Page 3 - Irdai

New Irdai chairman Ajay Seth urges insurers to innovate using DPI framework

Ajay Seth, the new Irdai chairman, has urged insurers to experiment and innovate using digital public infrastructure rails to drive affordable and tailored insurance products

Former DEA secy Ajay Seth takes charge as Irdai chairman for 3-year tenure

Ajay Seth, a 1987-batch IAS officer and former DEA secretary, has taken charge as chairman of Irdai nearly a month after his appointment for a three-year tenure by the government

Irdai asks insurers to complete QIS 2 under RBC framework by October 15

Irdai has directed insurers to conduct the Second Quantitative Impact Study using March 31, 2025 data and submit results under the Risk Based Capital framework by October 15

Irdai imposes ₹5 crore penalty on Policybazaar for violating norms

Upon examining a selection of 67 insurance policies, IRDAI found that premiums were remitted with delays exceeding 30 days

Policybazaar fined ₹5 crore by Irdai for violations of insurance norms

Regulator Irdai has imposed a Rs 5 crore penalty on Policybazaar Insurance Brokers for certain lapses and also cautioned against violating insurance norms. Policybazaar Insurance Brokers was earlier known as Policybazaar Web Aggregator. Insurance Regulatory and Development Authority of India (Irdai) has also issued direction, advisory and caution to the company, according an official statement. The regulator said a penalty of Rs 5 crore has been impose on M/s Policybazaar Web Aggregator Pvt Ltd (now known as 'M/s Policybazaar Insurance Brokers Pvt Ltd') along with direction, advisory and caution for various violations" established under Insurance Act, 1938 and Rules and Regulations. Policybazaar was founded in 2008 and has sold over 42 million policies since inception.

Meeting motor TP obligation tough due to IRDAI formula: Shriram General MD

Shriram General Insurance sees industry-wide difficulty in achieving IRDAI's motor third-party coverage targets and plans premium growth via non-motor insurance push

Irdai sets higher targets for rural, social, and motor TP coverage in FY27

Irdai raises insurance coverage targets for rural, social, and motor TP obligations in FY27. Insurers must cover more Gram Panchayats and increase motor vehicle insurance

Centre appoints Anuradha Thakur as director on central board of RBI

The move comes a day after Seth was named chairman of the Insurance Regulatory and Development Authority of India (Irdai)

Irdai fines Star Health Insurance ₹3.39 cr for cybersecurity lapses

Regulator Irdai on Friday said it has imposed a Rs 3.39 crore penalty on Star Health and Allied Insurance for various violations of Information & Cyber Security Guidelines. The Insurance Regulatory and Development Authority (Irdai) has also issued a warning to the insurer. "Irdai...has imposed a penalty of Rs Three Crore Thirty-Nine Lakhs and a warning for various violations established under Irdai Information & Cyber Security Guidelines, 2023," the regulator said in its order on Star Health and Allied Insurance. Star Health Insurance has a strong multi-channel distribution network, with 913 offices, over 14,000 network hospitals, more than 7,75,000 licensed agents, and 17,000 employees. In 2024-25, Star Health's gross written premium stood at Rs 17,553 crore, with its net worth at Rs 8,668 crore.

New IRDAI chairman, private banks' retail loan growth, hiring at major commercial banks & more

The Centre has appointed Ajay Seth, recently retired finance secretary, as the new chairman of the Insurance Regulatory and Development Authority of India, 4 months after the position was left vacant.

Former Finance Secretary Ajay Seth appointed as new Irdai chairman

Ajay Seth, former finance secretary and G20 finance track lead, appointed as Irdai chairman for three years or until the age of 65, whichever is earlier

Stabilising sector: Task cut out for new Irdai chairman Ajay Seth

With major reforms underway and growth tapering, Seth's key challenge will be to stabilise the insurance sector and steer regulatory transitions

Irdai proposes internal ombudsman to address claims up to ₹50 lakh

The ombudsman will apply to insurers with over three years of operations, be empowered to handle claims up to Rs 50 lakh, and offer time-bound grievance redressal

Irdai may curb Kiwi Insurance's retail health plans over promoter links

Insurance sector regulator Irdai may restrict Kiwi General Insurance from offering retail health products to avoid direct overlap, as the promoter of the non-life firm, WestBridge Capital, also holds a majority stake in leading standalone health insurer Star Health and Allied Insurance, sources said. Under existing regulations the same promoter cannot hold stake in two similar nature insurance firms. With about 60 per cent stake in Kiwi General Insurance, WestBridge now effectively holds a significant stake in companies that will both operate in the retail health insurance segment. It currently holds about 40 per cent stake in Star Health and Allied Insurance Company Ltd, as per information available on the BSE. However, public sector banks have got regulatory forbearance from Insurance Regulatory and Development Authority of India (Irdai) following the consolidation exercise undertaken in 2020. "This is the first time in the industry that the regulator is faced with a scenario whe

Irdai panel flags risks in merging insurers with non-insurance firms

Dinesh Khara-led panel warns that allowing mergers between insurers and non-insurance firms could endanger policyholders; report submitted amid broader review of Insurance Act reforms

Irdai sets up panels to probe insurer and intermediary rule violations

Insurance regulator Irdai has formed panels of whole-time members to look into violations of regulatory norms by insurers and intermediaries. A decision to this effect was taken at the 132nd meeting of the Insurance Regulatory and Development Authority of India (Irdai), the regulator said in a release on Tuesday. "As part of enforcement function, to decide on the violations observed as regards the provisions of Insurance Act and Regulations issued thereunder, with respect to certain Insurers/Insurance Intermediaries, panels of Whole-Time Members were formed," Irdai said. There have been reports of data leakage and mis-selling of polices in the insurance sector. In terms of delegation of powers by the Authority, the regulator also decided to form a panel of Whole-Time Members to consider specific share transfer applications and other matters. The release further said the initial application form (R1 application) of Kiwi General Insurance was also approved during the meeting. To ob

As debate over obligatory cession rages, GIC Re could hold the solution

Whether obligatory cession should be cut to zero or retained could be resolved by allowing GIC Re to independently set commissions instead of Irdai mandating a fixed rate

Irdai unlikely to act against bancassurance despite mis-selling fears

Insurance regulator finds bancassurance mis-selling not alarming and rules out coercive curbs while continuing to advise insurers to list for transparency and governance

Evaluate OPD plans on sum insured, coverage, sub-limit, and network

Estimate your annual OPD expenses to decide suitable sum insured

Govt may raise motor third-party insurance premiums by up to 10% soon

The hike, likely to take effect by October 2025 or April 2026, aims to ease pressure on insurers facing rising claims, especially from commercial vehicles and pandemic-era payouts