Page 14 - Latest Updates on IRDAI
With lower sum assured, Ulips emerge as attractive option with high returns
Recently, the Insurance Regulatory and Development Authority of India (IRDAI) allowed those under the age of 45 years to also buy Ulips with a lower sum assured
 "With lower sum assured, Ulips emerge as attractive option with high returns")
IRDAI to seek councils' view before offering indemnity- based health plans
Non-life companies feel that allowing life insurers to offer indemnity-based plans will increase competition further in the market
 "IRDAI to seek councils' view before offering indemnity- based health plans")
General Insurance sector's PAT drops 90% in FY19, finds Irdai report
The underwriting losses of the general insurance industry increased to Rs 22,320 crore in FY19 from Rs 15,341 crore, a jump of 45%
 "General Insurance sector's PAT drops 90% in FY19, finds Irdai report")
Irdai okays debt ETFs of CPSEs as eligible class of investment for insurers
Irdai said such debt ETFs should be issued by mutual funds registered by Sebi and governed by its regulations.
 "Irdai okays debt ETFs of CPSEs as eligible class of investment for insurers")
Irdai plans to standardise insurance guidelines for houses and shops
In the last few years, the need for such standardisation was accentuated by increasing loss of small houses and commercial establishments due to natural calamities
Irdai may allow banks to hold over 10% stake in multiple insurance firms
Irdai chairman says considering proposal to change rules for lenders
 "Irdai may allow banks to hold over 10% stake in multiple insurance firms")
DHFL insolvency proceedings: Irdai rules out troubles for two insurers
He also asked insurance companies to write off their exposure to the bankrupt DHFL as they did in case of IL&FS
 "DHFL insolvency proceedings: Irdai rules out troubles for two insurers")
Irdai may allow merged state-run banks to hold over 10% in insurance firms
Some of the 10 public sector banks that are merging into four are promoters of insurance entities as well
 "Irdai may allow merged state-run banks to hold over 10% in insurance firms")
IRDAI approves sale of 51% stake in Max Bupa to True North: Max India
The all-cash transaction announced in February 2019 valued Max Bupa at an enterprise value of Rs 1,001 crore, Max India said in a statement
 "IRDAI approves sale of 51% stake in Max Bupa to True North: Max India")
Irdai proposes to make calculation of motor cover simpler, more transparent
Customers will not have to buy add-ons like invoice cover in the new regime
 "Irdai proposes to make calculation of motor cover simpler, more transparent")
Irdai slaps Rs 2-cr fine on India Infoline Insurance for violating norms
The regulator has penalised the broker with a fine of Rs 1 crore each for violating norms on related party transactions and not having its own office infrastructure
Policyholders likely to gain as Irdai proposes changes to motor policy
For partial loss claims, age-wise depreciation has been recommended, wherein if the vehicle is less than a year old, the depreciation will be 10 per cent
Irdai issues draft norms on wellness services in health insurance products
It said that the wellness and preventive features shall be designed only with the objective of maintaining good health
Irdai directs Reliance Health Insurance to stop selling new policies
The company will be merged into Reliance General
Irdai bars Anil Ambani-led Reliance Health Insurance from selling policies
Irdai has also asked RHICL to "ring fence" its residual assets and not dispose them of without the insurance regulator's prior written approval.
 "Irdai bars Anil Ambani-led Reliance Health Insurance from selling policies")
TCS, Wipro among others in fray to manage Irdai's biz analytics project
The four companies had submitted their initial bids in response to an 'expression of interest' floated by the Insurance Regulatory and Development Authority of India
 "TCS, Wipro among others in fray to manage Irdai's biz analytics project")
Irdai asks insurers to give details on exposure to DHFL, IL&FS, ADAG
All the four entities, for which data was sought by Irdai on October 9, have been downgraded by credit rating agencies recently
 "Irdai asks insurers to give details on exposure to DHFL, IL&FS, ADAG")
Centre initiates process to appoint two full-time members on Irdai board
Both the appointments shall be made by the central govt on the recommendations of the Financial Sector Regulatory Appointment Search Committee.
 "Centre initiates process to appoint two full-time members on Irdai board")
BSE-Ebix JV gets IRDAI approval for distribution of insurance products
The JV will make use of the reach of both BSE and EbixCash, which spans over 300,000 outlets across the country
Make sure insurance ads are clear, fair and not misleading: Irdai to firms
The Irdai in a circular on 'insurance advertisements' has prescribed dos and don'ts for insurance companies to comply with.
