Page 39 - Irdai
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 sets up a panel to identify systemically important insurers")
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
 "Death benefit upped to 7x under Irdai draft norms for regular life products")
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 allows point-of-sales to distribute all micro-insurance products")
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
 "Irdai wants provisions of mental illness treatment, insurers' task cut out")
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
 "SC says third party insurance for two, four wheelers 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
 "Life insurers' premium growth doubles in first quarter, says Irdai")
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
 "Irdai to study wearable tech as part of insurance policy")
Wearable gadgets could soon be part of insurance policy: Irdai
The WG has to submit its report alongside recommendations within two months
 "Wearable gadgets could soon be part of insurance policy: Irdai")
Irdai panel to boost policyholder protection, implement risk-based capital
Irdai forms panel to enhance protection to policyholders, implement risk-based capital
 "Irdai panel to boost policyholder protection, implement risk-based capital")
Irdai questions TTK group's stake sale to Manipal Group
Cigna TTK had filed an application with the insurance regulator on September 1, 2017, for a change in the partnership from the TTK Group to the Manipal Group
Publish annual figures of death claims paid data: Irdai
The figures should reflect the entire financial year and shall be based upon latest Irdai annual report
Irdai approves new broking consultancy norms
The last Irdai board meeting held in August cleared changes to the Brokers Regulations
Individual agents, marketing firms to soon be part of Irdai database
Measure to help curb cases of data duplication
Irdai directs LIC to reduce stakes in L&T, ITC to 15% by Dec 2018
The general insurance business grew 31% last year and life insurance 25%
 "Irdai directs LIC to reduce stakes in L&T, ITC to 15% by Dec 2018")
FinMin official Ravi Mittal appointed part-time member on Irdai board
Former finance secretary Sushma Nath is another part-time member on the Irdai board
Irdai tells insurers to put unclaimed money in special fund for elderly
Latest direction is in continuation of Irdai's previous orders regarding unclaimed amounts
 "Irdai tells insurers to put unclaimed money in special fund for elderly")