Page 2 - Latest Updates on IRDAI
Irdai asks insurers to check vulnerabilities in IT systems, take measures
Recently, there was a data breach at Star Health & Allied Insurance's servers and reportedly sensitive data of 31 million customers were put up for sale
 "Irdai asks insurers to check vulnerabilities in IT systems, take measures")
Irdai extends IFRS 17 deadline to FY27; aims to give ample time to cos
Previously, Irdai had set a timeline of FY25 for the implementation of IFRS 17 in the insurance sector
 "Irdai extends IFRS 17 deadline to FY27; aims to give ample time to cos")
From perestroika to glasnost: Efforts underway to make insurance inclusive
All efforts are on to make insurance inclusive and attract global investors. The second, and concluding, part of the column on 25 years of the insurance industry
 "From perestroika to glasnost: Efforts underway to make insurance inclusive")
Sebi, RBI and Irdai: How financial regulators are appointed, removed
Tenures across organisations often range from three to five years with the possibility of reappointment
 "Sebi, RBI and Irdai: How financial regulators are appointed, removed")
Consider benefits, costs before agreeing to insurance policy splitting
While splitting is common in life insurance, it sometimes happens in health insurance as well
 "Consider benefits, costs before agreeing to insurance policy splitting")
SBI Life fined Rs 1 cr by insurance regulator for 'violating norms'
IRDAI's says investigation was based on various charges arising from an on-site inspection and several regulations under the Insurance Act of 1938
 "SBI Life fined Rs 1 cr by insurance regulator for 'violating norms'")
25 years of the Indian insurance industry: Here are the hits and misses
De-tariffing and portability are two milestones ahead of the Insurance Act amendment that made health insurance an independent line of business and raised FDI limits to 49%. The first of 2 part column
 "25 years of the Indian insurance industry: Here are the hits and misses")
Insurance regulator issues circular to protect interests of policyholders
Norms on claims settlement process, electronic policies improve transparency for policyholders
 "Insurance regulator issues circular to protect interests of policyholders")
Irdai asks insurance companies to integrate IT systems with Digilocker
According to the circular, both life and general insurers are mandated to provide an essential summary of important information at different stages of the insurance contract
 "Irdai asks insurance companies to integrate IT systems with Digilocker")
Star Health introduces braille insurance policy for visually impaired
The policy is designed to address the specific requirements of individuals with disabilities of 40% or more, including physical, sensory, or cognitive impairments
 "Star Health introduces braille insurance policy for visually impaired")
Here is why SBI Life, HDFC Life, LIC shares rallied up to 4% on BSE today
Insurance stocks in focus: LIC has approached Irdai to increase the interest rate assumption and plan-based G-Sec assumption for the calculation of surrender value, reports say
 "Here is why SBI Life, HDFC Life, LIC shares rallied up to 4% on BSE today")
Irdai forms task force to tackle challenges, boost growth of surety bonds
A surety bond is a risk transfer mechanism whereby an insurance company provides a guarantee to the beneficiary that the principal or contractor will meet their contractual obligations
New surrender-value norms: Max Life pencils in 100-200-bp hit to profit
VNB margin measures the profitability margin for life insurers
 "New surrender-value norms: Max Life pencils in 100-200-bp hit to profit")
Deepak Sood appointed as whole time member (non-life) of Irdai
He previously worked as CEO of Avantha Ergo and Future Generali India Insurance and held leadership roles at Bajaj Allianz, Zurich Financial Services, and United India Insurance
 "Deepak Sood appointed as whole time member (non-life) of Irdai")
Health insurance master circular: General insurers seek 2-month extension
Irdai issued a circular on health insurance products in June and asked general/health insurers to offer a wider range of products to customers
 "Health insurance master circular: General insurers seek 2-month extension")
SAT stays Irdai order against Religare's Saluja, Care Health in ESOP case
However, chairperson Saluja prohibited from exercising pending ESOPs
 "SAT stays Irdai order against Religare's Saluja, Care Health in ESOP case")
Hybrid workers drive demand for pay as you drive insurance plans
The insurance regulator had allowed general insurers to introduce pay as you drive and pay how you drive for motor insurance cover in 2022
 "Hybrid workers drive demand for pay as you drive insurance plans")
Religare Enterprises sends Burmans' open offer plea to Sebi, RBI
The move follows directions passed last month by the Securities Appellate Tribunal and an order issued in June by Sebi against the management
 "Religare Enterprises sends Burmans' open offer plea to Sebi, RBI")
Wayanad floods: Irdai instructs insurers to disburse claims immediately
Life and general insurers have been asked to appoint nodal officers to manage claims related to landslides
 "Wayanad floods: Irdai instructs insurers to disburse claims immediately")
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")
