The regulator is developing "Bima Sugam", a digital platform for selling, servicing, and settling claims.
This initiative was started by insurance regulator a few years ago, but did not take off as the operational challenges and associated cost for insurers outweighed customer convenience
Complaints relating to health insurance made up a third of the total number cases disposed of in 2020-21, a period marked by the first wave of Covid-19
Panda also nudged the industry to come out with solutions that are pocket-friendly
Mid-to-smaller life companies and standalone health insurers could face near term pressure
Boards will make written norms that will be reviewed annually, says draft IRDAI proposal
"Thereby, we are moving from a rule-based regulatory regime to a principle-based one," Panda said
High claims for Covid-19 a challenge for the industry, says the senior executive
For Irdai Chairman Debasis Panda, LIC's fortune and reforms in health insurance sector will be the two most difficult tests to pass
This comes after the Centre had reportedly received complaints against two past Irdai chairpersons, Subhash Chandra Khuntia and T S Vijayan
This is thanks to strong premium growth by LIC
Insurance regulator releases exposure draft aiming to provide greater flexibility to insurers as far as their corporate agency tie-ups are concerned
According to the exposure draft released by the regulator, non-life insurers cannot spend an amount exceeding 30 per cent of the gross premium written as company expense during a financial year
The guidelines come as the regulator is preparing the ground for a larger exposure of foreign companies and a wider range of domestic financial sector companies to enter the sector
Insurance regulator's board proposes limit on expenses of management for general insurers
The obligatory cession was reduced from 5 per cent to 4 per cent for FY23. The impact of the reduction on GIC Re would be around Rs 2,000 crore
Irdai has also developed a mechanism to process applications filed for registration of new insurers and for grant of certificate of registration to commence the insurance business in India
The regulator's aim is to increase non-life penetration to 2.5% from the current 1%
Regulator asks companies to publish board-approved empanelment criteria on their websites periodically; insurers to focus on quality of healthcare services of hospitals being empanelled
The discussions for ADIA taking a minority stake in Aditya Birla Health Insurance Co Ltd are ongoing and expected to gain pace in the coming weeks