for health insurance

Easing compliance burden for insurers, regulator Irdai on Tuesday rationalised health insurance business returns reporting norm by reducing the number of returns that need to be filed in a year. Insurance Regulatory and Development Authority of India (Irdai) said the move is part of promoting ease of doing business for insurance companies and it has been constantly striving to reduce the compliance burden for all the regulated entities. Towards this endeavour, the health insurance returns being filed by the insurance companies have been significantly reduced, it said in a circular. "Now, the general and health insurers will have to file 8 returns and life insurers will be filing 3 returns in place of 17 returns being filed currently. This step will further help insurers in focusing on their business rather than a plethora of compliances and in turn help in increasing the insurance penetration in country," it said. These revised reporting norms will be applicable with immediate ...

NPS exit form to be treated as proposal to purchase annuity products: Irdai

Regulator eases rule for senior citizens taking annuity products from proceeds of National Pension Scheme

No need to submit separate form to buy annuity from NPS at retirement

Insurance regulator Irdai on Tuesday said it has done away with the requirement of submitting a separate form to buy annuity from NPS proceeds at the time of retirement. Insurance Regulatory and Development Authority of India (Irdai) said it is aimed at providing ease of doing business in insurance industry and for protection of interests of policyholders. "In this direction, to bring ease of living for senior citizens, Irdai has relaxed the requirement of submitting separate proposal form for taking the immediate annuity products from proceeds of National Pension Scheme (NPS)," Irdai said in a circular. At present, NPS retirees have to submit an exit form to PFRDA and a proposal form to insurers at the time of superannuation. Now, the exit form of NPS will be treated as proposal form for purchasing annuity, thereby reducing the time and efforts of senior citizens as well as insurers, Irdai said. The Annuity Service Providers (ASPs) are insurance companies regulated by Irdai and .

Top Headlines: Gyanvapi verdict today, Russia's discounted oil, and more

In a bid to counter the growing clamour among the G7 nations to enforce a price cap on Russian oil, Moscow told New Delhi it is willing to provide petroleum at even lower rates than before to India

Irdai mulls SFIO-like independent agency to probe cases of insurance fraud

Insurance Fraud Investigation Agency proposed via Insurance Act amendment

Dematerialisation: Irdai urges industry to open e-insurance accounts

The regulator is developing "Bima Sugam", a digital platform for selling, servicing, and settling claims.

Irdai set to meet insurance CEOs on dematerialisation of policies

This initiative was started by insurance regulator a few years ago, but did not take off as the operational challenges and associated cost for insurers outweighed customer convenience

Ombudsmen disposed of 32% more complaints against insurers in 2021-22

Complaints relating to health insurance made up a third of the total number cases disposed of in 2020-21, a period marked by the first wave of Covid-19

Use technology to make insurance affordable, says Irdai chairman Panda

Panda also nudged the industry to come out with solutions that are pocket-friendly

Irdai's commission cap move: General insurers get operational flexibility

Mid-to-smaller life companies and standalone health insurers could face near term pressure

Regulator seeks to make insurers have clear policy for agents' commission

Boards will make written norms that will be reviewed annually, says draft IRDAI proposal

Irdai eases firm registration process from 8 to 2 months: Chairman

"Thereby, we are moving from a rule-based regulatory regime to a principle-based one," Panda said

Manipal Cigna seeks 30% growth in health insurance: CEO Prasun Sikdar

High claims for Covid-19 a challenge for the industry, says the senior executive

Can the new Irdai chief bring in much-awaited reforms in insurance sector?

For Irdai Chairman Debasis Panda, LIC's fortune and reforms in health insurance sector will be the two most difficult tests to pass

Govt hardens norms on Irdai, public insurer top brass' post-retirement jobs

This comes after the Centre had reportedly received complaints against two past Irdai chairpersons, Subhash Chandra Khuntia and T S Vijayan