Page 15 - Irdai
Irdai wants life insurance firms to eye 50% premium growth in 5 years
Irdai extended the "use & file" procedure to most life insurance products, barring individual savings, individual pensions, and annuity products
 "Irdai wants life insurance firms to eye 50% premium growth in 5 years")
Top headlines: YES Bank portfolio sale, NIRF rankings, monkeypox and more
Business Standard brings you the top headlines this hour
 "Top headlines: YES Bank portfolio sale, NIRF rankings, monkeypox and more")
Irdai says no decision on mandatory disclosure of insurance commissions
Irdai said it regulator intends to hold discussions on the matter before a decision
 "Irdai says no decision on mandatory disclosure of insurance commissions")
Regulator allows insurance firms 'use & file' procedure for agri products
Companies can introduce a product in the market and then file with the Insurance Regulatory and Development Authority of India (Irdai) for approval
Life firms ask regulator to allow risk-based solvency regime for ULIPs
Life insurance companies will raise their solvency margin and free up capital that can be used for other purposes
 "Life firms ask regulator to allow risk-based solvency regime for ULIPs")
IRDAI constitutes two task forces on issues of reinsurance support
The terms for reference for the task force include issues discussed by the industry players with Irdai in the recently concluded bi-monthly meeting with the top honchos of the general insurance firms
Want a lower motor insurance premium? Watch how (often) you drive
Floater policies will be cost-effective, provide convenience of renewal at one go for multiple vehicles
 "Want a lower motor insurance premium? Watch how (often) you drive")
Life Insurers to benefit once again from low-base effect in Q1FY23
Analysts are more bullish on stocks of private insurers
 "Life Insurers to benefit once again from low-base effect in Q1FY23")
Non-life insurance industry reports a 21% YoY growth in premiums in June
In the June quarter, the non-life insurance industry netted premiums to the tune of Rs 54,492 crore, up 23 per cent YoY
 "Non-life insurance industry reports a 21% YoY growth in premiums in June")
How and how often you drive to determine your car insurance premium soon
The concept of 'pay as you drive" stems from the fact that policyholders will be charged premiums based on vehicle usage
 "How and how often you drive to determine your car insurance premium soon")
Buy a health policy that covers treatment at home and pays for consumables
Go for cashless treatment where available, as the reimbursement route is more burdensome
 "Buy a health policy that covers treatment at home and pays for consumables")
Shriram Transport Finance gets shareholders' approval for merger with SCUF
Shriram Transport Finance, which is part of the Shriram Group, now awaits approval from Shriram City Union Finance shareholders and creditors and NCLT, CCI and Irdai
 "Shriram Transport Finance gets shareholders' approval for merger with SCUF")
Irdai and NHA to develop National Health Claims Exchange to settle claims
Based on a presentation by R S Sharma, CEO of NHA, chairman of Irdai Debasish Panda, has proposed creation of a working group with representation from the industry
Online players, agents may have to disclose insurance commission
IRDAI is considering a proposal that seeks to have a single limit for expenses made by insurance companies
Irdai may extend testing period to 3 years under regulatory sandbox
Insurance Regulatory and Development Authority of India (Irdai) is mulling to extend testing of products under the regulatory sandbox mechanism to up to three years. The Irdai Chairman said all these initiatives will help in furthering the goal of insurance penetration and reaching out to more and more people. A sandbox is an environment used in the financial services sector, which provides testing ground for new business models, processes and applications that may not necessarily be covered fully by or are not fully compliant with existing regulations. "The insurtech ecosystem is raring to grow. At Irdai we have already developed something called the regulatory sandbox mechanism where the proof of a concept is actually being allowed to be tested on the ground. We are informed that the regulatory sandbox has some shortcomings," Debasish Panda, Chairperson, Irdai said during a talk session. As of now, the applicants under the regulatory sandbox mechanism can apply through ...
 "Irdai may extend testing period to 3 years under regulatory sandbox")
Your life insurer may soon be able to offer a health insurance policy too
The move is likely to reduce premiums of policies and boost access to affordable health cover
Top Headlines: COAI on captive pvt networks, fintechs see surge in loans
The IRDAI is considering a proposal to make insurance frauds a parameter for calculating credit scores in an attempt to put a lid on the increase in such activity
 "Top Headlines: COAI on captive pvt networks, fintechs see surge in loans")
Irdai mulls linking insurance frauds with individuals' credit score
Believed to be a good deterrent as low score can deprive access to services
 "Irdai mulls linking insurance frauds with individuals' credit score")
In the works at IRDAI: Making Indian insurance firms less risk-averse
The regulator hints at relaxing the FDI cap still further but it is unclear yet whether doing so would spread insurance to the bottom of the pyramid
 "In the works at IRDAI: Making Indian insurance firms less risk-averse")
Irdai eases solvency margin requirement for insurers underwriting crop biz
It is estimated that the Insurance Regulatory and Development Authority of India (Irdai)'s move to ease solvency margin will unlock nearly Rs 1400 crore.
 "Irdai eases solvency margin requirement for insurers underwriting crop biz")
