Page 37 - Irdai

Irdai directs insurers to share status of claims with policyholders

The consent of policyholders has to be obtained by insurance companies for notifying the services rendered by the insurers and no other unsolicited information can be sent to the policyholders

Share status of claims with policyholders from July 1: Irdai to insurers

Insurers need to adopt a clear and transparent communication policy to protect the interest of policyholders, it said in a circular

At Irdai, discrepancies in reporting of sexual harassment cases

The insurance industry, which Irdai regulates, has seen an increase in the absolute number of complaints. In 2017-18, at least 33 complaints were registered

Irdai asks all non-life insurers for a uniform standard health product

At present, health insurance products vary significantly with each other in terms of benefits offered

Irdai warns domestic insurers against 'shadow capital' from rogue brokers

The warning comes after the regulator received several whistle-blower complaints in the past two months against more than one of the top insurance brokers

Irdai panel wants 'sandbox committee' for digital innovation in insurance

Loosely defined, a sandbox approach means experimenting and learning before finally adopting a technology or system. This approach helps in containing the impact of failures

Irdai permits testing of products under regulatory sandbox approach

Irdai has also said that there would be defined entry and eligibility criteria as well as exit parameters for the applicants

Timeline for LIC to cut stake in IDBI Bank depends on business model: Irdai

LC has been given approval to acquire 51% stake on condition of bringing it down to below 15% over a period of time but the timeline would depend on the business plan of LIC for the troubled lender

Protection gap at 70-80%, insurers should exploit situation: Irdai chief

The IRDAI chief said insurance penetration in the country is about 3.7 per cent of the GDP as against the world average which is 6.31 per cent

Irdai sets up a panel to identify systemically important insurers

Insurance regulator Irdai Wednesday set up a panel to identity domestically systemically important insurers (SII) and put in place an enhanced regulatory framework for them. Explaining the rationale for having enhanced regulatory watch for SIIs, Irdai said their failure has potential to cause significant disruption to the essential services they provide to policy holders and to the overall economic activity in the country. SIIs are perceived as insurers that are 'too big to fail'. "The continued functioning of SIIs is critical for the uninterrupted availability of uninterrupted insurance services to the real economy," said the Insurance Regulatory and Development Authority of India (Irdai). The committee headed by Pravin Kutumbe, Member-Finance & Investment, Irdai, has been asked to submit report in six months. As per the terms of reference, the panel has also to develop a paper on assessment methodology for SIIs in India and recommend enhanced supervision for them.

Irdai clears the air on remuneration for insurance web aggregators

Irdai was clarifying on the queries of the insurance companies on outsourcing activities undertaken by insurance web aggregators and remuneration payable to them

Death benefit upped to 7x under Irdai draft norms for regular life products

Single premium death benefit raised to 1.25x, as regulator focuses on innovations in product structures and marketing

Irdai allows point-of-sales to distribute all micro-insurance products

Irdai in a circular has done away with the practice of pre-fixing the word 'PoS' on life, general and health products sold through PoS

Irdai head rues low insurance reach, hints at sandbox for untested products

Subhash Khuntia says will allow testing of new products in limited geography or on limited set of policyholders, warns climate change, the ageing population will be biggest challenge for insurers

Irdai wants provisions of mental illness treatment, insurers' task cut out

The cost mark-up will be higher in case of policies that cover outpatient treatment of mental illnesses

SC says third party insurance for two, four wheelers be made mandatory

IRDAI told the bench that third-party insurance should not be made mandatory

Life insurers' premium growth doubles in first quarter, says Irdai

Private life insurance players have experienced 21.6% growth in their premiums, year on year, at the end of the first quarter of 2018-19

Irdai board meet on Friday, may ease 15% rule to allow LIC-IDBI deal

According to the present regulation, an insurance company cannot own more than 15% in any listed financial firms

Irdai bars insurers from rejecting claims based on genetic disorders

Move follows order by Delhi HC on the issue; insurers will have to de-list 'Genetic Disorders' from list of exclusions

Irdai to study wearable tech as part of insurance policy

The 10-member WG will examine the role of innovation in insurance involving wearable/portable devices