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Irdai Insurance Companies

A year of reforms for insurance sector under Irdai's Debasish Panda

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

A year of reforms for insurance sector under Irdai's Debasish Panda
Updated On : 16 Mar 2023 | 9:20 PM IST

Launch insurance products for the disabled, mentally unwell: Irdai

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

Launch insurance products for the disabled, mentally unwell: Irdai
Updated On : 28 Feb 2023 | 5:45 PM IST

BS BFSI Insight Summit 2022: Meet industry leaders of life insurance sector

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

BS BFSI Insight Summit 2022: Meet industry leaders of life insurance sector
Updated On : 20 Dec 2022 | 12:32 AM IST

Irdai boss signals faster regulatory reforms to boost insurance penetration

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

Irdai boss signals faster regulatory reforms to boost insurance penetration
Updated On : 11 Nov 2022 | 7:42 PM IST

Max Life to pay Rs 3 cr penalty imposed by Irdai to avoid legal escalations

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

Max Life to pay Rs 3 cr penalty imposed by Irdai to avoid legal escalations
Updated On : 17 Oct 2022 | 12:41 PM IST

Ombudsmen disposed of 32% more complaints against insurers in 2021-22

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

Ombudsmen disposed of 32% more complaints against insurers in 2021-22
Updated On : 02 Sep 2022 | 4:34 PM IST

Use technology to make insurance affordable, says Irdai chairman Panda

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

Use technology to make insurance affordable, says Irdai chairman Panda
Updated On : 30 Aug 2022 | 11:45 PM IST

Manipal Cigna seeks 30% growth in health insurance: CEO Prasun Sikdar

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

Manipal Cigna seeks 30% growth in health insurance: CEO Prasun Sikdar
Updated On : 24 Aug 2022 | 1:23 AM IST

Irdai may offer more flexibility to insurers in corporate agency tie-ups

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

Irdai may offer more flexibility to insurers in corporate agency tie-ups
Updated On : 29 Jul 2022 | 11:49 PM IST

Non-life insurers not keen on paying obligatory cession to GIC Re

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

Non-life insurers not keen on paying obligatory cession to GIC Re
Updated On : 27 Jul 2022 | 8:23 PM IST

Irdai wants life insurance firms to eye 50% premium growth in 5 years

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

Irdai wants life insurance firms to eye 50% premium growth in 5 years
Updated On : 15 Jul 2022 | 10:33 PM IST

Irdai says no decision on mandatory disclosure of insurance commissions

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

Irdai says no decision on mandatory disclosure of insurance commissions
Updated On : 15 Jul 2022 | 4:13 PM IST

Want a lower motor insurance premium? Watch how (often) you drive

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

Want a lower motor insurance premium? Watch how (often) you drive
Updated On : 11 Jul 2022 | 10:04 PM IST

Online players, agents may have to disclose insurance commission

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

Online players, agents may have to disclose insurance commission
Updated On : 30 Jun 2022 | 3:05 PM IST

Now, life insurers can introduce products without Irdai's prior approval

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

Now, life insurers can introduce products without Irdai's prior approval
Updated On : 10 Jun 2022 | 11:54 PM IST

Irdai fines Deinon Risk Rs 10 lakh for acting as insurance intermediary

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

Irdai fines Deinon Risk Rs 10 lakh for acting as insurance intermediary
Updated On : 31 May 2022 | 7:27 PM IST

Irdai should monitor life insurers' expense management only: Deepak Parekh

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

Irdai should monitor life insurers' expense management only: Deepak Parekh
Updated On : 19 Jul 2021 | 11:11 PM IST

Do your research well before buying a life insurance plan for the long run

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

Do your research well before buying a life insurance plan for the long run
Updated On : 28 Sep 2020 | 3:21 AM IST

Nearly 70k Covid-related claims worth Rs 700 cr settled by insurers: Irdai

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

Nearly 70k Covid-related claims worth Rs 700 cr settled by insurers: Irdai
Updated On : 14 Aug 2020 | 10:20 PM IST

Irdai issues guidelines for standardisation of indemnity health products

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

Irdai issues guidelines for standardisation of indemnity health products
Updated On : 12 Jun 2020 | 2:19 AM IST