Page 4 - Insurance

Irdai tonic for health insurance: A regulator for hospitals and doctors

By asking health insurers to access a national list of doctors, the regulator hopes to encourage them to offer more flexible policies outside of the hospital network

Irdai endorses panel's view to cut obligatory cession to zero from 4%

The obligatory cession was reduced from 5 per cent to 4 per cent in FY23. The regulator has been reducing the obligatory cession over time

Irdai approves amendments, simplifies rules to set up insurance firms

Under the current guidelines, to invest in insurance companies as "promoter", a PE fund can do so only through an SPV

Removal of cap: Insurers to get flexibility to allocate commissions

According to Irdai, the revised draft regulations on commissions emphasise on the board's oversight through a board-approved policy on the payment of commission

Social safety net product Bima Vistaar being developed for Bima Sugam

The regulator last month had formed a 24-member committee, headed by Devasia, to develop an affordable, accessible and comprehensive cover - Bima Vistaar -- for rural population

Irdai draft norms do away with specific caps on commissions to agents

Proposes that commissions to agents can't exceed management expense limit

Irdai proposes allowing insurers to invest in unlisted companies

Easier access to funds would help lift the mood in a startup sector that has been hit by the global tech market rout

'IRDAI in talks with govt to relax Rs 100-cr entry capital for insurers'

The 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

Building trust: LIC plans bonus shares to shore up faltering stock

Insurer also eyeing higher dividend to regain investor confidence

Irdai sets up consultative committee to increase health insurance

15-member panel asked to identify challenges for health insurance business

Insurance regulator Irdai proposes changes to reinsurance regulations

Seeks to revise order of preference while placing reinsurance business

Life insurers' retail protection biz down YoY, seen stabilising going ahead

Max Life bucks trend with 11% YoY growth in retail protection APE in Q2

Motor insurance picked up pace, grew neck and neck with health in H1FY23

Motor insurance, which saw muted growth in the last two years, has finally seen some momentum, although the base is low

Driven by health, motors, Indian general insurance sector logs 15.3% growth

The Indian non-life industry logged 15.3 per cent growth during the first half of FY23 as compared to 12.6 per cent growth for the same period previous year, CARE Ratings Ltd said.

HDFC Life completes merger of Exide Life a day after Irdai's approval

he entire transaction from announcement of the deal in September 2021 followed by the acquisition in January 2022 and the eventual merger was completed in less than 14 months

Irdai imposes Rs 3 cr penalty on Max Life, Rs 2 cr penalty on Axis Bank

Regulator Irdai has imposed a penalty of Rs 3 crore on Max Life Insurance Company for certain violations in a case pertaining to purchase and sale of shares by the Axis Bank and group companies.

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

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

ICICI Pru, 14 insurance firms evaded Rs 824 crore input tax credit

Officials said further investigation revealed that other insurance companies and NBFCs also exploited a similar route to avail of ineligible ITC

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