Page 3 - Latest Updates on IRDAI
Irdai levies Rs 2 cr penalty on HDFC Life Insurance for violating norms
The regulator cited violations of norms related to policyholders' interests, web aggregators, and insurance distributors
 "Irdai levies Rs 2 cr penalty on HDFC Life Insurance for violating norms")
Life Insurers to seek extension on implementing surrender value norms
Revising all the traditional products according to the new surrender value norms and renegotiating terms with the distributors within the timeline is a huge challenge
 "Life Insurers to seek extension on implementing surrender value norms")
Irdai directs Care Health to buy back shares allotted to Rashmi Saluja
Irdai has directed Care Health to cancel and revoke stock options to Saluja which remain unexercised and also ensure that no further grant and/or allotment of options are made to Saluja
 "Irdai directs Care Health to buy back shares allotted to Rashmi Saluja")
Irdai imposes penalty of Rs 2 crore on Bajaj Finance, Aegon Life Insurance
Bajaj Finance said that the decision does not have any material impact on its financial, operational, or other activities, the company said in an exchange filing
 "Irdai imposes penalty of Rs 2 crore on Bajaj Finance, Aegon Life Insurance")
SAT directs Religare to comply with Sebi directions on Burman open offer
Told to file application with RBI, Irdai by July 22 along with concerns on 'fit & proper' status of Burmans
 "SAT directs Religare to comply with Sebi directions on Burman open offer")
Muthoot Capital initiates IRDAI Corporate Agent registration; stock up 5%
The uptick in the stock price came after Muthoot Capital announced that the board has approved the initiation of Registration as Corporate Agents with IRDAI
 "Muthoot Capital initiates IRDAI Corporate Agent registration; stock up 5%")
Don't sell Ulips as investment products: Irdai to insurance companies
Insurance companies will have to specifically state that market-linked insurance plans are different from traditional endowment policies and carry risks
 "Don't sell Ulips as investment products: Irdai to insurance companies")
IRDAI bars unit-linked policies from being advertised as investment product
All advertisements of linked insurance products and annuity products with variable annuity pay-out option must disclose risk factors, says regulator
 "IRDAI bars unit-linked policies from being advertised as investment product")
ULIPs should not be advertised as 'investment products', says IRDAI
Insurers will have to specifically state that market-linked insurance plans are different from traditional endowment policies and carry risks
 "ULIPs should not be advertised as 'investment products', says IRDAI")
Deferred pension plans, applying for visa: Top personal finance stories
This week we write about the advantages and drawbacks of annuity plans and how to work on your visa application
 "Deferred pension plans, applying for visa: Top personal finance stories")
Insurers likely to seek clarification from Irdai on new health circular
In the case of porting policies from one insurer to another, the regulator has asked the existing insurers to provide the required details to the acquiring insurance company within 72 hours
 "Insurers likely to seek clarification from Irdai on new health circular")
New 160 number series for service calls to reduce spam, says Trai
DCA facility discussed in meeting with RBI, sectoral regulators and 25 plus banks on Friday
 "New 160 number series for service calls to reduce spam, says Trai")
Multiple levers with insurers to mitigate higher surrender value: Experts
The Insurance Regulatory and Development Authority of India (Irdai) in its 'Master Circular on Life Insurance Products' issued on Wednesday prescribed enhanced Special Surrender Value (SSV)
Irdai accepts registration withdrawal plea of Paytm General Insurance
Paytm said that it aims to innovate on small ticket insurance products for consumers and merchants alike by focusing on small-ticket general insurance offerings along with our partners
 "Irdai accepts registration withdrawal plea of Paytm General Insurance")
Regulator Irdai mandates life insurers to provide loans against policies
The regulator has also allowed policyholders an option of partial withdrawal under pension products
 "Regulator Irdai mandates life insurers to provide loans against policies")
Policy loan now mandatory in all life insurance savings products: Irdai
Issuing a circular, the Irdai also said the free look period, which provides time to review the policy terms and conditions, is 30 days as against 15 days earlier
 "Policy loan now mandatory in all life insurance savings products: Irdai")
Major changes made by regulator in general insurance: Check details
Insurers to settle claims within seven days and surveyors to submit reports within 15 days
Policyholders can cancel policy at any time by notifying insurer: Irdai
The Irdai said retail policyholders can cancel their insurance policy at any time during its term by notifying the insurer, and will receive a refund for the remaining period of the policy
Insurance companies can't reject claims for lack of documents: Irdai
The regulator said that the insurer cannot reject claim in full or part if the breach of warranty or condition is not relevant to nature or circumstance of loss
 "Insurance companies can't reject claims for lack of documents: Irdai")
Moratorium to refund: Reforms in health insurance you must know about
Be meticulous with disclosures during policy purchase despite lowering of moratorium period
 "Moratorium to refund: Reforms in health insurance you must know about")
