Page 39 - Irdai

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

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

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

Foreign reinsurers R2 branch license approval likely in IRDAI October board meet

Meeting scheduled for Oct 24

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 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

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

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

Insurance regulator brings out norms to strengthen insurers' boards

Irdai said while laying down the projections, the boards must address the expectations of the shareholders and the policyholders

Irdai issues new insurer solvency margin rules

For segments like health, motor and liability, insurer would be required to maintain a higher solvency ratio

Redesigned IPO norms for insurance companies soon

According to reports, HDFC Standard Life and ICICI Prudential Life Insurance companies have approached the insurance regulator for approval to divest equity through IPO route

Third-party motor premiums to go up 10-40%

Third-party motor premium is regulated by Irdai and revised yearly, based on inflation and claims

IRDAI asks insurers to have mentors for approved actuaries

The upper age limit for the mentor will be 75 years

Irdai wants public sector general insurers in crop insurance scheme

The state-owned insurers have about 300,000 agents that sell insurance products in rural and urban areas