Page 2 - Irdai

BFSI Summit: General insurers call for norms to navigate climate disasters

At the BFSI Insight Summit 2025, insurance leaders urged joint action on climate, cyber, and EV risks - calling for innovation, tech collaboration, and universal insurance coverage

BS BFSI Summit: Bima Sugam to transform insurance sector, says industry

Bima Sugam will unify India's insurance market, boost rural reach, and make policies more transparent and affordable, said experts

GST cut puts insurance on par with food in fiscal policy, says IRDAI chief | BFSI Summit 2025

The government’s latest fiscal stance with the Goods and Services Tax (GST) rate cut on health insurance has elevated insurance to the same priority level as essential goods like food

GST cut puts insurance on par with food in fiscal policy, says Irdai chief

IRDAI chief Ajay Seth urged insurers to target the bottom of the pyramid, where most of the growth potential lies, and to shift to a moderate-cost model delivering good quality service

BS BFSI Summit: Tuhin Kanta Pandey to C S Setty, here are the key speakers

Tuhin Kanta Pandey took charge as the chairman of Sebi in March 2025 and has since then driven reforms to improve ease of doing business and reducing the compliance burden on market intermediaries

Insurance regulator seeks more measures to check fraud, improve security

Insurers must upgrade systems and board-approved processes by April 2026, says Irdai

Irdai asks insurers, distributors to form fraud risk management framework

Irdai has asked insurers and reinsurers to implement anti-fraud frameworks and cybersecurity systems by April 2026, including data sharing and blacklisting via IIB

Govt circular on Covid-19 cannot limit insurers' obligations, says Delhi HC

The court ordered full reimbursement for a policyholder after observing that the insurer's reliance on Covid-19 circular was unjustified according to Irdai's clarifications

Life insurers firms plan to approach regulator for relief after ITC removal

This comes after the industry passed the entire benefit of lower GST rates to policyholders to increase affordability

Irdai Chairman Ajay Seth launches Bima Sugam India Federation website

Insurance Regulatory Development Authority of India (Irdai) chairman Ajay Seth on Wednesday launched the official website of Bima Sugam India Federation (BSIF). The launch marks the first visible step in building India's pioneering Digital Public Infrastructure (DPI) for insurance, aligned with the national vision of 'Insurance for All by 2047' and the Prime Minister's mission of Viksit Bharat 2047, a statement said. Seth said Bima Sugam represents a critical step towards creating India's Digital Public Infrastructure for insurance, and this initiative will empower policyholders, deepen insurance penetration, and ensure transparency and fairness across the value chain. "The launch of the website today is an important milestone, and I am confident that with collective industry commitment, the vision of 'Insurance for All by 2047' as part of the Prime Minister's mission of Viksit Bharat 2047 will become a reality," he said. The website was launched in the presence of industry CEOs,

Insurance executives knock on FinMin door for input tax credit fix

The insurance chiefs in a letter submitted to the finance ministry officials on Friday sought for implementation of the new GST rates on a prospective basis, while allowing for ITC on renewal premiums

Best of BS Opinion: India's new-age economy gets a data reset

Today's Opinion pieces explore a new data framework, the Bima Sugam initiative, the real impact of the GST rate cuts, and what the startup ecosystem really needs

Bima Sugam can deepen insurance penetration, but must be fair, transparent

Bima Sugam aims to transform insurance with a digital one-stop platform for buying, managing, and claiming policies, targeting "Insurance for All by 2047

Bima Sugam to roll out in phases for insurers, intermediaries, customers

Bima Sugam India Federation said the digital insurance marketplace will launch in phases this year with pilot insurer integrations and gradual customer onboarding

New Irdai chairman Ajay Seth urges insurers to innovate using DPI framework

Ajay Seth, the new Irdai chairman, has urged insurers to experiment and innovate using digital public infrastructure rails to drive affordable and tailored insurance products

Former DEA secy Ajay Seth takes charge as Irdai chairman for 3-year tenure

Ajay Seth, a 1987-batch IAS officer and former DEA secretary, has taken charge as chairman of Irdai nearly a month after his appointment for a three-year tenure by the government

Irdai asks insurers to complete QIS 2 under RBC framework by October 15

Irdai has directed insurers to conduct the Second Quantitative Impact Study using March 31, 2025 data and submit results under the Risk Based Capital framework by October 15

Irdai imposes ₹5 crore penalty on Policybazaar for violating norms

Upon examining a selection of 67 insurance policies, IRDAI found that premiums were remitted with delays exceeding 30 days

Policybazaar fined ₹5 crore by Irdai for violations of insurance norms

Regulator Irdai has imposed a Rs 5 crore penalty on Policybazaar Insurance Brokers for certain lapses and also cautioned against violating insurance norms. Policybazaar Insurance Brokers was earlier known as Policybazaar Web Aggregator. Insurance Regulatory and Development Authority of India (Irdai) has also issued direction, advisory and caution to the company, according an official statement. The regulator said a penalty of Rs 5 crore has been impose on M/s Policybazaar Web Aggregator Pvt Ltd (now known as 'M/s Policybazaar Insurance Brokers Pvt Ltd') along with direction, advisory and caution for various violations" established under Insurance Act, 1938 and Rules and Regulations. Policybazaar was founded in 2008 and has sold over 42 million policies since inception.

Meeting motor TP obligation tough due to IRDAI formula: Shriram General MD

Shriram General Insurance sees industry-wide difficulty in achieving IRDAI's motor third-party coverage targets and plans premium growth via non-motor insurance push