Page 35 - Irdai

IRDAI to seek councils' view before offering indemnity- based health plans

Non-life companies feel that allowing life insurers to offer indemnity-based plans will increase competition further in the market

General Insurance sector's PAT drops 90% in FY19, finds Irdai report

The underwriting losses of the general insurance industry increased to Rs 22,320 crore in FY19 from Rs 15,341 crore, a jump of 45%

Irdai okays debt ETFs of CPSEs as eligible class of investment for insurers

Irdai said such debt ETFs should be issued by mutual funds registered by Sebi and governed by its regulations.

NHA, IRDAI recommend measures to check frauds, data standardization

In the report, the experts recommended building a national repository of empanelled hospitals under insurance/government schemes with defined standards for quality and package rates and codes

Irdai plans to standardise insurance guidelines for houses and shops

In the last few years, the need for such standardisation was accentuated by increasing loss of small houses and commercial establishments due to natural calamities

Irdai may allow banks to hold over 10% stake in multiple insurance firms

Irdai chairman says considering proposal to change rules for lenders

Irdai may allow merged state-run banks to hold over 10% in insurance firms

Some of the 10 public sector banks that are merging into four are promoters of insurance entities as well

DHFL insolvency proceedings: Irdai rules out troubles for two insurers

The two insurance subsidiaries of the crippled mortgage lender Dewan Housing Finance (DHFL) are unlikely to be impacted by the ongoing bankruptcy proceedings of their parent as they continue to have adequate solvency ratios, Irdai chairman SC Khuntia said on Friday. He also asked insurance companies to write off their exposure to the bankrupt DHFL as they did in case of IL&FS. DHFL, admitted for bankruptcy proceedings on December 3, has two insurance joint ventures -- DHFL Pramerica Life Insurance and DHFL General Insurance. DHFL Pramerica Life, launched in 2008, is a joint venture between DHFL Investments, a wholly-owned arm of DHFL, and Prudential International Insurance Holdings of the US, has Rs 4,675 crore assets under management and employs 3,100. DHFL General Insurance, on the other hand, is a fully-owned subsidiary of Wadhawan Global Capital, the holding company of the HDFL Group, and manages USD 18.6 billion assets through its lending, investment and ...

IRDAI approves sale of 51% stake in Max Bupa to True North: Max India

Max India on Tuesday said the Insurance Regulatory and Development Authority of India (IRDAI) has approved the sale of its 51 per cent stake in Max Bupa Health Insurance Company to private equity firm True North. With the deal getting regulatory approval, Max India will exit the health insurance business. The all-cash transaction announced in February 2019 valued Max Bupa at an enterprise value of Rs 1,001 crore, Max India said in a statement. Bupa, the existing joint venture partner in Max Bupa, remains committed to the joint venture and will continue to play an active role as before through its Board positions and knowledge exchange initiatives, it said. Post IRDAI approval, the transaction is now expected to be concluded within the next few weeks, it said, adding, all existing customer policies will continue unimpacted and all customer support channels will remain unchanged. True North (formerly known as India Value Fund Advisors IVFA) was established in 1999 with a focus on .

Irdai proposes to make calculation of motor cover simpler, more transparent

Customers will not have to buy add-ons like invoice cover in the new regime

Irdai slaps Rs 2-cr fine on India Infoline Insurance for violating norms

The regulator has penalised the broker with a fine of Rs 1 crore each for violating norms on related party transactions and not having its own office infrastructure

Policyholders likely to gain as Irdai proposes changes to motor policy

For partial loss claims, age-wise depreciation has been recommended, wherein if the vehicle is less than a year old, the depreciation will be 10 per cent

Irdai issues draft norms on wellness services in health insurance products

It said that the wellness and preventive features shall be designed only with the objective of maintaining good health

Irdai directs Reliance Health Insurance to stop selling new policies

The company will be merged into Reliance General

Irdai bars Anil Ambani-led Reliance Health Insurance from selling policies

Irdai has also asked RHICL to "ring fence" its residual assets and not dispose them of without the insurance regulator's prior written approval.

TCS, Wipro among others in fray to manage Irdai's biz analytics project

Four IT companies, including Tata Consultancy Services and Wipro, are in the fray to manage and operate the Business Analytics Project (BAP) of insurance sector regulator Irdai. Irdai said TCS, Larsen and Toubro InfoTech, Wipro and EIT Service India Private Ltd (a DXC Technology company) have been shortlisted for the next round of bidding. The four companies had submitted their initial bids in response to an 'expression of interest' floated by the Insurance Regulatory and Development Authority of India (Irdai) in August. L&T InfoTech has been providing BAP services on a BOT (Build, Operate and Transfer) model to Irdai since 2011. The contract is expiring this month. Irdai said BAP was implemented for automation of registration and other connected activities for insurers, brokers, surveyors and third party administrators, as well as automation of product approvals, branch office opening and advertisements, among others. In addition to providing the BAP services, the selected ...

Irdai asks insurers to give details on exposure to DHFL, IL&FS, ADAG

All the four entities, for which data was sought by Irdai on October 9, have been downgraded by credit rating agencies recently

Centre initiates process to appoint two full-time members on Irdai board

Both the appointments shall be made by the central govt on the recommendations of the Financial Sector Regulatory Appointment Search Committee.

BSE-Ebix JV gets IRDAI approval for distribution of insurance products

The JV will make use of the reach of both BSE and EbixCash, which spans over 300,000 outlets across the country

Make sure insurance ads are clear, fair and not misleading: Irdai to firms

The Irdai in a circular on 'insurance advertisements' has prescribed dos and don'ts for insurance companies to comply with.