Page 25 - Irdai

Irdai looking for agency to manage its grievance redressal centre

Regulator Irdai is looking for an agency to manage its multi-media grievance redressal centre with a view to address complaints of insured public against insurance companies.

Govt wants speedy settlement of claims; FM to meet insurers today

FM Sitharaman to meet insurers to discuss easing processes for settling claims

As Covid-19 vaccination slows down, insurers insist customers take jabs

Only 3.2% of India's population has been fully vaccinated with two shots

Insurance companies seek early implementation of IFRS from govt

Currently, India follows the old solvency standards where insurers have to hold a percentage of reserve as capital.

IRDAI imposes Rs 30 lakh penalty on SBI General Insurance Company

Regulator IRDAI has imposed a penalty of Rs 30 lakh on SBI General Insurance Company for its failure to comply with the third-party motor insurance regulations.

Irdai issues guidelines for a standard domestic travel insurance product

Rollout on July 1, five plans on offer depending on mode of travel

No immediate worry about solvency due to surge in Covid claims: Irdai chief

Irdai Chairman Subhash Chandra Khuntia talks to Subrata Panda on a range of subjects including shareholding of banks in insurance firms

Irdai allows insurers to invest in debt instruments of InvITS and REITS

Securities should not be rated below 'AA' under the "approved investment" category. In case the instrument is subsequently downgraded, it will be part of "other investments"

Irdai slaps Rs 51 lakh fine on four insurers for violation of norms

Regulator Irdai has imposed a penalty of Rs 51 lakh on four insurers, including SBI General Insurance Company, for violation of certain norms related to motor insurance. A penalty of Rs 25 lakh has been imposed on SBI General Insurance Company for not fulfilling regulatory obligations under the Motor Third Party (MTP) business. The Insurance Regulatory and Development Authority of India (Irdai) has also imposed a penalty of Rs 13 lakh on Liberty General Insurance Limited, Rs 10 lakh penalty on Bajaj Allianz General Insurance Company, and Rs 3 lakh on Royal Sundaram General Insurance Company. In the order on SBI General Insurance Company, Irdai said the charge was that the the insurer did not comply with the MTP Obligation for the financial year 2017-18 calculated as per Regulation 3 of the Irdai (Obligation of Insurer in respect of Motor Third Party Insurance Business) Regulations, 2015. "For the financial year 2017-18, the insurer did not fulfill the obligation and had a shortfall

Irdai brings draft rules for general insurers on product design, pricing

The regulator has asked all stakeholders to give their views on the draft guidelines before April 26

IRDAI proposes regulations for designing, pricing of insurance products

Regulator IRDAI on Monday came out with draft regulations for the designing and pricing of general insurance products with a view to protecting the interest of policyholders.

Irdai asks insurance companies to register message template with telcos

Irdai said, the new framework by the telecom regulator is to enable policyholder protection

Irdai extends timeline for sale and renewal of Covid specific products

Earlier, insurance companies were allowed to offer these policies till March 31, 2021

Health insurance claim rejection: Insurers may turn more cautious

Onus may now shift to them to justify rejection after Irdai's circular

Insurers cannot reject claims based on presumptions and conjectures: Irdai

Insurers need to put in place systems by which policyholders can track the status of claims, says regulator

Irdai nudges insurers to facilitate immunisation for policyholders

Irdai on Friday directed insurers to make special arrangements to facilitate inoculation of the eligible people at government or private hospitals

Irdai asks insurers to facilitate Covid vaccination of policyholders

The regulator said insurers may create awareness among policyholders about vaccination through effective communication via SMS or email

Remote working to push demand for cyber insurance: IRDAI official

Insurers are confronting a new reality in the COVID-19 situation as a long- term disruption to the customers, employees, investors and suppliers

Covid-19 impact on claims may force insurers to review prices: Irdai exec

General and standalone health insurers have received 938,640 claims related to Covid-19 till March 15, says Suresh Mathur

'Policies to cover hospitalisation cost due to adverse effects of vaccine'

Hospitalisation is covered under the health insurance policies subject to the specific terms and conditions of the policy, says Irdai