Page 3 - Latest Updates on IRDAI
Max Financial Services gets Irdai nod to acquire residual stake in Max Life
This transaction is expected to be completed in the next fortnight, the company said in a statement on Monday
 "Max Financial Services gets Irdai nod to acquire residual stake in Max Life")
Irdai asks reinsurers to keep 50% of Indian underwritten biz within country
Any retrocession up to 20%, to the branch of a foreign insurer shall be adjusted against the required minimum retention of 50%
 "Irdai asks reinsurers to keep 50% of Indian underwritten biz within country")
Top headlines: Rs 20K-cr Adani FPO, sunflower oil shipments to India & more
Business Standard brings you the top headlines at this hour
 "Top headlines: Rs 20K-cr Adani FPO, sunflower oil shipments to India & more")
Irdai approves amendments, simplifies rules to set up insurance firms
Under the current guidelines, to invest in insurance companies as "promoter", a PE fund can do so only through an SPV
 "Irdai approves amendments, simplifies rules to set up insurance firms")
Social safety net product Bima Vistaar being developed for Bima Sugam
The regulator last month had formed a 24-member committee, headed by Devasia, to develop an affordable, accessible and comprehensive cover - Bima Vistaar -- for rural population
Removal of cap: Insurers to get flexibility to allocate commissions
According to Irdai, the revised draft regulations on commissions emphasise on the board's oversight through a board-approved policy on the payment of commission
 "Removal of cap: Insurers to get flexibility to allocate commissions")
Piramal, Zurich Insurance may bid separately for Reliance General Insurance
Piramal, Zurich Insurance may bid separately for Reliance General Insurance
 "Piramal, Zurich Insurance may bid separately for Reliance General Insurance")
GSTN now part of AA network to facilitate cash flow lending to MSMEs: RBI
The AA network had been in discussion with the GSTN network for their onboarding for a long time as this would give financial institutions access to data regarding small businesses
 "GSTN now part of AA network to facilitate cash flow lending to MSMEs: RBI")
Irdai draft norms do away with specific caps on commissions to agents
Proposes that commissions to agents can't exceed management expense limit
 "Irdai draft norms do away with specific caps on commissions to agents")
LIC has edge over private insurers: Gains market share in FY23
Top private insurance firms shed 447 bps as national insurer gets aggressive in group biz
 "LIC has edge over private insurers: Gains market share in FY23")
Irdai boss signals faster regulatory reforms to boost insurance penetration
Dwells on huge potential of insurance in the country; emphasises need for Insurance Ombudsman to be fair and equitable
 "Irdai boss signals faster regulatory reforms to boost insurance penetration")
Irdai proposes allowing insurers to invest in unlisted companies
Easier access to funds would help lift the mood in a startup sector that has been hit by the global tech market rout
 "Irdai proposes allowing insurers to invest in unlisted companies")
'IRDAI in talks with govt to relax Rs 100-cr entry capital for insurers'
The IRDAI has suggested the government to ease the minimum capital requirement of Rs 100 crore and permit the regulator to fix the amount depending upon business plans of the prospective company
 "'IRDAI in talks with govt to relax Rs 100-cr entry capital for insurers'")
Changed and new rules for National Pension Scheme: All you need to know
Here is a list of the changed and new rules by Irdai and PFRD regarding the National Pension Scheme
 "Changed and new rules for National Pension Scheme: All you need to know")
One-stop for insurance services 'Bima Sugam' a game changer: IRDAI Chairman
Insurance regulator IRDAI is working on Bima Sugam, which will act as a game changer in the insurance sector by providing a one-stop platform for multiple services
 "One-stop for insurance services 'Bima Sugam' a game changer: IRDAI Chairman")
Irdai sets up consultative committee to increase health insurance
15-member panel asked to identify challenges for health insurance business
Irdai allows foreign reinsurance branches, Lloyd to deport excess capital
The Insurance Regulatory and Development Authority of India (IRDAI) on Wednesday allowed foreign reinsurance branches (FRB) and Lloyd's India to repatriate excess capital
Insurance regulator Irdai proposes changes to reinsurance regulations
Seeks to revise order of preference while placing reinsurance business
 "Insurance regulator Irdai proposes changes to reinsurance regulations")
Two years on, Sebi's sandbox initiative yet to find its feet
Most applications have either been withdrawn or stand rejected
 "Two years on, Sebi's sandbox initiative yet to find its feet")
Irdai imposes Rs 3 cr penalty on Max Life, Rs 2 cr penalty on Axis Bank
Regulator Irdai has imposed a penalty of Rs 3 crore on Max Life Insurance Company for certain violations in a case pertaining to purchase and sale of shares by the Axis Bank and group companies.
 "Irdai imposes Rs 3 cr penalty on Max Life, Rs 2 cr penalty on Axis Bank")
