Page 2 - Latest Updates on IRDAI
India set to become one of fastest growing insurance mkts: Economic Survey
Survey says with Ukraine war weighing on Europe, insurance industry growth in emerging markets is likely to outpace that in the developed markets this year, with emerging Asia in the lead
 "India set to become one of fastest growing insurance mkts: Economic Survey")
Insurance sector needs Rs 50,000 cr capital each year to double penetration
Irdai Chairman Debabsish Panda said the Rs 50,000 crore figure was arrived at by making assumptions on the country's GDP, inflation, and how the world GDP will grow during this period
 "Insurance sector needs Rs 50,000 cr capital each year to double penetration")
Joshimath subsidence: Irdai asks insurers to expeditiously settle claims
Insurers have also been asked to engage adequate number of surveyors immediately as required and, if need be, consider engaging surveyors from neighboring areas as well
 "Joshimath subsidence: Irdai asks insurers to expeditiously settle claims")
Insurers can classify green bond purchases as infra investments: Irdai
The investments in green bonds can qualify towards statutory liquidity ratio (SLR) - the minimum percentage of deposits commercial banks are required to invest in liquid assets, such as government bon
Axis Bank to pick residual stake in Max Life at fair market value
The revision in valuation has been done according to IRDAI guidance
 "Axis Bank to pick residual stake in Max Life at fair market value")
Irdai to allow insurers to auto renew FRN of cross border reinsurers
Move aimed at improving ease of doing business; reinsurers must first meet regulator's criteria for obtaining renewal, which would be available FY24 onwards
 "Irdai to allow insurers to auto renew FRN of cross border reinsurers")
Need insurers catering to niche sectors like NBFCs, MFIs: Rakesh Joshi
India has a huge protection gap of 83 per cent. Further, almost 50 per cent of the vehicles running on the road are uninsured
 "Need insurers catering to niche sectors like NBFCs, MFIs: Rakesh Joshi")
Irdai to introduce 'Bima Vahaks' to expand insurance force: Rakesh Joshi
BS BFSI Insight Summit 2022: The insurance companies are also in the process of developing state-level insurance plans in collaboration with state governments, Joshi added
 "Irdai to introduce 'Bima Vahaks' to expand insurance force: Rakesh Joshi")
Irdai advises firms about minimum rate rule for reinsurance treaties
Regulator's instruction is about burning or break-even cost calculated to estimate the expected losses for a policy
 "Irdai advises firms about minimum rate rule for reinsurance treaties")
BS BFSI Insight Summit 2022: Irdai member Rakesh Joshi to speak at event
Joshi was made the head of a 15-member Health Insurance Consultative Committee set up by Irdai in October. He has more than 37 years of experience in the financial services industry
 "BS BFSI Insight Summit 2022: Irdai member Rakesh Joshi to speak at event")
Delhi HC directs Irdai to introduce products for persons with disabilities
The Delhi High Court has directed the Irdai to ensure the products are introduced on an early date for persons with disabilities so as to enable them to obtain health insurance coverage
 "Delhi HC directs Irdai to introduce products for persons with disabilities")
HC asks Irdai to consult insurance firms about health cover for disabled
Court asked regulator and insurance companies to submit a status report before March 17, 2023
Buy more insurance cover if your liabilities have increased in the year
Hike health insurance coverage as well to keep pace with medical inflation
 "Buy more insurance cover if your liabilities have increased in the year")
Govt to launch first surety bonds for road contractors on December 19
Will provide relief to contractors, free working capital stuck in bank guarantees, says Gadkari
 "Govt to launch first surety bonds for road contractors on December 19")
New business premium of life insurance companies rises 30% in November
Private insurers' APE growth rebounds after lagging behind for three months
 "New business premium of life insurance companies rises 30% in November")
Irdai proposes 3 yrs insurance cover for cars, 5 yrs for two-wheelers
Regulator Irdai on Wednesday proposed to introduce an insurance cover of three years for cars and five years for two-wheelers with an aim to allow wider choice to customers
 "Irdai proposes 3 yrs insurance cover for cars, 5 yrs for two-wheelers")
More risk in our book helps us become more agile: MD, Bajaj Allianz Life
In a Q&A, Tarun Chugh dwells on how his firm became the fastest growing in its space, recent Irdai initiatives, and the company's future plans
 "More risk in our book helps us become more agile: MD, Bajaj Allianz Life")
Govt proposes issuance of one licence for all insurance businesses
Suggests allowing insurers to sell other financial products
Irdai tonic for health insurance: A regulator for hospitals and doctors
By asking health insurers to access a national list of doctors, the regulator hopes to encourage them to offer more flexible policies outside of the hospital network
 "Irdai tonic for health insurance: A regulator for hospitals and doctors")
Irdai endorses panel's view to cut obligatory cession to zero from 4%
The obligatory cession was reduced from 5 per cent to 4 per cent in FY23. The regulator has been reducing the obligatory cession over time
 "Irdai endorses panel's view to cut obligatory cession to zero from 4%")
