Page 4 - Irdai

Irdai warns Heritage TPA against unilaterally closing health claims

The order is in response to the remote inspection conducted by the authority from November 8, 2021 to November 11, 2021

Insurers struggle to meet motor third party obligations set by Irdai

Inusrers with 5 per cent to 10 per cent share in Motor TP segment must expand their insurance by 7.5 per cent over the last year

Margin improvement likely to boost life insurance companies' stocks

Diversified insurers like ICICI Prudential Life Insurance or IPRU may be better positioned while those reliant on parent bancassurance

Cyber incidents: IRDAI asks insurers to empanel forensic experts in advance

Regulator Irdai on Wednesday directed insurers to empanel forensic auditor in advance so that they could conduct forensics and root cause analysis of cyber incidents without any delay. In a circular, which has come in the wake rising incidents of data breach, Insurance Regulagtory and Development Authority of India (Irdai) said that in today's digital age, any cyber incident and crisis poses significant threats to organisations. Therefore, it is crucial to be prepared to respond effectively to prevent or minimise damage to information assets, including customer data and ensure business continuity. In 2023, the regulator had issued Irdai Information and Cyber Security Guidelines regarding cyber incident or crisis preparedness. "In addition..., all regulated entities are required to establish a well-defined procedure/practice to ensure that the forensic auditor/s are empanelled in advance and can be onboarded to conduct forensics and root cause analysis of cyber incident/s without an

Govt approves Swaminathan S Iyer's appointment as Irdai Life Member

He is appointed for five years from the date of assumption of charge or until he attains the age of 62 years or until further orders, whichever is earlier

Star Health Insurance's shares hit 52-week low amid reports of Irdai probe

Company calls it a routine exercise to ensure compliance

LIC counters Rahul Gandhi, says it's committed to policyholders, agents

Refuting claims of Leader of Opposition Rahul Gandhi, Life Insurance Corporation of India (LIC) has said that it remains dedicated to providing financial security to its policyholders, while also supporting the well-being of its agents. The clarification came a day after some of the LIC agents met the Leader of Opposition and raised certain issues regarding recent changes in rules by IRDAI and LIC, which make insurance less affordable for the poorest and most marginalised communities and weaken the position of agents. "We want to clarify that LIC has introduced products that align with the New Product Regulations set by Irdai, effective from October 1, 2024, keeping policyholders' interests at the forefront," LIC CEO & MD Siddhartha Mohanty said in a statement. LIC has consistently focused on reaching rural areas and economically and socially disadvantaged sections as it is committed to broadening life insurance coverage, he said. "Our aim is to extend financial protection to ...

Former SBI & LIC chiefs among new members of Irdai's advisory panel

The regulator proposed that the IAC should allow the circulation of meeting notices and agendas to its members in less than seven days, subject to chairperson approval

Insurers likely to prefer bond forwards over forward-rate agreements

Irdai allows insurers to hedge interest rate risks with bond forwards

Several hits, few misses in Debasish Panda's 3-year tenure as Irdai chief

Irdai under Panda moved to principle-based regulation from rule-based regulation

Irdai lets insurers to undertake transactions in bond forwards for hedging

Regulator Irdai on Monday permitted insurance companies to undertake transactions in bond forwards as users for hedging interest rate risks. The Reserve Bank has recently issued directions specifying that any entity, eligible to be classified as a non-retail user shall be eligible to undertake transactions in Forward Contracts in Government Securities (Bond Forwards) as a user. In a circular on 'Exposure to Forward Contracts in Government Securities (Bond Forwards)', Insurance Regulatory and Development Authority of India (Irdai) said that in view of the RBI's directions and considering insurers requests for introduction of Bond Forwards, "insurers are hereby permitted ...to undertake transactions in Bond Forwards as users for hedging purpose". The Irdai has also imposed certain conditions. Insurers should undertake only long positions in Bond Forwards (buying Bond Forwards) and report such transactions on quarterly basis. Also, Bond Forwards are not permitted for ULIP business, I

Govt invites applications for Irdai chief's post as Panda's term ends soon

The last day for submitting applications is April 6

Insurance cos knock on Irdai door seeking more time to implement Bima-ASBA

Insurers seek Irdai's nod for more time to implement Bima-ASBA, citing early deadline; feature allows policyholders to block premiums until underwriting is completed

Insurance cos knock on Irdai door seeking more time to implement Bima-ASBA

The insurance regulator had in mid-February set the March 1 deadline for rollout of the feature, which allows insurers to take a customer's consent and block the premium amount for a period of 14 days

Multi-year health insurance policy sales dip as agents' commissions drop

Irdai's new accounting norms for premium reporting has resulted in insurers revising commissions on multi-year health policies

Home insurance: Cover should suffice to rebuild structure, replace contents

A home insurance policy covers damage from earthquakes, fires, explosions, floods, landslides, cyclones, storms, aircraft damage, and acts of terrorism

Irdai retains obligatory cession at 4% for FY26, third year in a row

Obligatory cession is the portion of business that Indian non-life insurers must mandatorily reinsure with GIC Re

Health insurance premium growth in slow lane due to tapering demand

Change in accounting norms, sharp decline in premiums from govt. schemes have also weighed on health insurance premium growth

Irdai move on equity derivatives: Insurers gain tools to manage volatility

Irdai felt the need to permit insurers to hedge through equity derivatives

Irdai allows insurers to hedge volatility through equity derivatives

The regulator also issued guidelines aimed at providing insurers with enhanced opportunities for risk management and portfolio diversification