Page 4 - Latest Updates on IRDAI
Life insurers' new biz premium up 17% at Rs 36,367 cr in September: Irdai
The new business premium income of domestic life insurance companies rose by 17.3 per cent to Rs 36,366.53 crore in September of this fiscal year, data from Irdai showed on Tuesday
 "Life insurers' new biz premium up 17% at Rs 36,367 cr in September: Irdai")
Indian insurance industry can be sixth largest globally: Irdai chairman
He also said that the regulator is working on Bima Sugam- a one stop shop, for all insurance products
 "Indian insurance industry can be sixth largest globally: Irdai chairman")
Irdai mulling longer-tenure general insurance products, forms working group
In certain areas such as home insurance, it is exploring 20-year plans; in some others, tenures of 2, 3 and 5 years are being considered
 "Irdai mulling longer-tenure general insurance products, forms working group")
Buy an adequate OPD cover to take care of mental health treatment
Most of these ailments are treated on outpatient basis, so just a hospitalisation cover won't suffice
 "Buy an adequate OPD cover to take care of mental health treatment")
Non-life insurers see 12% rise in gross direct premium income in Aug: Irdai
A total of 24 general insurers witnessed a 9.3 per cent growth in their collective gross direct premium income in August at Rs 17,101.75 crore as against Rs 15,648.63 crore in the year-ago period.
 "Non-life insurers see 12% rise in gross direct premium income in Aug: Irdai")
PFRDA proposes tweaks in NPS subscribers rule: Here's what could change
The Pension Fund Regulatory and Development Authority (PFRDA) is in talks with the Insurance Regulatory and Development Authority of India (IRDAI) to let NPS subscribers port their annuity plans
 "PFRDA proposes tweaks in NPS subscribers rule: Here's what could change")
Irdai reduces number of returns to be filed for health insurance
Easing compliance burden for insurers, regulator Irdai on Tuesday rationalised health insurance business returns reporting norm by reducing the number of returns that need to be filed in a year
 "Irdai reduces number of returns to be filed for health insurance")
NPS exit form to be treated as proposal to purchase annuity products: Irdai
Regulator eases rule for senior citizens taking annuity products from proceeds of National Pension Scheme
 "NPS exit form to be treated as proposal to purchase annuity products: Irdai")
No need to submit separate form to buy annuity from NPS at retirement
At present, NPS retirees have to submit an exit form to PFRDA and a proposal form to insurers at the time of superannuation
 "No need to submit separate form to buy annuity from NPS at retirement")
Top Headlines: Gyanvapi verdict today, Russia's discounted oil, and more
In a bid to counter the growing clamour among the G7 nations to enforce a price cap on Russian oil, Moscow told New Delhi it is willing to provide petroleum at even lower rates than before to India
 "Top Headlines: Gyanvapi verdict today, Russia's discounted oil, and more")
Irdai mulls SFIO-like independent agency to probe cases of insurance fraud
Insurance Fraud Investigation Agency proposed via Insurance Act amendment
Dematerialisation: Irdai urges industry to open e-insurance accounts
The regulator is developing "Bima Sugam", a digital platform for selling, servicing, and settling claims.
Irdai set to meet insurance CEOs on dematerialisation of policies
This initiative was started by insurance regulator a few years ago, but did not take off as the operational challenges and associated cost for insurers outweighed customer convenience
 "Irdai set to meet insurance CEOs on dematerialisation of policies")
Ombudsmen disposed of 32% more complaints against insurers in 2021-22
Complaints relating to health insurance made up a third of the total number cases disposed of in 2020-21, a period marked by the first wave of Covid-19
 "Ombudsmen disposed of 32% more complaints against insurers in 2021-22")
Use technology to make insurance affordable, says Irdai chairman Panda
Panda also nudged the industry to come out with solutions that are pocket-friendly
 "Use technology to make insurance affordable, says Irdai chairman Panda")
Irdai's commission cap move: General insurers get operational flexibility
Mid-to-smaller life companies and standalone health insurers could face near term pressure
Irdai eases firm registration process from 8 to 2 months: Chairman
"Thereby, we are moving from a rule-based regulatory regime to a principle-based one," Panda said
 "Irdai eases firm registration process from 8 to 2 months: Chairman")
Regulator seeks to make insurers have clear policy for agents' commission
Boards will make written norms that will be reviewed annually, says draft IRDAI proposal
 "Regulator seeks to make insurers have clear policy for agents' commission")
Manipal Cigna seeks 30% growth in health insurance: CEO Prasun Sikdar
High claims for Covid-19 a challenge for the industry, says the senior executive
 "Manipal Cigna seeks 30% growth in health insurance: CEO Prasun Sikdar")
Can the new Irdai chief bring in much-awaited reforms in insurance sector?
For Irdai Chairman Debasis Panda, LIC's fortune and reforms in health insurance sector will be the two most difficult tests to pass
 "Can the new Irdai chief bring in much-awaited reforms in insurance sector?")
