Page 11 - Latest Updates on IRDAI
More insurance players required for diverse needs of citizens: Irdai chief
Will look to move to risk-based solvency regime in the next two years, says Debasish Panda; 19 applications to set up shop are in the pipeline at various stages
 "More insurance players required for diverse needs of citizens: Irdai chief")
Borzo, Symbo tie up to provide insurance to over 50,000 delivery partners
The firms are also exploring in-app integration of insurance services for faster, seamless and paper-less processes
 "Borzo, Symbo tie up to provide insurance to over 50,000 delivery partners")
Case for having insurers cater to niche sectors: Irdai's Rakesh Joshi
In order to enhance the insurance force, the regulator is contemplating the concept of Bima Vahak
 "Case for having insurers cater to niche sectors: Irdai's Rakesh Joshi")
Covid was the moment of truth for the life insurance industry: Experts
On the part of Irdai, they have relaxed capital requirements in certain lines of business
 "Covid was the moment of truth for the life insurance industry: Experts")
A new dawn for insurance industry: Irdai looks to make sector attractive
Irdai is charting out a long-term road map to markedly increase India's insurance penetration through a supportive regulatory architecture
 "A new dawn for insurance industry: Irdai looks to make sector attractive")
Govt asks Irdai, insurance firms to address issues to reduce pending cases
Irdai can mandate the companies to resolve the issues, if they remain unaddressed voluntarily for a long term
 "Govt asks Irdai, insurance firms to address issues to reduce pending cases")
IRDAI should set up a committee to review its regulations: Experts
In line with Nirmala Sitharaman's budget announcement, the Insurance Regulatory and Development Authority of India (IRDAI) should set a committee of its own to review its various regulations
 "IRDAI should set up a committee to review its regulations: Experts")
India set to become one of fastest growing insurance mkts: Economic Survey
Survey says with Ukraine war weighing on Europe, insurance industry growth in emerging markets is likely to outpace that in the developed markets this year, with emerging Asia in the lead
 "India set to become one of fastest growing insurance mkts: Economic Survey")
Insurance sector needs Rs 50,000 cr capital each year to double penetration
Irdai Chairman Debabsish Panda said the Rs 50,000 crore figure was arrived at by making assumptions on the country's GDP, inflation, and how the world GDP will grow during this period
 "Insurance sector needs Rs 50,000 cr capital each year to double penetration")
Joshimath subsidence: Irdai asks insurers to expeditiously settle claims
Insurers have also been asked to engage adequate number of surveyors immediately as required and, if need be, consider engaging surveyors from neighboring areas as well
 "Joshimath subsidence: Irdai asks insurers to expeditiously settle claims")
Insurers can classify green bond purchases as infra investments: Irdai
The investments in green bonds can qualify towards statutory liquidity ratio (SLR) - the minimum percentage of deposits commercial banks are required to invest in liquid assets, such as government bon
Axis Bank to pick residual stake in Max Life at fair market value
The revision in valuation has been done according to IRDAI guidance
 "Axis Bank to pick residual stake in Max Life at fair market value")
Irdai to allow insurers to auto renew FRN of cross border reinsurers
Move aimed at improving ease of doing business; reinsurers must first meet regulator's criteria for obtaining renewal, which would be available FY24 onwards
 "Irdai to allow insurers to auto renew FRN of cross border reinsurers")
Need insurers catering to niche sectors like NBFCs, MFIs: Rakesh Joshi
India has a huge protection gap of 83 per cent. Further, almost 50 per cent of the vehicles running on the road are uninsured
Irdai to introduce 'Bima Vahaks' to expand insurance force: Rakesh Joshi
BS BFSI Insight Summit 2022: The insurance companies are also in the process of developing state-level insurance plans in collaboration with state governments, Joshi added
Irdai advises firms about minimum rate rule for reinsurance treaties
Regulator's instruction is about burning or break-even cost calculated to estimate the expected losses for a policy
BS BFSI Insight Summit 2022: Irdai member Rakesh Joshi to speak at event
Joshi was made the head of a 15-member Health Insurance Consultative Committee set up by Irdai in October. He has more than 37 years of experience in the financial services industry
 "BS BFSI Insight Summit 2022: Irdai member Rakesh Joshi to speak at event")
Delhi HC directs Irdai to introduce products for persons with disabilities
The Delhi High Court has directed the Irdai to ensure the products are introduced on an early date for persons with disabilities so as to enable them to obtain health insurance coverage
 "Delhi HC directs Irdai to introduce products for persons with disabilities")
HC asks Irdai to consult insurance firms about health cover for disabled
Court asked regulator and insurance companies to submit a status report before March 17, 2023
Buy more insurance cover if your liabilities have increased in the year
Hike health insurance coverage as well to keep pace with medical inflation
 "Buy more insurance cover if your liabilities have increased in the year")
