Page 3 - Irdai

Wayanad floods: Irdai instructs insurers to disburse claims immediately

Life and general insurers have been asked to appoint nodal officers to manage claims related to landslides

Irdai levies Rs 2 cr penalty on HDFC Life Insurance for violating norms

The regulator cited violations of norms related to policyholders' interests, web aggregators, and insurance distributors

Life Insurers to seek extension on implementing surrender value norms

Revising all the traditional products according to the new surrender value norms and renegotiating terms with the distributors within the timeline is a huge challenge

Irdai directs Care Health to buy back shares allotted to Rashmi Saluja

Irdai has directed Care Health to cancel and revoke stock options to Saluja which remain unexercised and also ensure that no further grant and/or allotment of options are made to Saluja

Irdai imposes penalty of Rs 2 crore on Bajaj Finance, Aegon Life Insurance

Bajaj Finance said that the decision does not have any material impact on its financial, operational, or other activities, the company said in an exchange filing

SAT directs Religare to comply with Sebi directions on Burman open offer

Told to file application with RBI, Irdai by July 22 along with concerns on 'fit & proper' status of Burmans

Muthoot Capital initiates IRDAI Corporate Agent registration; stock up 5%

The uptick in the stock price came after Muthoot Capital announced that the board has approved the initiation of Registration as Corporate Agents with IRDAI

Don't sell Ulips as investment products: Irdai to insurance companies

Insurance companies will have to specifically state that market-linked insurance plans are different from traditional endowment policies and carry risks

IRDAI bars unit-linked policies from being advertised as investment product

All advertisements of linked insurance products and annuity products with variable annuity pay-out option must disclose risk factors, says regulator

ULIPs should not be advertised as 'investment products', says IRDAI

The Insurance Regulatory and Development Authority of India (IRDAI) has issued a master circular barring the promotion of Unit Linked Insurance Plans (ULIPs) as 'investment products'. Unit-linked or index-linked insurance products shall not be advertised as 'investment products', IRDAI said in a master circular dated June 19. Insurers will have to specifically state that market-linked insurance plans are different from traditional endowment policies and carry risks. Likewise, participating (with bonus) endowment policies will have to state upfront that the bonuses projected in benefit illustrations are not guaranteed. All the advertisements of linked insurance products and annuity products with variable annuity payout option shall disclose the risk factors, it said. "All insurers shall advertise the launch of unit-linked funds or index-linked funds under existing insurance products or new insurance products, only with reference to the underlying life insurance coverage and the ...

Deferred pension plans, applying for visa: Top personal finance stories

This week we write about the advantages and drawbacks of annuity plans and how to work on your visa application

Insurers likely to seek clarification from Irdai on new health circular

In the case of porting policies from one insurer to another, the regulator has asked the existing insurers to provide the required details to the acquiring insurance company within 72 hours

New 160 number series for service calls to reduce spam, says Trai

DCA facility discussed in meeting with RBI, sectoral regulators and 25 plus banks on Friday

Multiple levers with insurers to mitigate higher surrender value: Experts

The Insurance Regulatory and Development Authority of India (Irdai) in its 'Master Circular on Life Insurance Products' issued on Wednesday prescribed enhanced Special Surrender Value (SSV)

Irdai accepts registration withdrawal plea of Paytm General Insurance

Fintech firm One97 Communications, owner of the Paytm brand, will now focus on the distribution of insurance products of other insurers after the sector regulator Irdai has accepted Paytm General Insurance's registration withdrawal application. Paytm General Insurance Limited had approached the Insurance Regulatory and Development Authority of India (Irdai) for the withdrawal of its application for registration as a "General Insurance Company" for being a manufacturer of general insurance products. "We have been further informed by PGIL that its request for withdrawal of aforesaid application has been accepted by IRDAI vide letter dated June 12, 2024. "As mentioned in our previous communication, the move aligns with our focus towards doubling down on insurance distribution across Health, Life, Motor, Shop & Gadgets segments, facilitated through our wholly-owned subsidiary Paytm Insurance Broking Private Ltd(PIBL)," Paytm said. Paytm said that it aims to innovate on small ticket ...

Regulator Irdai mandates life insurers to provide loans against policies

The regulator has also allowed policyholders an option of partial withdrawal under pension products

Policy loan now mandatory in all life insurance savings products: Irdai

Regulator Irdai on Wednesday said the facility of policy loan is now mandatory in all life insurance savings products, enabling policyholders to meet liquidity requirements. Issuing a master circular which consolidates all regulations with regards to life insurance policies, the Insurance Regulatory and Development Authority of India (Irdai) also said the free look period, which provides time to review the policy terms and conditions, is 30 days as against 15 days earlier. The latest master circular follows a similar exercise by the regulator for general insurance policies. "This is an important step in the series of reforms taken up by the insurance regulator with interests of the policyholders at the core. A conducive environment is now facilitated to spur innovation, enhance customer experience and satisfaction," Irdai said. According to the master circular, the facility of partial withdrawal under pension products is allowed enabling the policyholders to meet their specific ...

Major changes made by regulator in general insurance: Check details

Insurers to settle claims within seven days and surveyors to submit reports within 15 days

Policyholders can cancel policy at any time by notifying insurer: Irdai

The Irdai said retail policyholders can cancel their insurance policy at any time during its term by notifying the insurer, and will receive a refund for the remaining period of the policy

Insurance companies can't reject claims for lack of documents: Irdai

The regulator said that the insurer cannot reject claim in full or part if the breach of warranty or condition is not relevant to nature or circumstance of loss