Page 35 - Irdai

Irdai slaps Rs 2.18 cr fine on Hero Insurance Broking for violating norms

Irdai, in its order, clarified that neither the insurance broker nor the MISP can create such a panel of insurers for selling motor insurance policies

Enforcement of share pledging in Reliance General null & void: Irdai

Reliance Capital believes that the order by Irdai will protect the interest of all lenders and debenture holders of the company.

Irdai restores Reliance Capital's 100% shares in Reliance General Insurance

The regulator also said its prior approval was not taken for the transfer. The Irdai added that the unauthorised transfer also violates FDI regulations

IRDAI backs hospital ratings for standardisation of health insurance

Rating of hospitals would be an addition of this database, as will lead to more standardisation the health insurance segment

Preference to GIC likely to continue in reinsurance business in India

As a rule, GIC Re is given preferential treatment in taking reinsurance risk.

With lower sum assured, Ulips emerge as attractive option with high returns

Recently, the Insurance Regulatory and Development Authority of India (IRDAI) allowed those under the age of 45 years to also buy Ulips with a lower sum assured

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