Page 12 - Latest Updates on IRDAI
GIC seeks relaxation in regulatory norms as coronavirus hits operations
While insurance firms ignore MTM gains, they are required to recognise MTM losses as expenses
 "GIC seeks relaxation in regulatory norms as coronavirus hits operations")
GI Council urges IRDAI for easier MTM rules to take on Covid-19 disruption
Wants regulator to allow companies to consider MTM losses as on Feb 29, instead of March 31 for the purpose of drawing up the P&L accounts
Irdai extends premium renewal period by 30 days as lockdown continues
Life Insurance Corporation has offered relaxation to policyholders on payment of premiums due on inforce policies up to April 15
 "Irdai extends premium renewal period by 30 days as lockdown continues")
Soon, pay less and get better health cover: IRDAI hints at new changes
The move is aimed at helping policyholders as the insured would pay less while getting better coverage
 "Soon, pay less and get better health cover: IRDAI hints at new changes")
Coronavirus: Exporters seek duty reduction, logistics support from Centre
Meanwhile, Irdai was asked to review existing insurance products to ensure risk cover against loss because of abnormal delay in delivery of shipments
 "Coronavirus: Exporters seek duty reduction, logistics support from Centre")
Provide Covid-19 cover in policies: Irdai tells health insurance companies
The costs of medical expenses will be settled in line with the terms and conditions of the policy contract
Delhi violence: Irdai asks insurers to expeditiously settle victims' claims
The communal violence in northeast Delhi, which was sparked by protests over the amended Citizenship Act, has left 42 dead, several injured and properties damaged
 "Delhi violence: Irdai asks insurers to expeditiously settle victims' claims")
Coronavirus: Irdai asks insurers to design products covering treatment cost
The regulator has also made it clear that in existing products where the cost of hospitalisation is covered, insurers have to make sure that cases related to coronavirus are dealt with expeditiously.
Premium perks: Wearables, apps are set to transform health insurance
IRDAI has so far received 173 proposals, most of which incentivise wellness in the health insurance space through the use of apps and wearable devices
 "Premium perks: Wearables, apps are set to transform health insurance")
Life insurers to sell health policies? Standalone cos to lose, say experts
Non-life insurance companies will face a stiff competition from life insurers
 "Life insurers to sell health policies? Standalone cos to lose, say experts")
A lot of unutilised space in insurance sector for foreign investment
There is headroom for foreign partners in both the life and non-life sectors within the current limits
 "A lot of unutilised space in insurance sector for foreign investment")
Pay as you go: Irdai initiave aims to attract low-mileage car user
The idea behind such policies seems to be - lower the mileage, lower is the probability of an accident
 "Pay as you go: Irdai initiave aims to attract low-mileage car user")
Irdai concerned over rising hospital tariffs, plans to standardise charges
"We plan to introduce a system in which people will have the liberty to choose their TPAs," Irdai member said
 "Irdai concerned over rising hospital tariffs, plans to standardise charges")
Common portal for health insurance claim settlements on the cards
Regulator aims to usher time-bound settlement of claims and eliminate disparity in charges among different for some common procedures
 "Common portal for health insurance claim settlements on the cards")
New Irdai guidelines unlikely to impact insurance premium rates for now
General insurers would wait to see whether claims rise sharply after the removal of the three-month clause
 "New Irdai guidelines unlikely to impact insurance premium rates for now")
PSU general insurers continue to lose market share, merger plan stuck
All, barring New India, have been losing market share for a while. However, United India has gained marginally this January
 "PSU general insurers continue to lose market share, merger plan stuck")
LIC's new business premium crosses Rs 1.5 trn mark, income soars 18%
The Corporation's total income grew by 17.79 per cent to Rs 2,97,017.28 crore as of September 2019 from Rs 2,52,149.60 crore a year ago, chairman MR Kumar said
 "LIC's new business premium crosses Rs 1.5 trn mark, income soars 18%")
PNB seeks IRDAI forbearance for paring stake in Canara HSBC OBC Life
PNB has requested the regulator to provide additional time for cutting down or offloading its stake in the life insurance firm that will come to its fold by merger of another lender
 "PNB seeks IRDAI forbearance for paring stake in Canara HSBC OBC Life")
Budget 2020: Road to bourses for LIC is not going to be an easy one
Amendment to the Act, sovereign guarantees, investment portfolio, realty holdings, and governance issues to shape valuation
Irdai's Committee on micro insurance suggests ways to boost segment
Micro insurance is specifically intended for protection of low income people, with affordable products to help them cope with and recover from financial loss
 "Irdai's Committee on micro insurance suggests ways to boost segment")
