Page 15 - Latest Updates on IRDAI
Irdai pulls up life insurers for under-reporting operating expenses
The regulator, in 2016, had set a limit for managing expenses of life insurers
 "Irdai pulls up life insurers for under-reporting operating expenses")
Gaps, overlaps, traps and mishaps
The SEBI-SAT standoff is expected to end up in the Supreme Court
 "Gaps, overlaps, traps and mishaps")
IRDAI tries to bring more transparency into life, health and travel covers
Lack of clarity often led to disputes between customers and insurers over whether certain claims could be honoured
 "IRDAI tries to bring more transparency into life, health and travel covers")
NHA, IRDAI recommend measures to check frauds, data standardization
In the report, the experts recommended building a national repository of empanelled hospitals under insurance/government schemes with defined standards for quality and package rates and codes
 "NHA, IRDAI recommend measures to check frauds, data standardization")
A regulatory sandbox a win-win for all stakeholders, says Irdai
Irdai will start receiving application from insurance companies such as InsurTech and others from September 15 on product ideas under the sandbox approach
Irdai to revisit motor third party obligation regulations for insurers
The regulator has constituted a working committee for reviewing the current motor third party obligation regulations for insurers
Irdai partnering states to contact those with uninsured vehicles
Under the Motor Vehicles Act, it is mandatory for all vehicles to have a third-party insurance cover
 "Irdai partnering states to contact those with uninsured vehicles")
Life insurers register 6% growth in new premium income in July: Irdai
The largest life insurer LIC recorded a rise of 3.10 per cent in its new premium in July at Rs 15,311.87 crore as against Rs 14,851.77 crore in the same month a year ago
 "Life insurers register 6% growth in new premium income in July: Irdai")
Purchase term plan from insurer which has a high claim settlement ratio
Since it is advisable to keep insurance and investment separate, a term plan should be your first choice among insurance products
 "Purchase term plan from insurer which has a high claim settlement ratio")
Account aggregator to make applying for loan less cumbersome for users
An app will take a user's consent to share financial data with organisations
 "Account aggregator to make applying for loan less cumbersome for users")
Irdai's regulatory changes likely to make insurance products more appealing
Now policies will acquire a surrender value after two premiums have been paid
 "Irdai's regulatory changes likely to make insurance products more appealing")
DHFL crisis: Insurers seek Irdai nod to be part of inter-creditor agreement
Sources say that insurance companies have already held preliminary talks with Irdai on the matter
 "DHFL crisis: Insurers seek Irdai nod to be part of inter-creditor agreement")
Insurers to make available standalone 'own damage' motor policy from Sep 1
Buying own damage (OD) vehicle insurance is optional. OD covers natural calamities, like earthquakes and floods, and also disasters such as vandalism and riots
 "Insurers to make available standalone 'own damage' motor policy from Sep 1")
Irdai may hike third party insurance premium for cars, two-wheelers in FY20
The regulator has sought comments from stakeholders on the proposed rates till May 29
Mental, genetic ailments eligible for health cover under new Irdai norms
All health covers filed and cleared after April 1, 2019 must adhere to norms; existing policies not in adherence shall not be offered and promoted April 1, 2020 onwards
 "Mental, genetic ailments eligible for health cover under new Irdai norms")
Irdai directs insurers to share status of claims with policyholders
The consent of policyholders has to be obtained by insurance companies for notifying the services rendered by the insurers and no other unsolicited information can be sent to the policyholders
Share status of claims with policyholders from July 1: Irdai to insurers
Insurers need to adopt a clear and transparent communication policy to protect the interest of policyholders, it said in a circular
At Irdai, discrepancies in reporting of sexual harassment cases
The insurance industry, which Irdai regulates, has seen an increase in the absolute number of complaints. In 2017-18, at least 33 complaints were registered
 "At Irdai, discrepancies in reporting of sexual harassment cases")
Irdai asks all non-life insurers for a uniform standard health product
At present, health insurance products vary significantly with each other in terms of benefits offered
 "Irdai asks all non-life insurers for a uniform standard health product")
Irdai warns domestic insurers against 'shadow capital' from rogue brokers
The warning comes after the regulator received several whistle-blower complaints in the past two months against more than one of the top insurance brokers
 "Irdai warns domestic insurers against 'shadow capital' from rogue brokers")
