Regulation

IRDAI asks insurers to follow rules strictly in paying commissions to the intermediaries  

Indian News       Apr 03, 2020

  Hydearbad: Finding fault with the existing systems followed by the insurers for paying of commission or remuneration or rewards to the intermediaries, the insurance regulator IRDAI on Friday has revamped the existing norms for its meaningful and effective compliance uniformly by all insurers from FY...

29 insurers launch new standard health products, to cover Covid-19 treatment costs

Indian News       Apr 01, 2020

  Hyderabad: The insurance regulator IRDAI has clarified that the newly designed standard health insurance product ‘Arogya Sanjeevani’, where the cover size ranges from Rs 1 to Rs 5 lakh with premium between Rs 1,000 to Rs 5,000,offered by the 29 general and health insurers,will cover...

IRDA clears 16 Regulatory Sand Box proposals from 8 insurers

Indian News       Mar 31, 2020

  Hyderabad: The IRDAI in its second tranche of approvals related to innovative product proposals from Non-Life, Life and Intermediaries segments , under the Regulatory Sandbox plans, has allowed 16 products from five general insurers and three life insurers.   The period of approval for the new...

IRDA bans Capital Gearing treaties by insurers

Indian News       Mar 30, 2020

  Hyderabad: Terming any Capital Gearing treaties in various forms including Quota Share Reinsurance Treaty. are of the nature of financial arrangements and not primarily  a risk transfer mechanism,the IRDAI has banned any such fresh treaties by any general insurers with immediate effect.   The insurers have...

Repayment moratorium covers all loans, including credit card dues: RBI

Indian News       Mar 27, 2020

  Mumbai: The moratorium on loan repayment between March 31 and May 31, is applicable on all types of retail credit, including credit card outstanding balances, the Reserve Bank said on Friday.   To mitigate the burden of debt servicing brought about by disruptions due to the...

IRDAI postpones its move to hike 3rd party motor premium from Apr 1

Indian News       Mar 27, 2020

  Hyderabad: The insurance regulator IRDAI has decided to put off  its proposed annual move to hike the premiums for the mandatory third party motor cover that would have been effective from Apr 1 . ``Validity of premium rates for Motor Third Party Liability Insurance Cover...

RBI quickly sets up Business Contingency Plan amid coronavirus outbreak

Indian News       Mar 22, 2020

  Mumbai: The Reserve Bank is virtually being run from a war-room at a city facility manned by just around 90 critical staff as the nation's monetary authority works to insulate the financial system from disruptions due to the coronavirus pandemic.   The facility, operational from March...

IRDAI forms committee to review corporate governance guidelines for Indian insurers 

Indian News       Mar 19, 2020

  Hydearbad: IRDAI  has formed a committee on Thursday under Praveen Kutumbe, member(Finance & Investment) to review the existing guidelines on corporate governance guidelines for insurance companies and to make it more effective and robust, constitutes, the insurance regulator  The committee will review the guidelines for...

EU insurers must preserve capital positions as Coronavirus crisis escalates: Watchdog

International News       Mar 19, 2020

  Insurance companies should take measures to preserve their capital position and be prudent about dividend and bonus payments as the coronavirus outbreak disrupts households and businesses, the European insurance watchdog said.   “Insurers are likely to face progressively difficult conditions in the immediate future, both in...

IRDAI proposes to simplify norms on deductions in health policies

Indian News       Mar 17, 2020

  Hyderabad: In a  bid put in place a uniform approach while applying proportionate deductions in health insurance claims when policyholders opt for room with a higher rent than the eligible limit under the policy, the insurance regulator IRDA is planning to issue norms on making...

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