Irdai

Banca cap may impact banks' net profit by 1-2%, says IIFL Securities

It could shave off 15-30% of banks' fee income that they earn by selling insurance

Irdai's move to limit banca biz may stifle insurance sector growth: Emkay

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

Irdai may limit insurance companies' overdependence on parent banks

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

Irdai to introduce norms for more qualified insurance sales personnel

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

Insurers urge IRDAI crackdown against OEM-linked motor insurance brokers

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

Star Health drops 5% as Irdai issues show cause notice for violating norms

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

Irdai issues show cause notice to Star Health 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

Is insurance selling by BCs the next step in financial inclusion?

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 is a game-changer, says Irdai chairman Debasish Panda

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

Bima Sugam's capital requirement goes up significantly to Rs 500 crore

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

Insurance marketplace Bima Sugam's capital requirement to rise to Rs 500 cr

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

A lot of 'ills' have crept into the system: Panda on product mis-selling

'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

TVS' Srinivasan, Star Health founder launch health insurance product

Plan allows customers to make multiple claims within same policy year

Fireside Chat with Debashish Panda, IRDAI Chairperson | BFSI Insight Summit 2024

Simplify T&Cs in insurance policies to cut complaints: Irdai panel member

Insurance companies need to draft the terms and conditions of the policy in a language that is simple and easy-to-understand, which will help in reducing the grievances of customers, an IRDA advisory committee member said on Monday. IRDA'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. Insurance Ombudsman is a quasi-judicial grievance redressal machinery to resolve complaints of insured persons against life and non-life insurance companies. At an event to mark the foundation day of the insurance ombudsman, Girimaji also stressed on the need for insurers to be fair in deciding insurance claims of customers. "There is a need to bring down the number of complaints in the insurance sector. The terms and conditions specified in insurance policies should be drafted in a way that it is simple and easily understood," Girimaji said.

Time to open up insurance sector for 100% FDI: Irdai chief Debasish Panda

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

Data, tech & Bima Sugam to transform insurance sector: Irdai boss at BFSI

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

Irdai to amend regulatory sandbox norms after committee recommendation

Regulator Irdai has proposed to amend the norms related to 'regulatory sandbox' by incorporating principle-based approach and further facilitate adoption of innovative ideas and new concepts across the insurance value chain. Regulatory sandbox usually refers to live testing of new products or services in a controlled/test regulatory environment for which regulators may or may not permit certain relaxations. Insurance Regulatory and Development Authority of India (Irdai) had constituted an internal committee to review the Irdai (Regulatory Sandbox) Regulations. Based on the recommendations of the committee, it has proposed amendments to the regulatory sandbox regulations and seeks comments from the public at large on the proposed amendments. Issuing an exposure draft on regulatory sandbox regulations, Irdai said the amendment seeks adoption of principle based approach over rule based approach. The changes to the norms are also aimed to facilitate introduction of innovative ideas/ne

Irdai proposes changes to IAC meeting frequency, notice period, structure

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

Lockton receives Irdai approval to acquire Arihant Insurance Broking

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