"We have also come out with an Advance Medical Directive (AMD), or...
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Irdai caps health insurance premium hikes for senior citizens at 10 pc per annum
Irdai further said insurers will have to undertake prior...
Sebi rejects competing open offer by US-based entity to pick majority stake in Religare
In a communication dated January 28 to REL, the Securities and...
China’s Anbang Insurance Group to apply to disband, liquidate
After the Anbang take-over, China has tightened regulations on the country’s financial holdings companies to defuse risks accumulated by a group of non-financial firms that it says expanded blindly into the financial sector.
On Sunday, the People’s Bank of China (PBOC) issued related new rules, setting requirements on registered capital, total assets, and assets under management on eligible financial holdings firms.
IRDAI plans broad basing exclusive Carona covers, moots digital health insurance claim platform:Alamelu
“We are thinking of ways and means, sooner than later we will issue instructions on how standardised Covid-specific health insurance policies can be mainstreamed, renewed, features of porting migration so that Corona Rakshak and Corona Kavach policyholders continue to get a good cover not only for Covid but entire health sector.” said T.L. Alamelu,member (Non-Life),IRDAI on Friday while addressing an ASSOCHAM National e-Summit on Challenges, Opportunities & Way Forward for Health Insurance Under Covid Attack.
She also indicated that the regulator is currently is working on plans to develop a digital claim settlement mechanism involving all stakeholders – policyholders, insurers, TPAs, hospitals that could be stitched up with National Digital Health Mission.
General insurers can issue e-policies till March,2021:IRDAI
Now, all motor, health insurance policies,fire insurance policies, all package insurance policies issued to individuals and all miscellaneous policies issued to individuals where the sum insured does not exceed Rs. 5 crore,can be issued through digital/electronic mode.
RBI in process of constructing digital payment index to assess extent of digitisation: Exec director
“RBI is in the process of…constructing and periodically publishing a composite digital payment index (DPI) to capture the extent of digitisation. The DPI could be the key to accurately measure the deepening and penetration of digital payments across the country,” he said while addressing a webinar organised by the US-India Business Council.
Don’t stop us paying dividends, European insurers tell regulators
The pandemic will likely lead to between $50 and $100 billion in losses for insurers, the Insurance Europe trade body said in response to a consultation by the International Association of Insurance Supervisors (IAIS) on the impact of the pandemic
IRDA allows wide-ranging incentives by insurers to promote wellness and affordable health insurance
Based on criteria stipulated for wellness and fitness, insurers may endeavor promoting wellness amongst health insurance policyholders by offering host of services:
-Health specific services provided by Network providers or other empanelled hospitals / service providers for the following (in addition to any such benefits already offered):
-Outpatient consultations or treatments
-Pharmaceuticals
-Health check-ups/diagnostics
-Including discounts on all the above.
– Redeemable vouchers to obtain health supplements.
Revised Weinstein settlement draws opposition from accusers
The $35.2 million proposal filed on Tuesday in the U.S. Bankruptcy Court in Delaware was financed by insurers and includes $17 million to settle sexual misconduct claims in various courts as well as a lawsuit by New York’s attorney general.
IRDA forms panel to examine relaunching of Index-linked products by life insurers
Currently, IRDAI, product regulations do not specifically permit insurers to sell index linked products and life insurers have been requesting the IRDAI to allow them to offer index linked products.
The working group will examine the need for index-linked products in India , availability of various indexes and how it will better serve the needs and interests of customers relative to traditional savings product.
IRDAI asks applications for the 2nd cohort of the Regulatory Sandbox
The window for filing of applications shall open on 15thSeptember, 2020 and close on 14th October, 2020.
The IRDAI has created a Regulatory Sandbox whose objective is to use innovative ideas to foster growth and increase the pace of most innovative companies, in a way that provides flexibility in dealing with regulatory requirements and at the same time focussing on policyholder protection.
More than 15 lakh lives covered under exclusive Corona policies:IRDAI chief
“We will be happy if more emphasis will be given by insurers on how to deal with the current pandemic and post pandemic.We will be delighted if more proposals come to deal with present situation,” Subhash C Khuntia, Chairman, IRDA
MR Kumar, chairman, Life Insurance Corporation, emphasized to focus on IDEAS- Investment opportunity, Distribution of insurance products, Economics and efficiencies, Administration of business & focus on technology and Solvency and soundness of the industry.