Page 36 - Irdai

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.

Irdai pulls up life insurers for under-reporting operating expenses

The regulator, in 2016, had set a limit for managing expenses of life insurers

Gaps, overlaps, traps and mishaps

The SEBI-SAT standoff is expected to end up in the Supreme Court

IRDAI tries to bring more transparency into life, health and travel covers

Lack of clarity often led to disputes between customers and insurers over whether certain claims could be honoured

A regulatory sandbox a win-win for all stakeholders, says Irdai

Irdai will start receiving application from insurance companies such as InsurTech and others from September 15 on product ideas under the sandbox approach

Irdai to revisit motor third party obligation regulations for insurers

The regulator has constituted a working committee for reviewing the current motor third party obligation regulations for insurers

Irdai partnering states to contact those with uninsured vehicles

Under the Motor Vehicles Act, it is mandatory for all vehicles to have a third-party insurance cover

Life insurers register 6% growth in new premium income in July: Irdai

The largest life insurer LIC recorded a rise of 3.10 per cent in its new premium in July at Rs 15,311.87 crore as against Rs 14,851.77 crore in the same month a year ago

Account aggregator to make applying for loan less cumbersome for users

An app will take a user's consent to share financial data with organisations

Purchase term plan from insurer which has a high claim settlement ratio

Since it is advisable to keep insurance and investment separate, a term plan should be your first choice among insurance products

Irdai's regulatory changes likely to make insurance products more appealing

Now policies will acquire a surrender value after two premiums have been paid

DHFL crisis: Insurers seek Irdai nod to be part of inter-creditor agreement

Sources say that insurance companies have already held preliminary talks with Irdai on the matter

Insurers to make available standalone 'own damage' motor policy from Sep 1

Buying own damage (OD) vehicle insurance is optional. OD covers natural calamities, like earthquakes and floods, and also disasters such as vandalism and riots

Irdai may hike third party insurance premium for cars, two-wheelers in FY20

The regulator has sought comments from stakeholders on the proposed rates till May 29

Mental, genetic ailments eligible for health cover under new Irdai norms

All health covers filed and cleared after April 1, 2019 must adhere to norms; existing policies not in adherence shall not be offered and promoted April 1, 2020 onwards