IRDAI Insurance Companies

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

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 a circular, the Insurance Regulatory and Development Authority of India (Irdai) asked the insurers to determine the price of the product in line with the IRDAI (Health Insurance) Regulations, 2016 (HIR, 2016). The insurers have been directed to put in place a Board-approved underwriting policy that ensures that no proposal from these categories of population is denied insurance cover. The policy tenure of the product should be for one year and is renewable as per regulatory framework. General and standalone health insurers, who have been issued a Certificate of Registration to transact General and/or Health Insurance Business, have been asked to mandatorily launch and offer their respective product immediately. Irdai has been set up to bring about speedy and orderly growth of the insurance

Here is the list of industry leaders from life insurance sector on panel for the BS BFSI Insight Summit 2022

Dwells on huge potential of insurance in the country; emphasises need for Insurance Ombudsman to be fair and equitable

The regulator indicated that the deal between Max Life and Axis Bank circumvented regulations on commission limits

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

Panda also nudged the industry to come out with solutions that are pocket-friendly

High claims for Covid-19 a challenge for the industry, says the senior executive

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

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

Irdai extended the "use & file" procedure to most life insurance products, barring individual savings, individual pensions, and annuity products

Irdai said it regulator intends to hold discussions on the matter before a decision

Floater policies will be cost-effective, provide convenience of renewal at one go for multiple vehicles

IRDAI is considering a proposal that seeks to have a single limit for expenses made by insurance companies

Currently, all life insurance products and riders require prior approval of the insurance regulator before launch

The firm did not have a valid registration with the insurance regulator

Allowing life insurers to distribute health indemnity and NPS products will improve the insurance reach, Parekh said

Customers must also avoid the temptation to cash out of their policies mid-tenure, once they have gathered considerable fund value.

Regulator asks insurers to look at more standard products to increase the coverage

Policyholders can cancel their policies at any time by giving a 15 days' notice to the insurer and the company has to refund premium for the unexpired policy period