Page 10 - Latest Updates on IRDAI
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
 "Order to stop loan re-payment via credit card good for customers: Insurers")
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
 "Irdai proposes to tighten norms for media campaigns by insurance cos")
Irdai proposes guidelines for remuneration of core team of private insurers
Insurance sector regulator Irdai on Wednesday proposed a revised guidelines for remuneration for non-executive directors and persons in key managerial positions of private insurers
Irdai asks insurance cos to lay down social media guidelines for employees
Irdai has asked insurance companies to lay down social media guidelines for their employees to ensure that no unverified or confidential information relating to the organisation is disseminated
Tax trouble: GST authorities quiz auto dealers on fake invoicing
Certain automobile dealers appointed by insurers/insurance intermediaries allegedly billed commission in excess of Irdai cap
 "Tax trouble: GST authorities quiz auto dealers on fake invoicing")
Irdai's recent reforms will help expand the market
The unique capacity of the insurance industry to engender resilience and self-sufficiency, by underwriting risks and spurring the capital markets provides the foundation for the nation's progress
 "Irdai's recent reforms will help expand the market")
Irdai looking at 20 more insurance applications: Chairman Debasish Panda
The Life licence was last given in 2011, the Chairman told reporters on the sidelines of an industry summit organised by the industry lobby Ficci here
 "Irdai looking at 20 more insurance applications: Chairman Debasish Panda")
Non-life insurers may have to reduce payouts to adhere to EoM norms
Unlisted life players may rack up a commission war to gain market share
 "Non-life insurers may have to reduce payouts to adhere to EoM norms")
Irdai names LIC, GIC as 'domestic systemically important' insurers
These were the same institutions that were identified as DSII in 2021-22
 "Irdai names LIC, GIC as 'domestic systemically important' insurers")
Irdai grants life insurance registration to Acko & Credit Access Grameen
With the entry of these two firms into the space, the number of life insurance companies in the sector goes up to 25, after remaining stagnant since 2011
 "Irdai grants life insurance registration to Acko & Credit Access Grameen")
Why Irdai's flexible rules are significant for insurance industry
By removing the limit for agents, the regulator has provided insurers greater scope to build their businesses
 "Why Irdai's flexible rules are significant for insurance industry")
IRDAI's new rules to affect PSU insurers, legalises actions of pvt players
What was being done in a clandestine manner by the industry players, the the Insurance Regulatory and Development Authority of India (IRDAI) has legalised the same with the new norms
Industry majors welcome Irdai move to remove cap on agent commissions
Insurance regulator has replaced earlier cap on commission payments with overall cap on expenses; move is seen to provide more flexibility to insurers in managing their expenses
Insurance companies get more autonomy to decide on commission amount
Govt gives nod to Irdai rules on payment of commissions for intermediaries
 "Insurance companies get more autonomy to decide on commission amount")
Focus on coverage provided, not premium collected
Measuring actual coverage provided, rather than premiums received, will ensure that the insurance industry's success is aligned with the goal of 'insurance for all'
 "Focus on coverage provided, not premium collected")
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")
To cover mental illness, buy health insurance policy offering OPD coverage
Industry regulator nudging companies to underwrite policies that include people with mental illnesses
 "To cover mental illness, buy health insurance policy offering OPD coverage")
Irdai to bring in 'EASE' in delivering entire suite of insurance services
Regulator takes stock of industry's progress under the State Insurance Plan; five-year plan to be formulated to expand footprints of lead insurers in their respective states
 "Irdai to bring in 'EASE' in delivering entire suite of insurance services")
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
 "Launch insurance products for the disabled, mentally unwell: Irdai")
More insurance players key to achieve insurance for all goal by 2047: Irdai
In the past five years, the sector has grown 10 per cent each year, still insurance penetration is too low at 4.2 per cent in 2021 and we need to cover much more, he said
