Page 5 - Latest Updates on IRDAI
Will end FY24 with growth rate of over 30%: CEO Shriram Life Insurance
In life insurance, it is about creating distribution capacity and solutions for customers. We are constantly working on that Casparus JH Kromhout, managing director and chief executive officer said
 "Will end FY24 with growth rate of over 30%: CEO Shriram Life Insurance")
Bima Sugam likely to reduce dependence on intermediaries for insurers
According to IRDAI's annual report for FY23, the online sales channel of life insurers contributed to 0.84 per cent of the individual new business premium (NBP)
 "Bima Sugam likely to reduce dependence on intermediaries for insurers")
IRDAI approves Bima Sugam, 7 other regulations in 125th board meet
The board of the insurance regulator approved the 'Bima Sugam' platform where the policyholders can compare premiums and purchase a wide array of insurance products
 "IRDAI approves Bima Sugam, 7 other regulations in 125th board meet")
Galaxy Health gets Irdai approval to launch health insurance business
According to the regulator, this is the sixth registration granted by IRDAI in around one year across the Life, Non-life, and Health segments
 "Galaxy Health gets Irdai approval to launch health insurance business")
Banks to insurers: Using the ombudsman system to get complaints resolved
A guide to how banks, insurers, brokers and tax officials are supposed to listen to you
 "Banks to insurers: Using the ombudsman system to get complaints resolved")
Burmans ask Care Health to cancel Rs 350 cr ESOP given to Religare's Saluja
Dabur owners, the Burman family, has increased their stake in Religare to 25.18%, which allows them to block special resolutions at Religare
 "Burmans ask Care Health to cancel Rs 350 cr ESOP given to Religare's Saluja")
Unclaimed insurance funds higher in agent-sold policies: Analysts
LIC accounted for more than 90% of total unclaimed funds in the last five years
Irdai retains obligatory cession of business to GIC Re at 4% for FY25
Obligatory cession refers to the part of the business that general insurance companies have to mandatorily cede to the national reinsurer
 "Irdai retains obligatory cession of business to GIC Re at 4% for FY25")
Irdai to introduce collaterals for reinsurance transactions with CBRs
The proposed guidelines given in an exposure draft will be applicable for all the reinsurance placements with CBRs by cedants or insurers from India
 "Irdai to introduce collaterals for reinsurance transactions with CBRs")
Insurance regulator IRDAI website down, users unable to access services
IRDAI website reported an outage on Tuesday due to some technical issues. Services became inaccessible to users, with the site showing the message - "Our services aren't available right now"
 "Insurance regulator IRDAI website down, users unable to access services")
PB Fintech subsidiary can now facilitate sale of reinsurance products
A composite insurance broker can also sell reinsurance products besides general and life insurance products
 "PB Fintech subsidiary can now facilitate sale of reinsurance products")
Irdai proposes 30 days 'free look' period for policies from date of receipt
At present, for physical policies the free look period is 15 days while for policies sold online, it can be up to 30 days
 "Irdai proposes 30 days 'free look' period for policies from date of receipt")
Life insurers ask Irdai to charge surrender value on accumulated premia
The exposure draft by Irdai in December 2023 outlined the introduction of a defined premium threshold for each product, beyond which no surrender charges will be levied
 "Life insurers ask Irdai to charge surrender value on accumulated premia")
Irdai launches regulations for insurance electronic marketplace Bima Sugam
The company will be operative and accessible at all times and will not store or hold any data, with the board of the company also having a policy on a revenue model which is self-sustainable
 "Irdai launches regulations for insurance electronic marketplace Bima Sugam")
Irdai chief asks insurance firms to underwrite disruptions to grow biz
Artificial intelligence, machine learning, big data, the internet of things, and many more such new technologies are causing disruptions and changing the traditional fabric of the sector
 "Irdai chief asks insurance firms to underwrite disruptions to grow biz")
Lack of full Bench takes a toll on SAT's functioning and efficiency
Industry players fear that if the Bench is not restored soon, it could hamper the fundraising and expansion plans of companies with pending litigation
 "Lack of full Bench takes a toll on SAT's functioning and efficiency")
Uncharacteristic of NBFCs to seek bank licences: RBI Dy Guv Rajeshwar Rao
'NBFCs have evolved as niche companies serving specific economic functions, and it is uncharacteristic of them to demand becoming like a bank': Rao said
 "Uncharacteristic of NBFCs to seek bank licences: RBI Dy Guv Rajeshwar Rao")
Irdai proposes revising coverage across sectors to secure insurance for all
Irdai said that a new strategy and fresh approach have been devised to boost insurance penetration in the country
 "Irdai proposes revising coverage across sectors to secure insurance for all")
Irdai proposes changes in listing requirements of insurance companies
The insurance regulator has proposed the merger of seven different regulations
 "Irdai proposes changes in listing requirements of insurance companies")
IRDAI asks insurers to give coverage for AYUSH in health insurance policies
IRDAI asked companies to modify products that contain limitations for AYUSH treatments and ensure compliance with the revised guidelines
 "IRDAI asks insurers to give coverage for AYUSH in health insurance policies")
