Page 13 - Latest Updates on IRDAI
Irdai pitches for daily premium payment policies to promote micro-insurance
Micro-insurance is specifically intended for the protection of low-income people
 "Irdai pitches for daily premium payment policies to promote micro-insurance")
SAT directs Irdai to recalculate unlawful gains in SBI Life Insurance case
In a single premium policy, the premium for the entire policy is collected in advance and agents can get a commission of 2 per cent under the plan
 "SAT directs Irdai to recalculate unlawful gains in SBI Life Insurance case")
Insurance firms' trial products promise accurate price covers for policies
The Insurance Regulatory and Development Authority (IRDAI) recently gave the green light to 33 products and services under its regulatory sandbox framework
 "Insurance firms' trial products promise accurate price covers for policies")
Regulatory transparency still a far cry from instilling public confidence
While RBI's recent move to make the minutes of its Central Board meeting public is welcome, regulators across sectors are generally loath to reveal cost-benefit analyses of their decisions
 "Regulatory transparency still a far cry from instilling public confidence")
Irdai issues norms to protect group policyholders of merging state banks
Moreover, Irdai has said a bank in its capacity as a group organizer may have group insurance arrangements with any number of insurance firms
 "Irdai issues norms to protect group policyholders of merging state banks")
Irdai issues norms to protect group policyholders of merging PSBs
"The insurance companies shall make suitable arrangements with the acquiring banks to this effect," said the the Insurance Regulatory and Development Authority of India (Irdai)
 "Irdai issues norms to protect group policyholders of merging PSBs")
Irdai decides to defer implementation of IndAS in insurance sector
The regulator had planned to implement IndAS 117, which is an equivalent of IFRS 17, and IndAS 109 from April 1 onwards, but the IASB decided to amend IFRS 17
Irdai chief warns firms against unfair trade practises, predatory pricing
The regulator also told insurance brokers to be more disciplined in filing their returns
 "Irdai chief warns firms against unfair trade practises, predatory pricing")
'Not sustainable', IRDAI chief cautions insurers against predatory pricing
Highlighting that the insurance industry is different from other business, he said if an insurer fails, it has bearing on customers as well
 "'Not sustainable', IRDAI chief cautions insurers against predatory pricing")
Only a few proposals get Irdai nod under regulatory sandbox structure
Among the proposals approved, the health insurance segment has got 19 approved proposals.
 "Only a few proposals get Irdai nod under regulatory sandbox structure")
Insurers to pay penal interest for delay in settling health claims
The regulator on Monday issued an exposure draft on guidelines on standardisation of general clauses in health insurance policies contracts
 "Insurers to pay penal interest for delay in settling health claims")
Non-life insurers log 11.5% rise in premium at Rs 15980 crore in Dec 2019
Seven stand-alone private sector health insurers collected Rs 1,258.14 crore premium during the month
Two recent Irdai orders show why the regulator needs to be given more teeth
Between January 7 and 8 Irdai rapped an insurance firm and a broker for violating norms - one for parking money with related firms, and another for out-and-out reinsurance fraud
After standardising health insurance, Irdai looks at rating of hospitals
Under the rating mechanism, insurers can charge on the basis of grades based on facilities like number of doctors or equipment in the hospital
 "After standardising health insurance, Irdai looks at rating of hospitals")
Offer standard health policies with maximum sum insured Rs 5 lakh: Irdai
The product will be named as Arogya Sanjeevani Policy, succeeded by the name of the insurance company
 "Offer standard health policies with maximum sum insured Rs 5 lakh: Irdai")
Irdai slaps Rs 2.18 cr fine on Hero Insurance Broking for violating norms
Irdai, in its order, clarified that neither the insurance broker nor the MISP can create such a panel of insurers for selling motor insurance policies
Enforcement of share pledging in Reliance General null & void: Irdai
Reliance Capital believes that the order by Irdai will protect the interest of all lenders and debenture holders of the company.
 "Enforcement of share pledging in Reliance General null & void: Irdai")
Irdai restores Reliance Capital's 100% shares in Reliance General Insurance
The regulator also said its prior approval was not taken for the transfer. The Irdai added that the unauthorised transfer also violates FDI regulations
IRDAI backs hospital ratings for standardisation of health insurance
Rating of hospitals would be an addition of this database, as will lead to more standardisation the health insurance segment
Preference to GIC likely to continue in reinsurance business in India
As a rule, GIC Re is given preferential treatment in taking reinsurance risk.
 "Preference to GIC likely to continue in reinsurance business in India")
