Page 23 - Irdai

Irdai wants insurers at par with banks on legal recourse for surety bonds

The finance minister in her Budget speech this year had said that surety bonds can be used as a substitute for bank guarantees for government procurement

Appoint two-three key people as life policy's nominees, say analysts

Buyers should look it up to see which insurers have been quicker in settling claims.

Keen to fill vacant posts at regulatory bodies at the earliest: Sitharaman

The Centre had invited applications for the Sebi chairperson's position in October 2021

Govt to soon decide on giving additional charge of New India Assurance CMD

Banks Board Bureau, the headhunter for state-owned banks and financial institutions, is the advisory body formed by the government in 2016 for selection of candidates for top-level board appointments

Govt delaying IRDAI chief appointment to rush LIC IPO: People's Commission

Says previous IRDAI chief retired in May 2021 and FinMin had been planning the IPO well before chief's post fell vacant, but did not name a successor even after 8 months

Irdai reduces obligatory cession of premiums to GIC Re to 4% from FY23

Firm stands to lose about Rs 1,500 cr of premium, say experts

Finance ministry invites applications for Irdai whole-time member post

The applicant should preferably have at least 25 years of experience in the area of insurance

Protect yourself from these common mis-selling ploys insurance agents use

An IRDAI report shows that banks and broker channels received more mis-selling complaints than other channels

Irdai asks insurers to review claims denied for antibody cocktail therapy

IRADI said it had come across instances where claims were denied/ there was a deduction in expenses incurred towards "antibody cocktail therapy", under the pretext that it's an experimental treatment

Irdai to set up two hubs on motor insurance and property insurance

The decision to set up these hubs was based on the recommendations of a working group on loss prevention and minimisation in the general insurance industry

Irdai seeks to revise formula for fixing insurers' obligation for Motor TP

The regulator has asked for comments from stakeholders, which they have to submit by January 25

Irdai issues guidelines for promoting, regulating surety insurance business

Surety bonds protect the beneficiary against acts or events that impair the underlying obligations of the principal

15-year cap on tenure of MD, CEOs of insurance companies on cards

Proposed remuneration to be divided between fixed/variable pay, perquisites

IRDAI caps value of surety insurance contracts at Rs 500 crore

The IRDAI has also stipulated that the non-life insurers wanting to underwrite the surety insurance risks should have a solvency margin of 1.25

Three private life insurers increase term plan rates by 10-30%

Munich Re had nudged its insurance partners on the hike in September and insurers were engaged in negotiations with the reinsurer on the quantum of increase.

Irdai to modify norms for remuneration of CEOs, directors of pvt insurers

Surety insurance pertains to a contract to perform the promise or discharge the liability of a third person in case of default

Covid LIVE: Over 4 mn children in 15-17 age group vaccinated on Day 1

37,84,212 children in 15-17 age group vaccinated till 7pm as on the first day of COVID19 vaccination for children, as per CoWIN portal

Irdai directs Go Digit to withdraw product offering life insurance benefits

The Insurance Regulatory and Development Authority of India (Irdai) also asked the insurer to wthdraw advertisements regarding the product from all media

Reliance General Insurance gets IRDAI approval to test 9 products

Reliance General Insurance Company will soon roll out nine sandbox products to cater to the fast transforming customer requirement in the insurance sector. The company has received sandbox approval for the nine products from the Insurance Regulatory and Development Authority of India (IRDAI) in one go in the 2nd cohort, the 4th largest private sector general insurer said. The announcement is in line with the company's long-term goal of re-innovating and redefining the insurance sector to cater to the fast-transforming customer expectations in the digital age, it said in a release. The company said three of these products are from the telematics segment. Rest of the offerings are from the company's innovative product line designed to address customers' current and future policy requirements. Reliance General Insurance Company is one of the most tech driven companies and it aims to introduce these pioneering product offerings to provide holistic insurance cover from a futuristic ...

MFIN to launch natural catastrophe insurance cover for micro borrowers

The MicroFinance Institutions' Network is planning to introduce this product with Cholamandalam MS General Insurance as insurer