Irda

Govt asks Irda & insurance cos to address concerns to reduce consumer cases

The government on Wednesday flagged six major issues, including ambiguity in insurance contracts and inflexible policy terms, before regulator IRDAI and other stakeholders, and urged them to address those to reduce the huge pendency of consumer cases. The other issues raised before the key stakeholders include lack of powers delegated to representatives of insurance companies to take decisions during out-of-the-court settlements, agents not sharing full policy documents with consumers at the time of signing of policy, repudiation of claims on the basis of pre-existing diseases and crop insurance claims tied up with a central scheme which is not flexible, it said. Currently, more than one-fifth of the total consumer complaints are pertaining to the insurance sector across the country. "We have raised these concerns before IRDAI and other stakeholders. We are hopeful that the insurance companies will address them voluntarily. If the need arise we will also request the regulator to mak

Is it time to regulate financial influencers?

The number of 'finfluencers' and their followers are rapidly rising in India. But the country's financial regulators have not carved out any specific norms that finfluencers should stick to

No agenda listed for FSDC's next meet, FinMin expresses surprise

Regulators fail to come up with issues to discuss at FSDC sub-committee meeting this month

SC notice to govt, IRDA over plea on insurance cover for mental illness

A bench comprising Justices Rohinton Fali Nariman, Navin Sinha and B.R. Gavai issued the notice and sought replies from the Centre and IRDA

Soon, pay less and get better health cover: IRDAI hints at new changes

The move is aimed at helping policyholders as the insured would pay less while getting better coverage

Wanted: Plain tales from the government

Hardly a month goes by without some prominent former member of the second rung of government - the first rung is the ministers - sallying forth in a quiet baritone

IRDA gets close to 170 applications under sandbox, approvals by end of FY20

In May this year, the insurance regulator had come out with draft regulations for the creation of a regulatory sandbox in the insurance sector

Agriculture Insurance Co planning to launch crop reinsurance schemes abroad

Agriculture Insurance Company (AIC), for now, is looking to launch reinsurance in countries like Nepal, Sri Lanka, Philippines and Bangladesh

Regulator allows insurers to invest in infrastructure funds

No investment will be made in a Reit/Invit in which sponsor is under the promoter group of insurer

Fresh merger structure to IRDA by Max Life-HDFC Life

IRDA expressed concerns about the deal structure since merger was between a holding company and a life insurance company