Page 28 - Irdai

Irdai to bring in standard personal accident cover, max sum assured Rs 1 cr

All general and standalone health insurers will have to offer it from April 1, 2021; hospitalisation costs up to 10% of base sum insured covered

IRDAI proposes standard personal accident insurance product from April 1

Insurance regulator IRDAI proposed a standard personal accident product with common coverage and policy wordings across the industry, a move aimed at increasing penetration of the product

HC seeks govt, RBI views on plea seeking regulation of Big Tech in finance

The Delhi High Court Wednesday sought response of the Centre, RBI, SEBI, IRDAI and National Payments Corporation of India (NPCI)

Mandating insurance not the way forward to boost penetration: Irdai member

T L Alamelu says health insurers need to address trust deficit; regulator has tried to standardise areas of concern such as definitions, pre-existing diseases, among others

Health covers are not a last-resort offering

Covid will change the health insurance industry permanently. The perception of consumers towards insurance has moved from mere compliance or tax saving towards a protection standpoint

Approval from IRDAI on Axis Bank stake hike expected by March: Max Life CEO

Earlier in October, the Reserve Bank of India (RBI) did not approve Axis Bank''s proposal to raise its stake up to 29 per cent but scaled it down to an aggregate of 19.02% with the subsidiaries

Max Financial gets Irdai nod for share swap agreement with Mitsui Sumitomo

Irdai's approval takes Max Financial Services one step closer to the consummation of its deal with private lender Axis Bank

Irdai gives in-principle approval for Bharti AXA-ICICI Lombard deal

Insurance Regulatory and Development Authority of India (Irdai) on Friday gave in-principle approval for the merger of Bharti AXA General with ICICI Lombard. ICICI Lombard is progressing applications for receipt of requisite approvals from other concerned regulators for the transaction, the insurance company said in a regulatory filing. Upon closing of the proposed transaction, the consolidated entity will have a market share of about 8.7 per cent on a pro forma basis in the non-life business, it added. The proposed transaction is expected to result in value creation for all stakeholders through meaningful revenue and operational synergies, it said. "Further, policyholders should benefit from an enhanced product suite and deeper customer connect touchpoints," the company said, adding the employees of the combined business will also benefit via greater opportunities across functions and geographies. Marking a major consolidation move in the insurance space, the proposed deal was ..

Max Financial gets approval for share swap agreement with Mitsui Sumitomo

The transaction entails swapping Mitsui Sumitomo's 20.6 per cent stake in Max Life Insurance with 21.9 per cent stake in Max Financial Services

Irdai to bring in standard vector-borne disease cover of up to Rs 2 lakh

Policyholders can choose protection against any one or more ailments such as dengue, malaria, filaria, etc; price for every covered disease to be set separately

Irdai extends electronic customer consent for life insurers by 3 months

Facility has been allowed for pure risk products, is available till next March

Non-life insurers report marginal decline in October premium collections

This, despite good growth in premiums by standalone health insurers, aided by rise in demand for health plans in the country

Merger of insurers: Irdai releases draft norms on shareholder compensation

Says those whose rights against the acquiring insurer have been reduced, must be paid compensation based on the residual value of assets

SAT clearing more cases now than before Covid-19 pandemic, shows data

August and September each saw over 80 appeals to the SAT

IRDAI panel to examine need for standard cyber liability insurance product

Irdai has set up a panel to explore possibility of a basic standard product structure to provide insurance cover for individuals and establishments to manage their cyber risks

General Insurers should be allowed in surety bond biz: Irdai working group

This is because surety bond insurance is yet to develop in India and risk exposure under this business is significant compared to other more mature lines of business

Robust legal framework key for development of surety bonds market: IRDAI

An IRDAI working group has made a case for a robust legislation and ecosystem keeping in view the best international practices for promoting development of the surety bonds markets in the country.

Covid-19: Switch to comprehensive insurance policy for broader coverage

Waiting period gains of Covid policy stay intact

Need to expand health insurance to include outpatient care: Irdai chairman

In light of the Coronavirus (Covid-19) pandemic, health insurance has seen a surge in demand from consumers

Saral Jeevan Beema for Bharat: Irdai introduces standard life product

All insurers to offer the product from January 1, 2020