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Insurance Regulatory and Development Authority of India (Irdai)

Finance Ministry proposes to raise FDI in insurance to 100%

Finance Ministry proposes to raise FDI in insurance to 100%

Thu, Nov 28, 2024

The finance ministry has proposed to amend various provisions of the Insurance Act, 1938, including raising foreign direct investment (FDI) in insurance sector to 100 per cent, reduction in paid-up capital, and provision for composite licence.

IRDAI implements strict rules to combat insurance fraud after data breaches

IRDAI implements strict rules to combat insurance fraud after data breaches

Sat, Oct 26, 2024

The Insurance Regulatory and Development Authority of India (IRDAI) has proposed stricter regulations for insurance companies following recent data breaches, notably involving Star Health Insurance. New guidelines require firms to adopt an anti-fraud policy, establish independent Fraud Monitoring Units (FMUs), enhance cybersecurity, and conduct regular awareness programs. These measures aim to combat identity theft and financial loss associated with cyber fraud, ensuring better protection for policyholders and the integrity of the insurance industry.

Surety bonds play crucial role in supporting India's infrastructure development: Irdai Chairman Debasish Panda

Surety bonds play crucial role in supporting India's infrastructure development: Irdai Chairman Debasish Panda

Fri, Aug 23, 2024

Insurance surety bonds are financial instruments, where insurers act as 'surety' and provide the financial guarantee that the contractor will fulfil its obligation as per the agreed terms.

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ULIPs should not be advertised as 'investment products': IRDAI

ULIPs should not be advertised as 'investment products': IRDAI

Fri, Jun 21, 2024

Unit-linked or index-linked insurance products shall not be advertised as 'investment products', IRDAI said in a master circular dated June 19.

Health insurance for senior citizen over 65 years - Explained in 10 points: Industry welcomes IRDAI move, but highlights need for elderly to read fine print

Health insurance for senior citizen over 65 years - Explained in 10 points: Industry welcomes IRDAI move, but highlights need for elderly to read fine print

Tue, Apr 23, 2024

Health insurance for senior citizen over 65 years: Earlier, individuals could only purchase a new insurance policy till the age of 65, but with the new set of rules in place from April 1, anyone, regardless of age, can buy a new health insurance policy.

Regulatory compliance: Expert decodes IRDAI’s guidelines for insurtech startups and platforms

Regulatory compliance: Expert decodes IRDAI’s guidelines for insurtech startups and platforms

Fri, Apr 05, 2024

"IRDAI understands the transformative potential that digital technology can wield for revolutionizing the tech-savvy insurance sector. And it also acknowledges the urgent need for a regulatory framework that ensures the safety, security, and fairness of digital insurance practices."

General Insurance Council proposes cashless for all rates after Supreme Court intervention

General Insurance Council proposes cashless for all rates after Supreme Court intervention

Tue, Mar 05, 2024

After SC's intervention, an important meeting of General Insurance Council (GIC), National Health Authority (NHA), Department of Financial Services (DFS) and Insurance Regulatory and Development Authority of India (IRDAI) was held.

Finmin seeks applications for post of whole time Member IRDAI

Finmin seeks applications for post of whole time Member IRDAI

Sun, Sep 17, 2023

The applicant should preferably have at least 25 years of experience in the relevant area with a minimum of three years experience at a senior level, the Department of Financial Services said in an advertisement.

Max Life ties up with Indian Industries Association to offer insurance access to MSME workforce in UP

Max Life ties up with Indian Industries Association to offer insurance access to MSME workforce in UP

Mon, May 08, 2023

Insurance Regulatory and Development Authority of India (Irdai) has undertaken an initiative to enhance the reach and accessibility of insurance products across all Indian states. As part of this initiative, the regulator has collaborated with state governments to identify a lead insurer for each district.

PNB not to divest its stake in Canara HSBC Life Insurance

PNB not to divest its stake in Canara HSBC Life Insurance

Wed, Mar 01, 2023

The board of directors in its meeting held on February 28, 2023 has accorded approval for withdrawal of the process for divestment of bank's stake in Canara HSBC Life Insurance Co Ltd, PNB said in a regulatory filing.

IRDAI proposes 3 years insurance cover for cars, 5 years for two-wheelers

IRDAI proposes 3 years insurance cover for cars, 5 years for two-wheelers

Thu, Dec 08, 2022

The Insurance Regulatory and Development Authority of India (Irdai) has floated a draft on 'Long-Term Motor Products covering both Motor Third Party Insurance and Own Damage Insurance'.

Irdai sets up health insurance consultative committee

Irdai sets up health insurance consultative committee

Wed, Oct 26, 2022

The committee, headed by Irdai member Rakesh Joshi, has been tasked to identify the challenges in carrying out the health insurance business smoothly and make recommendations to facilitate ease of doing business.

Insurance industry to continue to see merger and acquisitions deals, new entrants

Insurance industry to continue to see merger and acquisitions deals, new entrants

Mon, Sep 19, 2022

In order to equip itself with the complexities of merger and acquisitions, the Insurance Regulatory and Development Authority of India (IRDAI) has started looking for consultants who can undertake valuation of state-owned and private sector insurers, and train its officials about valuation methodology and processes.

Insurance policy premiums to be reduced? IRDAI wants insurers to do THIS to pass on benefits to policyholders

Insurance policy premiums to be reduced? IRDAI wants insurers to do THIS to pass on benefits to policyholders

Wed, Aug 03, 2022

The Insurance Regulatory and Development Authority of India (IRDAI) has also proposed curbing of variable pay of the CEO/MD, Whole Time Directors and key management persons, if there is a deviation of over 10 percent of actual expenses over projected one and additional solvency is not maintained as stipulated.

IRDAI sets a target of 5 years for life insurance companies for greater penetration; proposes state-level committee

IRDAI sets a target of 5 years for life insurance companies for greater penetration; proposes state-level committee

Mon, Jul 04, 2022

IRDAI on Monday set a growth target for general and life insurance companies to make insurance products reach more people. A target of 5 years has been set for insurance companies. Zee Business Anurag Shah's report.

Irdai relaxes capital requirement to encourage more insurers to participate in PMJJBY

Irdai relaxes capital requirement to encourage more insurers to participate in PMJJBY

Fri, Jun 03, 2022

The Insurance Regulatory and Development Authority of India (Irdai) on Friday relaxed capital requirement for Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY).

82% insurance buyers prefer physical copies of policy document; know why

82% insurance buyers prefer physical copies of policy document; know why

Wed, Nov 17, 2021

More than 80% of the insurers prefer a physical copy of their insurance document over the digital, according to the findings of a latest survey conducted by a Mumbai-based printers association.

Insurance Information Bureau of India Regulations 2021: IIB's rates to ensure profitability of insurers!

Insurance Information Bureau of India Regulations 2021: IIB's rates to ensure profitability of insurers!

Mon, Sep 13, 2021

Is the Indian insurance industry and more particularly the non-life sector moving towards administered price regime -- wonder industry experts citing the draft Insurance Regulatory and Development Authority of India (Insurance Information Bureau of India) Regulations 2021.

Getting spurious insurance calls, check IRDAI norms and then do this immediately

Getting spurious insurance calls, check IRDAI norms and then do this immediately

Wed, Jan 02, 2019

After getting many complaints in such cases, Insurance Regulatory and Development Authority has issued notices through newspapers and other media to create awareness among people so that they don't end up losing their money. Banks too from time to time caution consumers about such calls and ask them to immediately inform them or lodge complaint with the police.

HDFC Life Alert! Did you get these calls? Beware! Do this fast

HDFC Life Alert! Did you get these calls? Beware! Do this fast

Fri, Dec 28, 2018

If you are receiving spurious calls from unidentified persons offering you bonus or other benefits, you have to be cautious while responding to them otherwise you may invite trouble for you.

Mandatory third party insurance for vehicles to benefit consumers, insurers: Experts

Mandatory third party insurance for vehicles to benefit consumers, insurers: Experts

Sun, Sep 16, 2018

The new guideline will contribute to higher premium income for the companies selling motor insurance. However, chinks remain as customers will be bound to make long term premium without the freedom of choice to make a switch from one insurer to another, said an industry official on the condition of anonymity.

Insurers asked to expeditiously settle claims in flood-hit Kerala

Insurers asked to expeditiously settle claims in flood-hit Kerala

Sat, Aug 18, 2018

As rains and floods continued to wreak havoc in Kerala, insurance regulator Irdai today asked all insurance companies to set up special camps and make immediate payments against insurance claims.

Car, bike, health insurance premiums set to go up from April 1

Car, bike, health insurance premiums set to go up from April 1

Mon, Mar 27, 2017

As per a PTI report, the increase will be in addition to the enhanced third party motor insurance rates, which too will come into effect from April.

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