Page 36 - Irdai

Irdai issues norms to protect group policyholders of merging state banks

Moreover, Irdai has said a bank in its capacity as a group organizer may have group insurance arrangements with any number of insurance firms

Irdai decides to defer implementation of IndAS in insurance sector

The regulator had planned to implement IndAS 117, which is an equivalent of IFRS 17, and IndAS 109 from April 1 onwards, but the IASB decided to amend IFRS 17

Irdai chief warns firms against unfair trade practises, predatory pricing

The regulator also told insurance brokers to be more disciplined in filing their returns

'Not sustainable', IRDAI chief cautions insurers against predatory pricing

Highlighting that the insurance industry is different from other business, he said if an insurer fails, it has bearing on customers as well

Only a few proposals get Irdai nod under regulatory sandbox structure

Among the proposals approved, the health insurance segment has got 19 approved proposals.

Insurers to pay penal interest for delay in settling health claims

The regulator on Monday issued an exposure draft on guidelines on standardisation of general clauses in health insurance policies contracts

Two recent Irdai orders show why the regulator needs to be given more teeth

Between January 7 and 8 Irdai rapped an insurance firm and a broker for violating norms - one for parking money with related firms, and another for out-and-out reinsurance fraud

Non-life insurers log 11.5% rise in premium at Rs 15980 crore in Dec 2019

Seven stand-alone private sector health insurers collected Rs 1,258.14 crore premium during the month

After standardising health insurance, Irdai looks at rating of hospitals

Under the rating mechanism, insurers can charge on the basis of grades based on facilities like number of doctors or equipment in the hospital

Offer standard health policies with maximum sum insured Rs 5 lakh: Irdai

The product will be named as Arogya Sanjeevani Policy, succeeded by the name of the insurance company

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