Page 4 - Irdai

Irdai panel flags risks in merging insurers with non-insurance firms

Dinesh Khara-led panel warns that allowing mergers between insurers and non-insurance firms could endanger policyholders; report submitted amid broader review of Insurance Act reforms

Irdai sets up panels to probe insurer and intermediary rule violations

Insurance regulator Irdai has formed panels of whole-time members to look into violations of regulatory norms by insurers and intermediaries. A decision to this effect was taken at the 132nd meeting of the Insurance Regulatory and Development Authority of India (Irdai), the regulator said in a release on Tuesday. "As part of enforcement function, to decide on the violations observed as regards the provisions of Insurance Act and Regulations issued thereunder, with respect to certain Insurers/Insurance Intermediaries, panels of Whole-Time Members were formed," Irdai said. There have been reports of data leakage and mis-selling of polices in the insurance sector. In terms of delegation of powers by the Authority, the regulator also decided to form a panel of Whole-Time Members to consider specific share transfer applications and other matters. The release further said the initial application form (R1 application) of Kiwi General Insurance was also approved during the meeting. To ob

As debate over obligatory cession rages, GIC Re could hold the solution

Whether obligatory cession should be cut to zero or retained could be resolved by allowing GIC Re to independently set commissions instead of Irdai mandating a fixed rate

Irdai unlikely to act against bancassurance despite mis-selling fears

Insurance regulator finds bancassurance mis-selling not alarming and rules out coercive curbs while continuing to advise insurers to list for transparency and governance

Evaluate OPD plans on sum insured, coverage, sub-limit, and network

Estimate your annual OPD expenses to decide suitable sum insured

Govt may raise motor third-party insurance premiums by up to 10% soon

The hike, likely to take effect by October 2025 or April 2026, aims to ease pressure on insurers facing rising claims, especially from commercial vehicles and pandemic-era payouts

Sumit Madan next MD,CEO of Max Life Insurance, to take charge from Oct 2025

Max Financial Services on Tuesday said it has approved the appointment of Sumit Madan as Managing Director & Chief Executive Officer of Axis Max Life. Madan, currently Chief Distribution Officer of Axis Max Life, will replace Prashant Tripathy, Max Financial Services said in a regulatory filing. Tripathy has requested for early retirement and therefore his tenure would end on September 30, 2025. The Board of Directors of Axis Max Life in its meeting held earlier in the day has approved the elevation of Madan as MD & CEO for 5 years effective from October 1, 2025 till September 30, 2030, subject to the approval by the shareholders of insurance company, it said. Axis Max Life Insurance is a subsidiary of Max Financial Services. The appointment of Madan would be subject to the approval from the Insurance Regulatory and Development Authority of India (IRDAI) in accordance with the applicable laws, it said. Axis Max Life Insurance Limited is a joint venture between Max Financial ...

Three months after Panda's exit, Irdai chairperson post remains vacant

Absence of a regulator stalls key insurance reforms including Bima Trinity, composite licence, and risk-based capital framework

General insurers launch ₹120-cr campaign to raise insurance awareness

With penetration slipping to 3.7% in FY24, general insurers roll out "Acha Kiya Insurance Liya" campaign modelled on mutual fund success to drive awareness

New India Assurance to launch parametric insurance for climate risks: CMD

State-owned New India Assurance will this month launch a parametric insurance product, which will provide a financial safety net to its retail and business customers against climate risks, said chairman and managing director Girija Subramanian on Tuesday. Parametric insurance refers to losses arising out of calamities including heavy rainfall, high speed wind and flood/drought. Unlike traditional insurance policies, the payout in case of parametric insurance products depends upon triggering of pre-defined parameters, thus allowing for quicker claim settlement. "Parametric insurance is a use and file product, which is allowed by the regulator IRDAI. We have got it already registered on IRDAI so the product is ready and can be used across both retail and business groups. We are ready with that in a big way," Subramanian told PTI. Asked about the timeline for launch of the product, she said: "We will be launching it by the end of this month." Subramanian said the parametric insurance

AIFs push to flip the switch on regulatory static to ease fund flows

Operational noise disrupts capital flow; industry demands an inter-regulatory bridge

Go Digit General Insurance's Q4 net profit up 2.2 times at ₹115.61 crore

The expenses of the insurer rose by nearly 9.39 per cent Y-o-Y to ₹2,426.12 crore

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