Page 6 - Irdai

IRDAI asks insurers to give coverage for AYUSH in health insurance policies

IRDAI asked companies to modify products that contain limitations for AYUSH treatments and ensure compliance with the revised guidelines

Irdai notifies a consolidated regulation on expenses of management

The RRC recommended the IRDAI (EoM, including commission, of insurers) Regulations 2023, after repealing three separate regulations

Niva Bupa premium growth may slow down to 25-30% over next 3-5 years: CEO

The health insurer is also planning to come up with their Initial Public Offering (IPO) in financial year 2024-25, though the size has not been decided yet

Nearly 90% of young people lack ability to calculate loan repayments

The exercise involved calculating the total amount to be repaid after a year if one is given the loan amount and the interest applicable

Govt appoints Rajay Kumar Sinha as Irdai's member for three years

Sinha is currently serving as the Managing Director and Chief Executive Officer of SBI Capital Markets, the investment banking arm of the State Bank of India

IRDAI eases norms for insurer investment in infrastructure debt funds

New regulation by IRDAI allows greater flexibility for insurers in IDF-NBFC investments

Narayana Health gets Irdai nod to launch health insurance business

The company runs one of the largest hospital chains under the brand name of Narayana Hospital

Women's life insurance share rises to 34.2% in 2022-23: IRDAI report

As per the IRDAI's annual report 2023, of the total policies sold, the number of policies issued to women was around 9.73 million, which is 34.20 per cent of the total

Sebi tweaks norms for online bond platform providers to boost ease of biz

Capital markets regulator Sebi on Thursday tweaked the regulatory framework for Online Bond Platform Providers (OBPPs) to enhance the ease of doing business. This came after Sebi received representations from stock exchanges and market participants, including online bond platforms. "The proposed modifications shall aid in ease of doing business for OBPPs," the Securities and Exchange Board of India (Sebi) said in a circular. Under this, the regulator has modified the framework pertaining to the issue of order receipt, deal sheet and quote receipt in case of products, securities or services. On placement of an order by an investor, Sebi said that OBPPs will have to issue without delay an electronic order receipt which includes the date and time of the order, details of counter-parties involved, quantity and amount proposed to be transacted. After the execution of the order, the entity will issue a deal sheet to the investor for all transactions, stating all the relevant information

Future Generali life insurance aims to grow upto 18% CAGR by FY26: Rungta

The New Business Premium (NBP) of the company declined by 35.48 per cent in April-November 2023 to Rs 257.75 crore from Rs 399.51 crore in the year ago period

Health insurance: Govt to discuss 24-hr hospitalisation rule with Irdai

President of NCDRC, Justice Amreshwar Prasap Sahi, said that some district forums have innovated and ordered insurance cos to clear claims even when hospitalisation was less than 24 hrs

Higher surrender value to badly hit life insurers margins: Report

The recent regulatory push to increase the surrender value of a life policy through the revised concept of threshold limit and adjusted guaranteed surrender value for all non-linked policies, if implemented, will hit the margins of the insurers, warns a report. The Insurance Regulatory and Development Authority (Irdai) earlier this month put out a draft circular proposing an increase in the surrender value of a life policy by revising upwards threshold limits and the adjusted guaranteed surrender value for all non-linked policies, both par and non-par. Surrender value is the amount that an insurer pays to a policyholder in case he or she terminates the policy before maturity. The move if implemented as the current format will affect the overall margins of life insurance companies, India Ratings said in a note on Thursday without quantifying by how much given the complex calculations being proposed. But the agency also believes that defining the thresholds for surrender value will b

Centre may set up regulator for healthcare to expand insurance coverage

A regulator for the healthcare sector is expected to bring in standardisation and lower the costs

Non-linked insurance plan: Surrender or stay? Do the math before deciding

The new norms contained in IRDAI's exposure draft, if implemented, will make surrendering less painful

Approval for 19 General insurance cos applications in IRDAI's pipeline

Out of the 19 applicants, only Narayana Health Insurance Private Limited has reached the R2 stage of the application. Twelve of them are in their R1 stage

2023: A landmark year with new policies, regulations for life insurers

The IRDAI's flagship BIMA Trinity comprising Bima Vistaar, Bima Vahak and Bima Sugam is considered to be a key game changer for the sector

IRDAI eases claim settlement norms for victims of Cyclone Michaung

The regulator's circular added that the special dispensation granted is applicable to the claims arising out of Cyclone Michaung and the resulting heavy rains/floods

Irdai's diktat on surrender value weighs on life insurance stocks

According to the H1FY24 earnings, the share of Non-Par in Individual Annualised Premium Equivalent (APE) of LIC stood at 10.76 per cent

Insurance industry must embrace innovation, enhance capabilities: Irdai

The biggest challenge is to draft a regulation which can foresee, predict and provide guidance for payments, said Panda

Insurance industry faces hurdle in growth due to dearth of human capital

To counter the shortage of human capital, insurance firms are investing in employees by recruiting directly from campuses