Page 7 - Irdai

Star Health drops 5% as Irdai issues show cause notice for violating norms

The fall in insurer's share price came after the company announced that the Insurance Regulatory and Development Authority of India (Irdai) has issued a show cause notice for violating norms

Irdai issues show cause notice to Star Health for violating norms

The company must provide a reply within 21 days from the date of receipt of the notice, along with the supporting documents

Is insurance selling by BCs the next step in financial inclusion?

The business correspondents' representative body has asked IRDAI to allow them to sell insurance products, particularly weather-indexed schemes to provide a safety net for rural buyers

Bima Sugam is a game-changer, says Irdai chairman Debasish Panda

Bima Sugam facilitates easy access to insurance for consumers and enhances distribution opportunities, said Panda

Bima Sugam's capital requirement goes up significantly to Rs 500 crore

During the two-day Bima Manthan held in Hyderabad, insurance companies were informed of the revised capital requirement for Bima Sugam, amounting to Rs 500 crore over 4-5 years

Insurance marketplace Bima Sugam's capital requirement to rise to Rs 500 cr

Digital platform will allow consumers to compare, purchase and manage life, health, general insurance products

A lot of 'ills' have crept into the system: Panda on product mis-selling

'You don't need to chase customers. You have to give the option to the customer. No mis-selling, no force-selling, the Bima Sugam will also facilitate that,' says Debasish Panda

TVS' Srinivasan, Star Health founder launch health insurance product

Plan allows customers to make multiple claims within same policy year

Fireside Chat with Debashish Panda, IRDAI Chairperson | BFSI Insight Summit 2024

Business Standard BFSI Insight Summit brings together thought leaders from India’s financial landscape, including regulators, leading banks, NBFCs, mutual funds, and insurance companies.

Simplify T&Cs in insurance policies to cut complaints: Irdai panel member

Insurance companies need to draft the terms and conditions of the policy in a language that is simple and easy-to-understand, which will help in reducing the grievances of customers, an IRDA advisory committee member said on Monday. IRDA's Insurance Ombudsman Advisory Committee member Pushpa Girimaji also stressed on the need to reduce the number of 'non-entertainable complaints' by the insurance ombudsman. Insurance Ombudsman is a quasi-judicial grievance redressal machinery to resolve complaints of insured persons against life and non-life insurance companies. At an event to mark the foundation day of the insurance ombudsman, Girimaji also stressed on the need for insurers to be fair in deciding insurance claims of customers. "There is a need to bring down the number of complaints in the insurance sector. The terms and conditions specified in insurance policies should be drafted in a way that it is simple and easily understood," Girimaji said.

Time to open up insurance sector for 100% FDI: Irdai chief Debasish Panda

Panda spoke about the transformation the industry has undergone since he took over and what is next in store.

Data, tech & Bima Sugam to transform insurance sector: Irdai boss at BFSI

At the Business Standard BFSI Insight Summit 2024, Debasish Panda, Irdai boss, shared his transformative vision for India's insurance sector

Irdai to amend regulatory sandbox norms after committee recommendation

Regulator Irdai has proposed to amend the norms related to 'regulatory sandbox' by incorporating principle-based approach and further facilitate adoption of innovative ideas and new concepts across the insurance value chain. Regulatory sandbox usually refers to live testing of new products or services in a controlled/test regulatory environment for which regulators may or may not permit certain relaxations. Insurance Regulatory and Development Authority of India (Irdai) had constituted an internal committee to review the Irdai (Regulatory Sandbox) Regulations. Based on the recommendations of the committee, it has proposed amendments to the regulatory sandbox regulations and seeks comments from the public at large on the proposed amendments. Issuing an exposure draft on regulatory sandbox regulations, Irdai said the amendment seeks adoption of principle based approach over rule based approach. The changes to the norms are also aimed to facilitate introduction of innovative ideas/ne

Irdai proposes changes to IAC meeting frequency, notice period, structure

The IAC comprises members representing various sectors, including commerce, industry, agriculture, and consumers, along with the chairperson and members of Irdai as ex officio members

Lockton receives Irdai approval to acquire Arihant Insurance Broking

The acquisition marks Lockton's strategic expansion into the Indian market, where it aims to address the growing demand for advanced risk consulting and management services

Consumer protection: Changes in insurance policy terms must be conveyed

The National Commission noted that critical illness risk should have been included by the insurer to avoid prejudice caused by the discontinuation of this risk

Data leaks: Irdai directs two insurers to conduct IT systems audit

Insurance regulator Irdai has directed two insurers to carry out audits of their IT systems following concerns over the recent instances of policyholders' data leaks. The regulator is also in touch with their management to address the vulnerabilities. Without naming the insurers, the Insurance Regulatory and Development Authority of India (Irdai) said it takes data breaches very seriously and asserted that it will continue to engage with the companies to ensure that the policyholders' interests are fully protected. Star Health Insurance had recently admitted data breach. The name of the second insurer could not be immediately ascertained. "There have been reports of data leaks from two Insurers recently," the regulator said. In a release, the Irdai said it is closely monitoring the situation in the case of the concerned insurers and has been in touch with their management. Regular updates are being obtained to ensure that the policyholders' data and interests are fully protected

Irdai asks insurers to check vulnerabilities in IT systems, take measures

Recently, there was a data breach at Star Health & Allied Insurance's servers and reportedly sensitive data of 31 million customers were put up for sale

Irdai extends IFRS 17 deadline to FY27; aims to give ample time to cos

Previously, Irdai had set a timeline of FY25 for the implementation of IFRS 17 in the insurance sector

From perestroika to glasnost: Efforts underway to make insurance inclusive

All efforts are on to make insurance inclusive and attract global investors. The second, and concluding, part of the column on 25 years of the insurance industry