Page 8 - Irdai

Irdai forms task force to tackle challenges, boost growth of surety bonds

A surety bond is a risk transfer mechanism whereby an insurance company provides a guarantee to the beneficiary that the principal or contractor will meet their contractual obligations

New surrender-value norms: Max Life pencils in 100-200-bp hit to profit

VNB margin measures the profitability margin for life insurers

Deepak Sood appointed as whole time member (non-life) of Irdai

He previously worked as CEO of Avantha Ergo and Future Generali India Insurance and held leadership roles at Bajaj Allianz, Zurich Financial Services, and United India Insurance

Health insurance master circular: General insurers seek 2-month extension

Irdai issued a circular on health insurance products in June and asked general/health insurers to offer a wider range of products to customers

SAT stays Irdai order against Religare's Saluja, Care Health in ESOP case

However, chairperson Saluja prohibited from exercising pending ESOPs

Hybrid workers drive demand for pay as you drive insurance plans

The insurance regulator had allowed general insurers to introduce pay as you drive and pay how you drive for motor insurance cover in 2022

Religare Enterprises sends Burmans' open offer plea to Sebi, RBI

The move follows directions passed last month by the Securities Appellate Tribunal and an order issued in June by Sebi against the management

Wayanad floods: Irdai instructs insurers to disburse claims immediately

Life and general insurers have been asked to appoint nodal officers to manage claims related to landslides

Irdai levies Rs 2 cr penalty on HDFC Life Insurance for violating norms

The regulator cited violations of norms related to policyholders' interests, web aggregators, and insurance distributors

Life Insurers to seek extension on implementing surrender value norms

Revising all the traditional products according to the new surrender value norms and renegotiating terms with the distributors within the timeline is a huge challenge

Irdai directs Care Health to buy back shares allotted to Rashmi Saluja

Irdai has directed Care Health to cancel and revoke stock options to Saluja which remain unexercised and also ensure that no further grant and/or allotment of options are made to Saluja

Irdai imposes penalty of Rs 2 crore on Bajaj Finance, Aegon Life Insurance

Bajaj Finance said that the decision does not have any material impact on its financial, operational, or other activities, the company said in an exchange filing

SAT directs Religare to comply with Sebi directions on Burman open offer

Told to file application with RBI, Irdai by July 22 along with concerns on 'fit & proper' status of Burmans

Muthoot Capital initiates IRDAI Corporate Agent registration; stock up 5%

The uptick in the stock price came after Muthoot Capital announced that the board has approved the initiation of Registration as Corporate Agents with IRDAI

Don't sell Ulips as investment products: Irdai to insurance companies

Insurance companies will have to specifically state that market-linked insurance plans are different from traditional endowment policies and carry risks

IRDAI bars unit-linked policies from being advertised as investment product

All advertisements of linked insurance products and annuity products with variable annuity pay-out option must disclose risk factors, says regulator

ULIPs should not be advertised as 'investment products', says IRDAI

The Insurance Regulatory and Development Authority of India (IRDAI) has issued a master circular barring the promotion of Unit Linked Insurance Plans (ULIPs) as 'investment products'. Unit-linked or index-linked insurance products shall not be advertised as 'investment products', IRDAI said in a master circular dated June 19. Insurers will have to specifically state that market-linked insurance plans are different from traditional endowment policies and carry risks. Likewise, participating (with bonus) endowment policies will have to state upfront that the bonuses projected in benefit illustrations are not guaranteed. All the advertisements of linked insurance products and annuity products with variable annuity payout option shall disclose the risk factors, it said. "All insurers shall advertise the launch of unit-linked funds or index-linked funds under existing insurance products or new insurance products, only with reference to the underlying life insurance coverage and the ...

Deferred pension plans, applying for visa: Top personal finance stories

This week we write about the advantages and drawbacks of annuity plans and how to work on your visa application

Insurers likely to seek clarification from Irdai on new health circular

In the case of porting policies from one insurer to another, the regulator has asked the existing insurers to provide the required details to the acquiring insurance company within 72 hours

New 160 number series for service calls to reduce spam, says Trai

DCA facility discussed in meeting with RBI, sectoral regulators and 25 plus banks on Friday