Page 9 - Latest Updates on IRDAI
Ministry of Transport proposes 15% insurance discount on school buses
The ministry and insurance regulator of India have proposed insurance discounts of 7.5-50% on motor insurance premium for select vehicles for financial year 2023-24
 "Ministry of Transport proposes 15% insurance discount on school buses")
IRDAI moves Supreme Court against SAT's order in Sahara-SBI case
SAT had last week stayed IRDAI's order directing transfer of policy liabilities, entire business as well as well as assets of Sahara to SBI
 "IRDAI moves Supreme Court against SAT's order in Sahara-SBI case")
Biparjoy: Irdai directs insurers to fast-track claim settlement process
Cyclone Biparjoy is likely to have caused loss to property (homes and businesses) and infrastructure in various states
 "Biparjoy: Irdai directs insurers to fast-track claim settlement process")
Irdai fine-tuning Bima Sugam, likely to miss its August launch date
The launch of the much-touted affordable insurance product Bima Sugam is likely to be delayed beyond August timeline as regulator Irdai is working on fine-tuning the product
 "Irdai fine-tuning Bima Sugam, likely to miss its August launch date")
SAT stays Irdai order to transfer Sahara Life Insurance assets to SBI Life
On June 2, Irdai directed SBI Life Insurance to take over policy liabilities of around 2 lakh policies of Sahara Life as the latter failed to comply with the regulatory directions
 "SAT stays Irdai order to transfer Sahara Life Insurance assets to SBI Life")
Irdai grants permission to Go Digit Life Insurance to commence business
According to IRDAI, this is the fourth registration granted by IRDAI in the last one year in the Life and Non-life segment
 "Irdai grants permission to Go Digit Life Insurance to commence business")
Go Digit Life Insurance receives IRDAI's approval to start business
"This is the fourth registration granted by IRDAI in last one year in Life and Non-life segment," it added
 "Go Digit Life Insurance receives IRDAI's approval to start business")
Go Digit Life Insurance gets Irdai nod to carry life insurance business
Regulator Irdai on Friday said it has given permission to Go Digit Life Insurance Limited to carry the life insurance business in India
 "Go Digit Life Insurance gets Irdai nod to carry life insurance business")
Train tragedy: Insurers ease claims process, set up helpline for settlement
The kin of the victims can connect with the company officials via email- balasoretrainaccident@sbilife.co.in and toll-free number - 1800 267 9090
 "Train tragedy: Insurers ease claims process, set up helpline for settlement")
IRDAI asks insurers to suo motu settle claims of Odisha rail mishap victims
Under suo motu settlement, the companies settle the claims even without the other parties applying for it
 "IRDAI asks insurers to suo motu settle claims of Odisha rail mishap victims")
Irdai asks SBI Life to acquire Sahara India's Life Insurance business
The decision was taken at the meeting of the Insurance Regulatory and Development Authority of India (Irdai) in view of deteriorating financial health of the SILIC
Checkmate for Chinese firms in India's growing reinsurance market
The insurance business, by its nature, collects enormous data about Indians and is regarded as an economically sensitive sector
 "Checkmate for Chinese firms in India's growing reinsurance market")
Irdai to create state insurance plan mirroring SLBCs: Debasish Panda
Aim is to bring down regulations and promote innovation in the sector
 "Irdai to create state insurance plan mirroring SLBCs: Debasish Panda")
'Changes to be made in surety bond offering for making it more lucrative'
The Surety Bond Insurance is a risk transfer tool for the principal and shields the principal from the losses that may arise in case the contractor fails to perform their contractual obligation
 "'Changes to be made in surety bond offering for making it more lucrative'")
Irdai to hold open house for insurtech, fintech on 15th of every month
Regulator Irdai will hold an open house for the insurtech and fintech companies on 15th of every month to look at bringing in more innovation ideas for the insurance sector
Irdai forms task force to facilitate ease of doing KYC using Aadhaar
Regulator Irdai has constituted a task force to facilitate ease of doing Know Your Customer (KYC) by insurers using Aadhaar, the 12-digit individual identification number
Irdai relaxes norms for surety bonds to expand market for such products
Irdai said it has relaxed norms for 'surety bonds', a type of insurance policy protecting parties involved in a transaction or contract from potential financial losses due to a breach of contract
 "Irdai relaxes norms for surety bonds to expand market for such products")
IRDAI lowers the solvency requirement for surety bonds to 1.5 times
Removes 30% exposure limit on each contract
Order to stop loan re-payment via credit card good for customers: Insurers
Insurers said it was never in the interest of the customer to repay the loan by borrowing on a credit card and paying much higher interest rates on the outstanding balance on the card
Irdai proposes to tighten norms for media campaigns by insurance cos
Irdai is proposing to tighten norms for insurance advertisements by assigning higher responsibility on senior management of insurers in designing and approving media campaigns for product promotion
