What is Insurance Regulatory and Development Authority of India (Irdai) ?

Last week, reports suggested that Irdai is likely to bring in regulations to limit the overdependence of life insurance companies on their parent banks for business sources through bank channels

Tripathy said that despite the rapid growth in the insurance industry in recent years, there is a gap in education and upskilling of the industry's employees

Irdai also plans to encourage diversification across multiple distribution channels to ensure balanced growth across the industry

Insurance companies are demanding an open architecture where customers can choose policies from multiple insurers without being limited by OEM brokers

The fall in insurer's share price came after the company announced that the Insurance Regulatory and Development Authority of India (Irdai) has issued a show cause notice for violating norms

The company must provide a reply within 21 days from the date of receipt of the notice, along with the supporting documents

The business correspondents' representative body has asked IRDAI to allow them to sell insurance products, particularly weather-indexed schemes to provide a safety net for rural buyers

Bima Sugam facilitates easy access to insurance for consumers and enhances distribution opportunities, said Panda

During the two-day Bima Manthan held in Hyderabad, insurance companies were informed of the revised capital requirement for Bima Sugam, amounting to Rs 500 crore over 4-5 years

Digital platform will allow consumers to compare, purchase and manage life, health, general insurance products

'You don't need to chase customers. You have to give the option to the customer. No mis-selling, no force-selling, the Bima Sugam will also facilitate that,' says Debasish Panda

Plan allows customers to make multiple claims within same policy year

Irdai's Insurance Ombudsman Advisory Committee member Pushpa Girimaji also stressed on the need to reduce the number of 'non-entertainable complaints' by the insurance ombudsman

Panda spoke about the transformation the industry has undergone since he took over and what is next in store.

At the Business Standard BFSI Insight Summit 2024, Debasish Panda, Irdai boss, shared his transformative vision for India's insurance sector

Irdai has invited comments from the stakeholders on 'Exposure draft Irdai (Regulatory Sandbox) (Amendment) Regulations, 2024' by November 25

The IAC comprises members representing various sectors, including commerce, industry, agriculture, and consumers, along with the chairperson and members of Irdai as ex officio members

The acquisition marks Lockton's strategic expansion into the Indian market, where it aims to address the growing demand for advanced risk consulting and management services

The National Commission noted that critical illness risk should have been included by the insurer to avoid prejudice caused by the discontinuation of this risk

Star Health Insurance had recently admitted data breach. The name of the second insurer could not be immediately ascertained