Page 5 - Latest Updates on IRDAI
Govt hardens norms on Irdai, public insurer top brass' post-retirement jobs
This comes after the Centre had reportedly received complaints against two past Irdai chairpersons, Subhash Chandra Khuntia and T S Vijayan
 "Govt hardens norms on Irdai, public insurer top brass' post-retirement jobs")
New business premiums of life insurance companies jump 91% in July
This is thanks to strong premium growth by LIC
 "New business premiums of life insurance companies jump 91% in July")
Irdai proposes limits on expenses of management of life insurers
Insurance regulator releases exposure draft aiming to provide greater flexibility to insurers as far as their corporate agency tie-ups are concerned
 "Irdai proposes limits on expenses of management of life insurers")
Irdai proposes single limit on expenses for non-life insurance firms
According to the exposure draft released by the regulator, non-life insurers cannot spend an amount exceeding 30 per cent of the gross premium written as company expense during a financial year
Irdai tightens anti-money laundering rules for insurance companies
The guidelines come as the regulator is preparing the ground for a larger exposure of foreign companies and a wider range of domestic financial sector companies to enter the sector
 "Irdai tightens anti-money laundering rules for insurance companies")
Irdai may offer more flexibility to insurers in corporate agency tie-ups
Insurance regulator's board proposes limit on expenses of management for general insurers
Non-life insurers not keen on paying obligatory cession to GIC Re
The obligatory cession was reduced from 5 per cent to 4 per cent for FY23. The impact of the reduction on GIC Re would be around Rs 2,000 crore
 "Non-life insurers not keen on paying obligatory cession to GIC Re")
Irdai carrying out series of reforms for ease of doing business: Minister
Irdai has also developed a mechanism to process applications filed for registration of new insurers and for grant of certificate of registration to commence the insurance business in India
Irdai gives indicative premium growth targets to non-life insurers
The regulator's aim is to increase non-life penetration to 2.5% from the current 1%
Irdai empowers insurers to empanel hospitals for cashless facility
Regulator asks companies to publish board-approved empanelment criteria on their websites periodically; insurers to focus on quality of healthcare services of hospitals being empanelled
 "Irdai empowers insurers to empanel hospitals for cashless facility")
ADIA eyeing minority stake in Aditya Birla's health insurance arm: Report
The discussions for ADIA taking a minority stake in Aditya Birla Health Insurance Co Ltd are ongoing and expected to gain pace in the coming weeks
 "ADIA eyeing minority stake in Aditya Birla's health insurance arm: Report")
Irdai wants life insurance firms to eye 50% premium growth in 5 years
Irdai extended the "use & file" procedure to most life insurance products, barring individual savings, individual pensions, and annuity products
 "Irdai wants life insurance firms to eye 50% premium growth in 5 years")
Top headlines: YES Bank portfolio sale, NIRF rankings, monkeypox and more
Business Standard brings you the top headlines this hour
 "Top headlines: YES Bank portfolio sale, NIRF rankings, monkeypox and more")
Irdai says no decision on mandatory disclosure of insurance commissions
Irdai said it regulator intends to hold discussions on the matter before a decision
Regulator allows insurance firms 'use & file' procedure for agri products
Companies can introduce a product in the market and then file with the Insurance Regulatory and Development Authority of India (Irdai) for approval
Life firms ask regulator to allow risk-based solvency regime for ULIPs
Life insurance companies will raise their solvency margin and free up capital that can be used for other purposes
 "Life firms ask regulator to allow risk-based solvency regime for ULIPs")
Want a lower motor insurance premium? Watch how (often) you drive
Floater policies will be cost-effective, provide convenience of renewal at one go for multiple vehicles
 "Want a lower motor insurance premium? Watch how (often) you drive")
IRDAI constitutes two task forces on issues of reinsurance support
The terms for reference for the task force include issues discussed by the industry players with Irdai in the recently concluded bi-monthly meeting with the top honchos of the general insurance firms
Life Insurers to benefit once again from low-base effect in Q1FY23
Analysts are more bullish on stocks of private insurers
 "Life Insurers to benefit once again from low-base effect in Q1FY23")
Non-life insurance industry reports a 21% YoY growth in premiums in June
In the June quarter, the non-life insurance industry netted premiums to the tune of Rs 54,492 crore, up 23 per cent YoY
 "Non-life insurance industry reports a 21% YoY growth in premiums in June")
