Page 38 - Irdai

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

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.