Page 6 - Latest Updates on IRDAI
Irdai notifies a consolidated regulation on expenses of management
The RRC recommended the IRDAI (EoM, including commission, of insurers) Regulations 2023, after repealing three separate regulations
 "Irdai notifies a consolidated regulation on expenses of management")
Niva Bupa premium growth may slow down to 25-30% over next 3-5 years: CEO
The health insurer is also planning to come up with their Initial Public Offering (IPO) in financial year 2024-25, though the size has not been decided yet
 "Niva Bupa premium growth may slow down to 25-30% over next 3-5 years: CEO")
Nearly 90% of young people lack ability to calculate loan repayments
The exercise involved calculating the total amount to be repaid after a year if one is given the loan amount and the interest applicable
 "Nearly 90% of young people lack ability to calculate loan repayments")
Govt appoints Rajay Kumar Sinha as Irdai's member for three years
Sinha is currently serving as the Managing Director and Chief Executive Officer of SBI Capital Markets, the investment banking arm of the State Bank of India
 "Govt appoints Rajay Kumar Sinha as Irdai's member for three years")
IRDAI eases norms for insurer investment in infrastructure debt funds
New regulation by IRDAI allows greater flexibility for insurers in IDF-NBFC investments
 "IRDAI eases norms for insurer investment in infrastructure debt funds")
Narayana Health gets Irdai nod to launch health insurance business
The company runs one of the largest hospital chains under the brand name of Narayana Hospital
 "Narayana Health gets Irdai nod to launch health insurance business")
Women's life insurance share rises to 34.2% in 2022-23: IRDAI report
As per the IRDAI's annual report 2023, of the total policies sold, the number of policies issued to women was around 9.73 million, which is 34.20 per cent of the total
 "Women's life insurance share rises to 34.2% in 2022-23: IRDAI report")
Sebi tweaks norms for online bond platform providers to boost ease of biz
This move came after Sebi received representations from stock exchanges and market participants, including online bond platforms
 "Sebi tweaks norms for online bond platform providers to boost ease of biz")
Future Generali life insurance aims to grow upto 18% CAGR by FY26: Rungta
The New Business Premium (NBP) of the company declined by 35.48 per cent in April-November 2023 to Rs 257.75 crore from Rs 399.51 crore in the year ago period
 "Future Generali life insurance aims to grow upto 18% CAGR by FY26: Rungta")
Health insurance: Govt to discuss 24-hr hospitalisation rule with Irdai
President of NCDRC, Justice Amreshwar Prasap Sahi, said that some district forums have innovated and ordered insurance cos to clear claims even when hospitalisation was less than 24 hrs
 "Health insurance: Govt to discuss 24-hr hospitalisation rule with Irdai")
Higher surrender value to badly hit life insurers margins: Report
The Insurance Regulatory and Development Authority (Irdai) earlier this month put out a draft circular proposing an increase in the surrender value of a life policy by revising upwards threshold limit
 "Higher surrender value to badly hit life insurers margins: Report")
Centre may set up regulator for healthcare to expand insurance coverage
A regulator for the healthcare sector is expected to bring in standardisation and lower the costs
 "Centre may set up regulator for healthcare to expand insurance coverage")
Non-linked insurance plan: Surrender or stay? Do the math before deciding
The new norms contained in IRDAI's exposure draft, if implemented, will make surrendering less painful
 "Non-linked insurance plan: Surrender or stay? Do the math before deciding")
Approval for 19 General insurance cos applications in IRDAI's pipeline
Out of the 19 applicants, only Narayana Health Insurance Private Limited has reached the R2 stage of the application. Twelve of them are in their R1 stage
IRDAI eases claim settlement norms for victims of Cyclone Michaung
The regulator's circular added that the special dispensation granted is applicable to the claims arising out of Cyclone Michaung and the resulting heavy rains/floods
2023: A landmark year with new policies, regulations for life insurers
The regulator amalgamated three different regulations, in line with the suggestions of the regulations review committee
 "2023: A landmark year with new policies, regulations for life insurers")
Irdai's diktat on surrender value weighs on life insurance stocks
According to the H1FY24 earnings, the share of Non-Par in Individual Annualised Premium Equivalent (APE) of LIC stood at 10.76 per cent
 "Irdai's diktat on surrender value weighs on life insurance stocks")
Mahindra Finance to foray into life, health, and general insurance
The company will initially invest Rs 5 crore to Rs 10 crore towards technology, hiring and training and certification
 "Mahindra Finance to foray into life, health, and general insurance")
Insurance industry must embrace innovation, enhance capabilities: Irdai
The biggest challenge is to draft a regulation which can foresee, predict and provide guidance for payments, said Panda
 "Insurance industry must embrace innovation, enhance capabilities: Irdai")
Insurance industry faces hurdle in growth due to dearth of human capital
To counter the shortage of human capital, insurance firms are investing in employees by recruiting directly from campuses
