Irdai Chairman

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

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

Irdai chairman urges large conglomerates and business houses to invest in India's insurance sector

The insurance regulator has taken up a comprehensive review of the regulatory framework for the insurance sector, to facilitate ease of doing business and reduce compliance burden

Sources said the regulator is likely to discuss the appointment of a CEO for Bima Sugam

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

The committee will also address the requirements of guidance notes, APS, and Education Material from respective professional institutes

Insurance players need to underwrite disruptions to make the vision of 'insurance for all' a reality by 2047, regulator IRDAI's chief Debasish Panda said on Tuesday. The chairman of the Insurance Regulatory and Development Authority of India (IRDAI) also emphasised that the approach of 'one-size-fits-all' has become a thing of past due to the radical technology-driven changes taking place in the industry. It's time we retrieve our base, firm up our resolve and collectively underwrite disruptions in the insurance sector and make the vision of 'insurance for all' a reality by 2047. In this process, the role of the actuary becomes paramount. The disruptions in the insurance sector cannot happen without the support of actuaries, Panda said at the 23rd global conference of actuaries organized by the Institute of Actuaries of India here. "There is a need to come out of the traditional and conventional roles and embrace dynamism and agility and also there is a need to see the sector from a

IRDAI discusses issues related to expanding insurance, technology and collaborations

President of NCDRC, Justice Amreshwar Prasap Sahi, said that some district forums have innovated and ordered insurance cos to clear claims even when hospitalisation was less than 24 hrs

A regulator for the healthcare sector is expected to bring in standardisation and lower the costs

The insurance regulator has proposed a high surrender value on non-participating insurance products

The Chairman also said that Indian insurers are converging towards the IFRS Accounting system by implementing the IND-AS

The biggest challenge is to draft a regulation which can foresee, predict and provide guidance for payments, said Panda

In order for the financial sector to strike a right balance between the interests of the stakeholders and the broader society, the regulatory framework should be both enabling and protecting

IRDAI's chairperson Debasish Panda said there is a need for regulators to embrace innovation and make consumer-centric policies

He further said that the lack of skilled professionals has affected the Assets under Management (AUM) of these companies

As an effort to set up a conducive environment for new participants and to boost innovation in the segment, the regulatory body is said to have taken several steps

Regulator Irdai on Thursday came out with draft guidelines for 'Bima Vahaks (BV)', which seeks to establish a dedicated distribution channel at the level of Gram Panchayats. The guidelines propose Corporate Bima Vahaks and Individual Bima Vahaks for the distribution channel. Corporate Bima Vahak would be legal persons registered in accordance with the respective laws and engaged by an insurer. Individual Bima Vahak could be any individual appointed by an insurer or appointed by a Corporate Bima Vahak. The BVs, both corporate and individual, would be authorised to undertake activities like the collection of proposal information, and KYC documents and coordinate claims-related services. "Every Insurer shall remain responsible for ensuring KYC and AML (anti-money laundering) compliance with respect to the policies sourced through Individual Bima Vahaks and Corporate Bima Vahaks," said the draft on which Irdai has invited stakeholders' comments till June 22. As per the draft, every ..

Insurance regulator Irdai has given licence to a General insurer for the first time since 2017, close on the heels of allowing two more applicants in the Life space and is looking at around 20 more applications, its Chairman Debasish Panda said on Wednesday. The latest to get the licence is Kshema General Insurance and earlier in the year Credit Access Life and Acko Life were given licences, Panda said, adding the regulator is looking at around 20 more applications. 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. There are 23 life insurers and 33 general players operating in the country now. The industry closed February with an AUM of Rs 59 lakh crore with a premium value of Rs 10 lakh crore, a growth of 16 per cent. Addressing the gathering, the regulator asked the industry to take the "Insurance for All by 2047" mandate not as a slogan but as a call to action and expressed ..