Insurance Firm

The National Financial Reporting Authority (NFRA) has held an interaction with members of the life insurance industry to discuss the proposed changes in Ind AS 117 -- accounting standard for insurance contracts. Ind AS 117 is based on high quality global standard IFRS 17, insurance contracts issued by the IASB (International Accounting Standard Board) of IFRS foundation. It is going to help investors and others to better understand insurers' risk exposure, profitability and financial position. Ind AS 117 is specifically designed to capture the unique features of the insurance and investment contracts of the insurance entities, according to an official release. "Given the importance of the insurance sector, it was important to appreciate the practices and standards followed by the industry and the expected benefits of their convergence with international standards and best practices," Ajay Bhushan Pandey, Chairperson, NFRA, said. Further, the discussions were also held with ...

Court asked regulator and insurance companies to submit a status report before March 17, 2023

The Insurance Regulatory and Development Authority of India (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. Doing away with the minimum capital requirement of Rs 100 crore would allow entry of small, specialised and niche players, which would help in increased insurance penetration and density in the country. "Like in the banking system, we have microfinance institutions, regional banks, and small finance banks. So, we have all categories of banks then there are non-banking financial companies. In the insurance sector also, we should have different size players to come into the market so that they can operate in smaller geographies," IRDAI Chairman Debasish Panda told PTI in an interview. Entry of smaller and specialised players would help in increasing insurance penetration and density, he said. "So, in this context we are suggesting to

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

Insurance regulator's board proposes limit on expenses of management for general insurers

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

Life insurance companies will raise their solvency margin and free up capital that can be used for other purposes

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

The shares were picked by a clutch of domestic mutual funds, foreign investors and an insurance company

Life insurance companies logged nearly 45 per cent growth in their cumulative new business premium at Rs 9,738.79 crore in April 2021, Irdai data showed on Friday

In August, Irdai surprised the 55 life and non-life insurance companies in India, when it issued a discussion paper on the need for them to get listed