Page 2 - Irdai

Consumer protection: Changes in insurance policy terms must be conveyed

The National Commission noted that critical illness risk should have been included by the insurer to avoid prejudice caused by the discontinuation of this risk

Data leaks: Irdai directs two insurers to conduct IT systems audit

Insurance regulator Irdai has directed two insurers to carry out audits of their IT systems following concerns over the recent instances of policyholders' data leaks. The regulator is also in touch with their management to address the vulnerabilities. Without naming the insurers, the Insurance Regulatory and Development Authority of India (Irdai) said it takes data breaches very seriously and asserted that it will continue to engage with the companies to ensure that the policyholders' interests are fully protected. Star Health Insurance had recently admitted data breach. The name of the second insurer could not be immediately ascertained. "There have been reports of data leaks from two Insurers recently," the regulator said. In a release, the Irdai said it is closely monitoring the situation in the case of the concerned insurers and has been in touch with their management. Regular updates are being obtained to ensure that the policyholders' data and interests are fully protected

Irdai asks insurers to check vulnerabilities in IT systems, take measures

Recently, there was a data breach at Star Health & Allied Insurance's servers and reportedly sensitive data of 31 million customers were put up for sale

Irdai extends IFRS 17 deadline to FY27; aims to give ample time to cos

Previously, Irdai had set a timeline of FY25 for the implementation of IFRS 17 in the insurance sector

From perestroika to glasnost: Efforts underway to make insurance inclusive

All efforts are on to make insurance inclusive and attract global investors. The second, and concluding, part of the column on 25 years of the insurance industry

Sebi, RBI and Irdai: How financial regulators are appointed, removed

Tenures across organisations often range from three to five years with the possibility of reappointment

Consider benefits, costs before agreeing to insurance policy splitting

While splitting is common in life insurance, it sometimes happens in health insurance as well

SBI Life fined Rs 1 cr by insurance regulator for 'violating norms'

IRDAI's says investigation was based on various charges arising from an on-site inspection and several regulations under the Insurance Act of 1938

25 years of the Indian insurance industry: Here are the hits and misses

De-tariffing and portability are two milestones ahead of the Insurance Act amendment that made health insurance an independent line of business and raised FDI limits to 49%. The first of 2 part column

Insurance regulator issues circular to protect interests of policyholders

Norms on claims settlement process, electronic policies improve transparency for policyholders

Irdai asks insurance companies to integrate IT systems with Digilocker

According to the circular, both life and general insurers are mandated to provide an essential summary of important information at different stages of the insurance contract

Star Health introduces braille insurance policy for visually impaired

The policy is designed to address the specific requirements of individuals with disabilities of 40% or more, including physical, sensory, or cognitive impairments

Here is why SBI Life, HDFC Life, LIC shares rallied up to 4% on BSE today

Insurance stocks in focus: LIC has approached Irdai to increase the interest rate assumption and plan-based G-Sec assumption for the calculation of surrender value, reports say

Irdai forms task force to tackle challenges, boost growth of surety bonds

A surety bond is a risk transfer mechanism whereby an insurance company provides a guarantee to the beneficiary that the principal or contractor will meet their contractual obligations

New surrender-value norms: Max Life pencils in 100-200-bp hit to profit

VNB margin measures the profitability margin for life insurers

Deepak Sood appointed as whole time member (non-life) of Irdai

He previously worked as CEO of Avantha Ergo and Future Generali India Insurance and held leadership roles at Bajaj Allianz, Zurich Financial Services, and United India Insurance

Health insurance master circular: General insurers seek 2-month extension

Irdai issued a circular on health insurance products in June and asked general/health insurers to offer a wider range of products to customers

SAT stays Irdai order against Religare's Saluja, Care Health in ESOP case

However, chairperson Saluja prohibited from exercising pending ESOPs

Hybrid workers drive demand for pay as you drive insurance plans

The insurance regulator had allowed general insurers to introduce pay as you drive and pay how you drive for motor insurance cover in 2022

Religare Enterprises sends Burmans' open offer plea to Sebi, RBI

The move follows directions passed last month by the Securities Appellate Tribunal and an order issued in June by Sebi against the management