Page 21 - Irdai

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

New business premiums of life insurance companies jump 91% in July

This is thanks to strong premium growth by LIC

Irdai proposes limits on expenses of management of life insurers

Insurance regulator releases exposure draft aiming to provide greater flexibility to insurers as far as their corporate agency tie-ups are concerned

Irdai proposes single limit on expenses for non-life insurance firms

According to the exposure draft released by the regulator, non-life insurers cannot spend an amount exceeding 30 per cent of the gross premium written as company expense during a financial year

Irdai tightens anti-money laundering rules for insurance companies

The guidelines come as the regulator is preparing the ground for a larger exposure of foreign companies and a wider range of domestic financial sector companies to enter the sector

Irdai may offer more flexibility to insurers in corporate agency tie-ups

Insurance regulator's board proposes limit on expenses of management for general insurers