Page 8 - Irdai

Insurance industry lacks human capital in administration: Irdai member

He further said that the lack of skilled professionals has affected the Assets under Management (AUM) of these companies

30-year sovereign green bonds may attract insurance companies, not banks

A report by Nomura expressed disappointment at the government's sporadic issuance of green bonds, stating it has led to a relative lack of liquidity in these securities

ICICI Lombard General Insurance appoints Sanjeev Mantri as MD & CEO

He will take over from Bhargav Dasgupta, who will be officiating his duties until the close of business hours on 30 November 2023

Terms, bonus, sum assured: Making sense of life insurance policies

Insurers' products are complex; investors must have a rational expectation about the returns they will get

Take advantage of surety bonds: Irdai Chairman to infra stakeholders

Irdai Chairman Debasish Panda on Tuesday urged stakeholders in the infrastructure sector to take advantage offered by surety bonds, which complement bank guarantees needed for large scale funding. Surety bond is a type of insurance policy protecting parties involved in a transaction or contract from potential financial losses due to a breach of contract or other types of non-performance. He was speaking at a roundtable organised by Confederation of Indian Industry (CII) and The Infravision Foundation (TIF) on the financing of infrastructure projects in the country as part of the massive push to the sector by the government by allocating Rs 10 lakh crore towards it in the Union Budget 2022-23. The chairman of Insurance Regulatory and Development Authority of India (Irdai) pointed out that India is expected to spend approx Rs 100 lakh crore on infrastructure through the National Infrastructure Pipeline in the next five years. This requires bank guarantees of approximately Rs 90 lakh

Surety bonds must complement bank guarantee: Irdai's Debasish Panda

According to Irdai norms, a surety bond is a contract to perform the promise, or discharge the liability, of a third person in case of his default

Finance ministry seeks applications for post of whole time member Irdai

The finance ministry has invited applications for the post of Whole Time Member (Distribution) at insurance regulator Irdai. The applicant should preferably have at least 25 years of experience in the relevant area with a minimum of three years experience at a senior level, the Department of Financial Services said in an advertisement. The applicant should not be below the rank of a Chief General Manager of the Reserve Bank of India or equivalent that place in other financial institutions or regulatory bodies, it said. The department, under the finance ministry, said the applicant should have a minimum of two years of residual service as of the date of vacancy, that is March 4, 2024, and the applicant's age should not exceed 60 years on the said date. The term of the office of the member will be in accordance with the Insurance Regulatory and Development Authority Act. No person will hold the office of the Whole Time Member after attaining the age of 62 years, it added. Currently,

IRDAI Chairman bats for more players in segment to cater India's population

As an effort to set up a conducive environment for new participants and to boost innovation in the segment, the regulatory body is said to have taken several steps

IRDAI obliged to ensure persons with disability not unduly prejudiced: HC

Taking note of claims of high health insurance premium and loading charges for the specially-abled, the Delhi High Court has said it is the obligation of the sector regulator IRDAI to ensure that such people are not unduly prejudiced. Justice Prathiba M Singh, dealing with a petition for health insurance coverage by a person suffering from Tetraplegia, said the principle of reasonable accommodation mandates that such persons are provided additional support by the society and the State to enable them to lead a life of equal worth and dignity, and that right to life includes the right to avail healthcare, including medical insurance. Following several judicial orders, various general and health insurance companies, including four government insurance companies, have launched products for persons with disabilities, the court noted. The launched products, Justice Singh said, may not be the most ideal for persons with disabilities, but this would be the first step in the process of ...

Irdai approves modification on withdrawn life insurance products

The alterations are introduced to give additional benefits and flexibility to existing policyholders, ensuring they are not adversely impacted

NHRC wants Irdai to ensure insurers offer health products to disabled

The National Human Rights Commission (NHRC) has urged the insurance regulator Idrai to make insurance companies follow the spirit of the law of the land to ensure that the disabled get hassle-free health insurance by designing special products for them. A panel meeting of the representatives of the NHRC, Irdai, the National Centre for Promotion of Employment for Disabled People and some key finance ministry officials here Friday called for rationalising and institutionalising insurance for the disabled. Disability advocacy groups have long been pushing for comprehensive health coverage for the disabled. Following the December 2022 guidelines issued by the Delhi High Court, Irdai, in February 2023, mandated insurers to offer annual health coverage to disabled, HIV-positive, and mentally disabled people. The regulator had also instructed insurers to devise inclusive insurance products aligned with the essential recommendations for the disabled. However, insurers are limiting the ...

Irdai directs insurance companies to settle HP flood claims on urgent basis

The relentless floods and landslides that have wreaked havoc in Himachal Pradesh caused widespread loss to property, including homes and businesses, as well as infrastructure

Irdai lowers minimum capital need for foreign reinsurers to Rs 50 crore

Alongside lowering the capital requirement, IRDAI has also restructured the order of preference to four categories from the existing six levels

NHA, Irdai hold workshop to fuse insurance cos to Ayushman Bharat platform

The National Health Authority and insurance regulator IRDAI jointly organised a workshop to facilitate the completion of the integration process of insurance companies on the Ayushman Bharat Digital Mission platform. The workshop also assisted firms with adoption of health claims exchange specifications and e-claim standards and Third Party Administrators (TPAs). The workshop, organised from August 10-12 in the national capital, saw the participation of over 150 professionals representing 29 insurance companies and 16 TPAs, according to a statement by NHA. In June, the Insurance Regulatory and Development Authority of India (Irdai) issued a circular advising all insurance companies to start compiling the Ayushman Bharat Health Account (ABHA) number of all people seeking insurance cover and obtain their consent for sharing medical records with insurers/TPAs through ABHA. Irdai had also issued a circular advising insurers and providers to come on board the National Health Claims ..

PB Fintech down 5% in 2 days on Bima Sugam worry; analysts say buy the dip

The selling in PB Fintech (Policybazaar) shares, analysts feel, is overdone as the owner of the online insurance portal remains committed to achieving profitability

North India floods: Irdai asks insurance firms to settle claims quickly

The regulator said insurers have been advised to communicate the nomination of a Senior Executive in each affected State / UT to the Chief Secretary/ Officer concerned of the State immediately

Digit Life enters insurance space with maiden product group term plan

Digit Life Insurance, which is the newest licensee to get the regulatory approval to enter the life insurance space, on Monday said it has begun operations with the launch of a group term plan as its maiden product. The company, promoted by Canadian NRI Prem Watsa's Fairfax Financial Holdings and Kamesh Goyal of Go Digit General Insurance, said that it began operations within two weeks of receiving the license from the Insurance Regulatory and Development Authority of India (Irdai) on June 9. The group term cover focuses on holistic coverage of death, disease, and disability and provides flexibility through multiple payout options, with four in-built optional benefits and various add-ons. Bengaluru-based Go Digit Life Insurance is a tech-backed life insurer and is part of Go Digit Group. The four payout options include the lumpsum sum assured, regular income till retirement, regular income linked to the age of insured members' children, and regular income for a specified period of

Regulator IRDAI approves transfer of HDFC Life shares to HDFC Bank

HDFC announced a $40 billion deal last year to merge with the top private lender

Irdai says prior nod not needed for ULIPs; extends 'use and file' procedure

Move aimed at ease of doing business, says IRDAI

Ministry of Transport proposes 15% insurance discount on school buses

The ministry and insurance regulator of India have proposed insurance discounts of 7.5-50% on motor insurance premium for select vehicles for financial year 2023-24