Page 39 - Irdai
Irdai to ask for segmental reporting of balancesheet
The insurance regulator is considering asking insurance companies for segmental reporting of balanceheets. This will show the loss and profit, expenses, etc for each segment separately. Especially for segments like group health, where insurance companies are facing losses. Speaking to reporters on the sidelines of a seminar organised by the Insurance Brokers Association of India, T S Vijayan, Chairman, Insurance Regulatory and Development Authority of India said, "Many insurance companies chase top line and group insurance products is one segment that immediately adds to the topline. But in such cases, the companies don't show profit and this is a cause of concern. Once companies start segmental reporting of balancesheet, it will be evident which particular segment has losses. The balancesheet will not be merged,'' he said. Premiums should ideally cover expense and claims. The regulator's concern is that current premiums in group health segment are not justified. Segmented ...
 "Irdai to ask for segmental reporting of balancesheet")
Irdai proposes up to 50% hike in motor insurance premium from April 1
No proposal to increase the third party motor insurance premium for small cars
 "Irdai proposes up to 50% hike in motor insurance premium from April 1")
Irdai to form actuary panels for life, general insurers
Tenure fixed for each panel is three years, beginning from April this year
Irdai wants insurers to have 'clear policy' as investors
Insurers have to give their comments by February
Irdai's protection to a few reinsurers riles industry
Implements the controversial guideline allowing first right of refusal to select players
IRDAI allows insurers to invest in Basel III bonds
Insurers cannot invest in AT1 bonds of their promoter group bank or where the bank is their corporate agent
IRDAI sets up committee to decide order of preference in reinsurance
The committee will look into laying down the procedure and modus operandi for order of preference for cessions in respect of all life
 "IRDAI sets up committee to decide order of preference in reinsurance")
HDFC Life-Max Life deal faces Irdai hurdle
The regulator's concerns are around Section 35 of the Insurance Act 1938, which specifies norms for merger of insurance companies, said sources
 "HDFC Life-Max Life deal faces Irdai hurdle")
GIC Re welcomes MNCs, plans to expand overseas operations
The country's sole domestic re-insurer GIC Re is unfazed and sees no significant threat from rising competition
IRDAI to set up working groups on cyber security
The regulator will also implement appropriate mechanism to mitigate cyber risks
 "IRDAI to set up working groups on cyber security")
Foreign reinsurers R2 branch license approval likely in IRDAI October board meet
Meeting scheduled for Oct 24
 "Foreign reinsurers R2 branch license approval likely in IRDAI October board meet")
Irdai plans to make insurers' listing a must
General, life insurers with 8 & 10 yrs in biz, respectively, may have to list
IRDAI lays norms on cessions to GIC Re based on product segment
With respect to fire, industrial all risks large risks, limit of cession in sum insured is Rs 750 cr sum insured per risk
 "IRDAI lays norms on cessions to GIC Re based on product segment")
Irdai directs insurers not to delay claim payments
Irdai said the provision was being made to protect the interests of policyholders as well as keeping in view the legal principles
Irdai asks insurance cos details of social sector biz
Life insurers have to file number of lives covered under social sector in reporting financial year
 "Irdai asks insurance cos details of social sector biz")
Fresh round of talks likely to take place for insurers
Irdai rule says, for listed insurers, minimum shareholding by the promoters should not be below 50% of the paid-up equity capital
Minimum shareholding of promoters in insurance venture to be 50% at all times: IRDAI draft
Norms applicable to those who have listed their equity shares or are in process of getting shares listed in relation to transfer of shares
 "Minimum shareholding of promoters in insurance venture to be 50% at all times: IRDAI draft")
More, tighter norms proposed for web aggregators in insurance
Insurance regulator says these aggregators would be treated as insurance intermediaries
IRDA proposes to increase web aggregators' business limit
Limit of premium per risk/per life of products sold on the web aggregator could be increased from Rs 50,000 to Rs 1.5 lakhs
IRDAI brings out norms to strengthen insurers' boards
The regulator said the Board will have to look at a broad range of areas such as overall direction of business of the insurance company
 "IRDAI brings out norms to strengthen insurers' boards")