 "What is Insurance Regulatory and Development Authority of India (Irdai) ?")
IRDAI
What is Insurance Regulatory and Development Authority of India (Irdai) ?
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Latest Updates on IRDAI
Non-life insurers may have to reduce payouts to adhere to EoM norms
Unlisted life players may rack up a commission war to gain market share
 "Non-life insurers may have to reduce payouts to adhere to EoM norms")
Irdai names LIC, GIC as 'domestic systemically important' insurers
These were the same institutions that were identified as DSII in 2021-22
 "Irdai names LIC, GIC as 'domestic systemically important' insurers")
Irdai grants life insurance registration to Acko & Credit Access Grameen
With the entry of these two firms into the space, the number of life insurance companies in the sector goes up to 25, after remaining stagnant since 2011
 "Irdai grants life insurance registration to Acko & Credit Access Grameen")
Why Irdai's flexible rules are significant for insurance industry
By removing the limit for agents, the regulator has provided insurers greater scope to build their businesses
 "Why Irdai's flexible rules are significant for insurance industry")
IRDAI's new rules to affect PSU insurers, legalises actions of pvt players
What was being done in a clandestine manner by the industry players, the the Insurance Regulatory and Development Authority of India (IRDAI) has legalised the same with the new norms
 "IRDAI's new rules to affect PSU insurers, legalises actions of pvt players")
Industry majors welcome Irdai move to remove cap on agent commissions
Insurance regulator has replaced earlier cap on commission payments with overall cap on expenses; move is seen to provide more flexibility to insurers in managing their expenses
Insurance companies get more autonomy to decide on commission amount
Govt gives nod to Irdai rules on payment of commissions for intermediaries
 "Insurance companies get more autonomy to decide on commission amount")
Focus on coverage provided, not premium collected
Measuring actual coverage provided, rather than premiums received, will ensure that the insurance industry's success is aligned with the goal of 'insurance for all'
 "Focus on coverage provided, not premium collected")
A year of reforms for insurance sector under Irdai's Debasish Panda
Irdai has also now provided more flexibility and autonomy to the boards of insurers in operational and financial decisions
 "A year of reforms for insurance sector under Irdai's Debasish Panda")
To cover mental illness, buy health insurance policy offering OPD coverage
Industry regulator nudging companies to underwrite policies that include people with mental illnesses
 "To cover mental illness, buy health insurance policy offering OPD coverage")
Irdai to bring in 'EASE' in delivering entire suite of insurance services
Regulator takes stock of industry's progress under the State Insurance Plan; five-year plan to be formulated to expand footprints of lead insurers in their respective states
 "Irdai to bring in 'EASE' in delivering entire suite of insurance services")
Launch insurance products for the disabled, mentally unwell: Irdai
Regulator Irdai has asked general and standalone health insurers to offer a specific cover for Persons with Disabilities (PWD), persons afflicted with HIV/AIDS, and those with mental illness
 "Launch insurance products for the disabled, mentally unwell: Irdai")
More insurance players key to achieve insurance for all goal by 2047: Irdai
In the past five years, the sector has grown 10 per cent each year, still insurance penetration is too low at 4.2 per cent in 2021 and we need to cover much more, he said
More insurance players required for diverse needs of citizens: Irdai chief
Will look to move to risk-based solvency regime in the next two years, says Debasish Panda; 19 applications to set up shop are in the pipeline at various stages
Borzo, Symbo tie up to provide insurance to over 50,000 delivery partners
The firms are also exploring in-app integration of insurance services for faster, seamless and paper-less processes
Case for having insurers cater to niche sectors: Irdai's Rakesh Joshi
In order to enhance the insurance force, the regulator is contemplating the concept of Bima Vahak
 "Case for having insurers cater to niche sectors: Irdai's Rakesh Joshi")
Covid was the moment of truth for the life insurance industry: Experts
On the part of Irdai, they have relaxed capital requirements in certain lines of business
 "Covid was the moment of truth for the life insurance industry: Experts")
A new dawn for insurance industry: Irdai looks to make sector attractive
Irdai is charting out a long-term road map to markedly increase India's insurance penetration through a supportive regulatory architecture
 "A new dawn for insurance industry: Irdai looks to make sector attractive")
Govt asks Irdai, insurance firms to address issues to reduce pending cases
Irdai can mandate the companies to resolve the issues, if they remain unaddressed voluntarily for a long term
 "Govt asks Irdai, insurance firms to address issues to reduce pending cases")
IRDAI should set up a committee to review its regulations: Experts
In line with Nirmala Sitharaman's budget announcement, the Insurance Regulatory and Development Authority of India (IRDAI) should set a committee of its own to review its various regulations
 "IRDAI should set up a committee to review its regulations: Experts")
