Page 10 - Latest Updates on IRDAI
How bailout for three state-run insurers highlights Irdai's incompetence
The latest bailout also raises concerns about the need for a through relook at the quality of the managerial talent in these companies
 "How bailout for three state-run insurers highlights Irdai's incompetence")
Ensure cashless facility for Covid-19 treatment: Irdai to insurers
It has asked insurers to take appropriate action against hospitals in case they deny cashless facility to policyholders and deviate from the agreed terms of the service level agreements.
 "Ensure cashless facility for Covid-19 treatment: Irdai to insurers")
Insurers start offering standard Covid product as mandated by Irdai
As of now, the insurers have to offer the indeminity-based standard Covid cover (Corona Kavach), but later they may also offer the benefit-based product (Corona Rakshak), insurers said
 "Insurers start offering standard Covid product as mandated by Irdai")
Irdai sets up panel to study feasibility of forming a 'pandemic risk pool'
The group has to submit its report on the subject in the next eight weeks
 "Irdai sets up panel to study feasibility of forming a 'pandemic risk pool'")
Irdai allows insurers more flexibility on Arogya Sanjeevani sum insured
Insurers can offer sum insured of less than Rs 1 lakh, while the maximum can exceed Rs 5 lakh. Insurers could earlier offer policies only in the Ra 1-5 lakh sum insured range
 "Irdai allows insurers more flexibility on Arogya Sanjeevani sum insured")
Irdai examining surety bonds for road contracts amid Covid-19 crisis
Now, the Insurance Regulatory and Development Authority of India (Irdai) has set up a nine-member working group to study the legal framework and suitability of the Indian insurance industry
 "Irdai examining surety bonds for road contracts amid Covid-19 crisis")
Non-life insurers to offer standard Covid covers to consumers from July 10
It will also include the cost of treatment for any other co-morbidities, including pre-existing comorbid conditions along with the treatment for Covid-19
 "Non-life insurers to offer standard Covid covers to consumers from July 10")
LIC sees rebound in business after months of slide due to Covid-19 crisis
With the spread of coronavirus and the subsequent lockdown imposed by the government, LIC saw its new business premium (NBP) fall 31 per cent year-on-year (YoY) in March
 "LIC sees rebound in business after months of slide due to Covid-19 crisis")
Irdai sets up panel to suggest insurance products related to use of drones
It also noted that drones are playing a significant role in the current Covid-19 situation, assisting various authorities in several activities
 "Irdai sets up panel to suggest insurance products related to use of drones")
Irdai allows life insurers to sell short term benefit-based Covid policies
Non-life insurers can sell both, benefit-based and indemnity-based short-term health covers
Regulators, top govt officials meet to pull economy out of crisis
They also deliberated upon the status and developments under the IBC, and the working of credit rating agencies, the RBI said in a statement.
 "Regulators, top govt officials meet to pull economy out of crisis")
Can't deny health claims for policies beyond 8 years, says Irdai
Non-disclosure not a valid ground after moratorium period
NHRC notices to FinMin over health workers facing 'refusal' on mediclaim
It is further stated that while most doctors have a medical cover, the struggle has mainly been about ensuring protection for their staffers, the NHRC said
Standard covid product to be benefit-based cover under revised IRDAI rules
The minimum sum assured for the product will be Rs 50,000 and it can go upto a maximum of Rs 5 lakh
 "Standard covid product to be benefit-based cover under revised IRDAI rules")
Top headlines: 1st invIT by govt entity set to open, SC on AGR dues, & more
From Clix Capital set to buy majority stake in Lakhsmi Vilas Bank, RBI proposing 10-yr term for bank promoter-CEOs, here are top headlines on Friday morning
 "Top headlines: 1st invIT by govt entity set to open, SC on AGR dues, & more")
Out-of-pocket expenses set to fall for policyholders after new Irdai rules
Now insures have to define the associate medical expenses which will be deducted proportionately if a person opts for a higher room category than the category that is eligible
Irdai issues guidelines for standardisation of indemnity health products
Policyholders can cancel their policies at any time by giving a 15 days' notice to the insurer and the company has to refund premium for the unexpired policy period
Irdai asks insurers, TPAs to disclose infra details of hospitals in network
Insurers and TPAs have been asked to provide details of medical infrastructure of hospitals
Top headlines: IPO filings dry up, challenges for Maruti Suzuki, and more
From IBM dropping its facial recognition software, Irdai withdrawing its long-term covers on motor to FM telling banks to improve interest rate transmission, here are the top headlines on Wednesday
 "Top headlines: IPO filings dry up, challenges for Maruti Suzuki, and more")
Irdai withdraws long-term package covers in motor sector over affordability
Regulator also says insurers are facing issues in offering the product
