Page 25 - Irdai

Delay in third-party premium hike hurting balance sheets: Insurers

The insurance regulator had proposed a hike in third-party premium for FY21 but it was put on hold to provide relief to policyholders during the pandemic

FDI for bank-promoted insurance firm to be vetted by RBI, Irdai: Govt

Foreign direct investment in an insurance company promoted by a private bank will be cleared by the RBI and Irdai to ensure that the 74 per cent limit of overseas investment is not breached, govt said

Irdai should monitor life insurers' expense management only: Deepak Parekh

Allowing life insurers to distribute health indemnity and NPS products will improve the insurance reach, Parekh said

Govt moves Irdai to allow listing of 'corporation' ahead of LIC's IPO

This comes ahead of listing of LIC as India's largest IPO

IRDAI allows home treatment as add-on cover in health insurance

Norms for settlement of claims should be mentioned in the policy document and prospectus: 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