Page 7 - Irdai

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

Sebi, RBI and Irdai: How financial regulators are appointed, removed

Tenures across organisations often range from three to five years with the possibility of reappointment

Consider benefits, costs before agreeing to insurance policy splitting

While splitting is common in life insurance, it sometimes happens in health insurance as well

SBI Life fined Rs 1 cr by insurance regulator for 'violating norms'

IRDAI's says investigation was based on various charges arising from an on-site inspection and several regulations under the Insurance Act of 1938

25 years of the Indian insurance industry: Here are the hits and misses

De-tariffing and portability are two milestones ahead of the Insurance Act amendment that made health insurance an independent line of business and raised FDI limits to 49%. The first of 2 part column

Insurance regulator issues circular to protect interests of policyholders

Norms on claims settlement process, electronic policies improve transparency for policyholders

Irdai asks insurance companies to integrate IT systems with Digilocker

According to the circular, both life and general insurers are mandated to provide an essential summary of important information at different stages of the insurance contract

Star Health introduces braille insurance policy for visually impaired

The policy is designed to address the specific requirements of individuals with disabilities of 40% or more, including physical, sensory, or cognitive impairments

Here is why SBI Life, HDFC Life, LIC shares rallied up to 4% on BSE today

Insurance stocks in focus: LIC has approached Irdai to increase the interest rate assumption and plan-based G-Sec assumption for the calculation of surrender value, reports say