What is Insurance Regulatory and Development Authority of India (Irdai) ?

Unlisted life players may rack up a commission war to gain market share

These were the same institutions that were identified as DSII in 2021-22

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

By removing the limit for agents, the regulator has provided insurers greater scope to build their businesses

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

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

Govt gives nod to Irdai rules on payment of commissions for intermediaries

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'

Irdai has also now provided more flexibility and autonomy to the boards of insurers in operational and financial decisions

Industry regulator nudging companies to underwrite policies that include people with mental illnesses

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

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

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

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

The firms are also exploring in-app integration of insurance services for faster, seamless and paper-less processes

In order to enhance the insurance force, the regulator is contemplating the concept of Bima Vahak

On the part of Irdai, they have relaxed capital requirements in certain lines of business

Irdai is charting out a long-term road map to markedly increase India's insurance penetration through a supportive regulatory architecture

Irdai can mandate the companies to resolve the issues, if they remain unaddressed voluntarily for a long term

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