Page 9 - Irdai

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

IRDAI moves Supreme Court against SAT's order in Sahara-SBI case

SAT had last week stayed IRDAI's order directing transfer of policy liabilities, entire business as well as well as assets of Sahara to SBI

Biparjoy: Irdai directs insurers to fast-track claim settlement process

Insurance regulator Irdai has asked insurers to settle claims in the states affected by cyclone Biparjoy in an expeditious manner. In a circular to CEOs of all general insurance companies, and standalone health insurance companies, the Insurance Regulatory and Development Authority of India (Irdai) said it needs to be ensured that all claims are surveyed immediately and claim payments/on account payments are disbursed at the earliest and in any case not exceeding the stipulated timeline. "The insurer shall encourage the policyholder to use electronic communication wherever possible for correspondence while initiating the claim and filing all the relevant documents. Efforts shall be made to ensure that digital processes are resorted to the extent possible for assessment of claims," it said. Cyclone Biparjoy is likely to have caused loss to property (homes and businesses) and infrastructure in various states. The regulator has asked the insurers to mobilise all resources to ensure ..

Irdai fine-tuning Bima Sugam, likely to miss its August launch date

The launch of the much-touted affordable insurance product Bima Sugam is likely to be delayed beyond August timeline as regulator Irdai is working on fine-tuning the product, which will help deepen insurance penetration and simplify the claim procedures. Bima Sugam once launched will serve as an online insurance marketplace, similar to an e-commerce platform, where insurers have the opportunity to offer and sell their products, while consumers can buy or renew their policies, raise claims, and receive all the related services at a single place. Last month, Iradi Chairman Debasish Panda had met chief executives of some leading insurers in Mumbai to give a new thrust to the project and onboard them by August 1. The regulator is also pushing to implement another high tech project Health Claims Exchange. Talking to reporters on the sidelines of the annual summit of the Insurance Brokers Association of India (IBAI) here on Friday, Panda was evasive on the proposed launch date, saying th

SAT stays Irdai order to transfer Sahara Life Insurance assets to SBI Life

On June 2, Irdai directed SBI Life Insurance to take over policy liabilities of around 2 lakh policies of Sahara Life as the latter failed to comply with the regulatory directions

Irdai grants permission to Go Digit Life Insurance to commence business

According to IRDAI, this is the fourth registration granted by IRDAI in the last one year in the Life and Non-life segment

Go Digit Life Insurance gets Irdai nod to carry life insurance business

Regulator Irdai on Friday said it has given permission to Go Digit Life Insurance Limited to carry the life insurance business in India. Go Digit, a firm backed by Canada-based Fairfax Group, is already in the general insurance business. With the latest addition, the number of insurers operating in the life insurance segment has gone up to 26. "Insurance Regulatory and Development Authority of India (Irdai) in its 122nd meeting held on June 02, 2023, has granted a Certificate of Registration to a new life insurer namely, Go Digit Life Insurance Limited to carry life insurance business in India," the regulator said. Go Digit General Insurance is also proposing to come out with an IPO and has already filed papers with markets regulator Sebi.

Go Digit Life Insurance receives IRDAI's approval to start business

"This is the fourth registration granted by IRDAI in last one year in Life and Non-life segment," it added

Train tragedy: Insurers ease claims process, set up helpline for settlement

Many insurance players, including SBI Life, on Monday announced the prioritisation of claims related to victims of the tragic train accident in Balasore (Odisha) to provide immediate financial relief to families. General Insurance Council chairman Tapan Singhel said, "As an industry, to support the rebuilding of our community, we have created a dedicated helpline and digital capabilities so that it is easier for customers or their family members to reach insurers". Insurers have allocated specialised teams to expedite such claims and ensure a seamless claim process for policyholders, Singhel, who is also managing director of Bajaj Allianz General Insurance, said. "We are reaching out to our customers in the affected region proactively to ensure they are safe and in case of a requirement then that their claims are also being prioritised. Insurance companies have also deployed their resources on-sight for immediate resolution and assistance," he said. SBI Life has taken steps to ease

IRDAI asks insurers to suo motu settle claims of Odisha rail mishap victims

Under suo motu settlement, the companies settle the claims even without the other parties applying for it

Irdai asks SBI Life to acquire Sahara India's Life Insurance business

Regulator Irdai on Friday directed SBI Life Insurance Company to take over the policy liabilities of around two lakh policies along with assets of Sahara India Life Insurance Co. Ltd (SILIC) with immediate effect. The decision was taken at the meeting of the Insurance Regulatory and Development Authority of India (Irdai) in view of deteriorating financial health of the SILIC. "The Authority has identified SBI Life Insurance Company Limited (SBI Life), which is one of the largest life insurers in the country with satisfactory financials, as the acquirer insurer of the life insurance business of SlLIC. "SBI Life shall take over the policy liabilities of around two lakh policies of SILIC, backed by the policyholders' assets, with immediate effect," Irdai said in its order. In a statement, the Irdai said it has also taken necessary steps to ensure the smooth transition for all policyholders of SILIC.

Checkmate for Chinese firms in India's growing reinsurance market

The insurance business, by its nature, collects enormous data about Indians and is regarded as an economically sensitive sector

Irdai to create state insurance plan mirroring SLBCs: Debasish Panda

Aim is to bring down regulations and promote innovation in the sector

'Changes to be made in surety bond offering for making it more lucrative'

Road, transport and highways minister Nitin Gadkari on Tuesday said that changes will be made to the surety bond offering to make it more lucrative as no contractor is buying it because of the strict conditions imposed by insurance regulator Irdai. Last year in December, Gadkari launched the country's first-ever surety bond insurance product, with an aim to reduce the dependence on infra developers of bank guarantees. "Don't impose such conditions that nobody is able to take benefit of the scheme...It took 3 years to come out with surety bonds and when it has been finally launched, no contractor is buying it," Gadkari said at an event organised by CareEdge Ratings. The product, from the stable of Bajaj Allianz General Insurance, has been developed in response to a demand identified by the industry and the government. "Changes will be made to surety bond offering to make it more lucrative," he added. The Surety Bond Insurance is a risk transfer tool for the principal and shields th

Irdai to hold open house for insurtech, fintech on 15th of every month

Regulator Irdai will hold an open house for the insurtech and fintech companies on 15th of every month to look at bringing in more innovation ideas for the insurance sector. The open house is intended to invite suggestions from them to provide effective and seamless solutions and ideas to various insurance related activities, which would help insurance companies to provide better services to policyholders, it said. "It is expected that the solutions/ideas would help in increasing the insurance penetration in the country," the Insurance Regulatory and Development Authority of India (Irdai) said in a statement. The open house would be held at the Head Office of Irdai in Hyderabad from 11.00 AM to 1.00 PM on 15th of every month, it said, adding that if 15th happens to be a holiday, the open house will be held on the next working day. Further, the regulator said Irdai's Chairperson (in his/her absence, the senior most Whole-time Member) along with senior officials will be present at th

Irdai forms task force to facilitate ease of doing KYC using Aadhaar

Regulator Irdai has constituted a task force to facilitate ease of doing Know Your Customer (KYC) by insurers using Aadhaar, the 12-digit individual identification number. In a circular, the Insurance Regulatory and Development Authority of India (Irdai) said presently, the UIDAI framework allows insurance companies to indentify the customer by using his/her Aadhaar with consent management. "In the absence of the Unique Customer Identification in the insurance sector, insurance companies are facing various issues while providing the services and claims apart from ease of onboarding the customers, circumventing possible frauds, etc," it said. The 12-member task force is being headed by Member (F&I), Irdai. The panel has been asked to suggest measures to ease of onboarding of customers using Aadhaar, and steps for fraud management at underwriting and claims stages. It has also to suggest measures for improving the traceability of customers/beneficiaries to reduce unclaimed amounts .

Irdai relaxes norms for surety bonds to expand market for such products

Regulator Irdai on Tuesday said it has relaxed norms for 'surety bonds', 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. The changes are aimed at expanding the surety insurance market by increasing the availability of such products. As per a circular issued by the Insurance Regulatory and Development Authority of India (Irdai), the solvency requirement applicable for such products has now been reduced to control the level of 1.5 times from 1.875 times previously prescribed. Further, the prevailing 30 per cent exposure limit applicable on each contract underwritten by an insurer, has also been removed. The regulator had issued 'IRDAI (Surety Insurance Contracts) Guidelines' in January 2022. Irdai said the amendments have been made on the basis of the evaluation of various representations received. The amendments follow the earlier notification removing

IRDAI lowers the solvency requirement for surety bonds to 1.5 times

Removes 30% exposure limit on each contract

Order to stop loan re-payment via credit card good for customers: Insurers

Insurers said it was never in the interest of the customer to repay the loan by borrowing on a credit card and paying much higher interest rates on the outstanding balance on the card