Page 10 - Irdai

Irdai proposes to tighten norms for media campaigns by insurance cos

Regulator Irdai is proposing to tighten norms for insurance advertisements by assigning higher responsibility on senior management of insurers in designing and approving media campaigns for product promotion. In this context, the Insurance Regulatory and Development Authority of India (Irdai) has proposed an amendment in the 2021 regulations on insurance advertisements and disclosure. Under the proposed amendment, each insurer will be required to constitute an advertisement committee comprising at least three members mandatorily from marketing, actuarial and compliance functions of the insurer. "The objective of the amendment is to assign higher responsibility on the senior management while designing and approving the advertisements for the consumption of the customers," said the exposure draft on which Irdai has invited comments from the stakeholders by May 25. The committee will be required to report to the product management committee, the draft said. It further said the produc

Irdai proposes guidelines for remuneration of core team of private insurers

Insurance sector regulator Irdai on Wednesday proposed a revised guidelines for remuneration for non-executive directors and persons in key managerial positions of private insurers to ensure alignment of compensation with prudent risk management. In an exposure draft, the Insurance Regulatory and Development Authority of India (Irdai) said private sector suggested that insurers should formulate and adopt a comprehensive board-approved remuneration policy covering all the key managerial persons. "The policy should be formulated such that the performance based variable remuneration shall not encourage key managerial persons to take inappropriate or excessive risks," it said. The existing guidelines which came into effect from October, 2016 are the framework for remuneration of non-executive directors and CEO/WTD/MD of private insurers. The guidelines have been in force for over 6 years and based on the experience of implementation, Irdai has proposed to "bring remuneration of other k

Irdai asks insurance cos to lay down social media guidelines for employees

Regulator Irdai has asked insurance companies to lay down social media guidelines for their employees to ensure that no unverified or confidential information relating to the organisation is disseminated to the public through these platforms. An organisation's reputation is closely linked to the behaviour of its employees, the Insurance Regulatory and Development Authority of India (Irdai) said, adding "Social media should be used in a way that adds value to the organisation's business". The Information and Cyber Security Guidelines, which were issued by Irdai to all insurers, have a specific section on 'Acceptable usage of social media' -- which states that the employees should be refrained from disseminating any unverified and confidential information on "any Blogs/Chat forums/Discussion forums/Messenger sites/Social networking sites". "Any information received, accessed or obtained by an employee, either in his/her official mail/personal mail/Media Forums or in any other manner,

Tax trouble: GST authorities quiz auto dealers on fake invoicing

Certain automobile dealers appointed by insurers/insurance intermediaries allegedly billed commission in excess of Irdai cap

Irdai's recent reforms will help expand the market

The unique capacity of the insurance industry to engender resilience and self-sufficiency, by underwriting risks and spurring the capital markets provides the foundation for the nation's progress

Irdai looking at 20 more insurance applications: Chairman Debasish Panda

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 ..

Non-life insurers may have to reduce payouts to adhere to EoM norms

Unlisted life players may rack up a commission war to gain market share

Irdai names LIC, GIC as 'domestic systemically important' insurers

These were the same institutions that were identified as DSII in 2021-22

Irdai grants life insurance registration to Acko & Credit Access Grameen

With the entry of these two firms into the space, the number of life insurance companies in the sector goes up to 25, after remaining stagnant since 2011

Why Irdai's flexible rules are significant for insurance industry

By removing the limit for agents, the regulator has provided insurers greater scope to build their businesses

IRDAI's new rules to affect PSU insurers, legalises actions of pvt players

What was being done in a clandestine manner by the industry players, the the Insurance Regulatory and Development Authority of India (IRDAI) has legalised the same with the new norms

Insurance companies get more autonomy to decide on commission amount

Regulator wants every insurer to have a written policy for payment of commission

Industry majors welcome Irdai move to remove cap on agent commissions

Insurance regulator has replaced earlier cap on commission payments with overall cap on expenses; move is seen to provide more flexibility to insurers in managing their expenses

Focus on coverage provided, not premium collected

Measuring actual coverage provided, rather than premiums received, will ensure that the insurance industry's success is aligned with the goal of 'insurance for all'

A year of reforms for insurance sector under Irdai's Debasish Panda

Irdai has also now provided more flexibility and autonomy to the boards of insurers in operational and financial decisions

To cover mental illness, buy health insurance policy offering OPD coverage

Industry regulator nudging companies to underwrite policies that include people with mental illnesses

Irdai to bring in 'EASE' in delivering entire suite of insurance services

Regulator takes stock of industry's progress under the State Insurance Plan; five-year plan to be formulated to expand footprints of lead insurers in their respective states

Launch insurance products for the disabled, mentally unwell: Irdai

Regulator Irdai has asked general and standalone health insurers to offer a specific cover for Persons with Disabilities (PWD), persons afflicted with HIV/AIDS, and those with mental illness. In a circular, the Insurance Regulatory and Development Authority of India (Irdai) asked the insurers to determine the price of the product in line with the IRDAI (Health Insurance) Regulations, 2016 (HIR, 2016). The insurers have been directed to put in place a Board-approved underwriting policy that ensures that no proposal from these categories of population is denied insurance cover. The policy tenure of the product should be for one year and is renewable as per regulatory framework. General and standalone health insurers, who have been issued a Certificate of Registration to transact General and/or Health Insurance Business, have been asked to mandatorily launch and offer their respective product immediately. Irdai has been set up to bring about speedy and orderly growth of the insurance

More insurance players required for diverse needs of citizens: Irdai chief

Will look to move to risk-based solvency regime in the next two years, says Debasish Panda; 19 applications to set up shop are in the pipeline at various stages

More insurance players key to achieve insurance for all goal by 2047: Irdai

India needs more number of insurance players, much wider range of products and also more distribution partners to achieve the insurance for all goal by 2047, Irdai chairman Debasish Panda said here on Tuesday. The insurance sector was opened up more than two decades ago and the market has grown much bigger, but still there is too much scope for faster and deeper growth, he said addressing the annual summit of the Indian Private Equity and Venture Capital Association. In the past five years, the sector has grown 10 per cent each year, still insurance penetration is too low at 4.2 per cent in 2021 and we need to cover much more, he said. "We're a diverse nation of 1.4 billion people. We can't have a one-size-fits-all approach, instead we need more unique products that can meet the insurance needs of both the super rich as well as the very poor. And such unique products cannot be served by the limited number of players we have today at 70. "Therefore, we need more players, a much wide