Page 16 - Latest Updates on IRDAI
Irdai panel wants 'sandbox committee' for digital innovation in insurance
Loosely defined, a sandbox approach means experimenting and learning before finally adopting a technology or system. This approach helps in containing the impact of failures
 "Irdai panel wants 'sandbox committee' for digital innovation in insurance")
Irdai permits testing of products under regulatory sandbox approach
Irdai has also said that there would be defined entry and eligibility criteria as well as exit parameters for the applicants
 "Irdai permits testing of products under regulatory sandbox approach")
Timeline for LIC to cut stake in IDBI Bank depends on business model: Irdai
LC has been given approval to acquire 51% stake on condition of bringing it down to below 15% over a period of time but the timeline would depend on the business plan of LIC for the troubled lender
 "Timeline for LIC to cut stake in IDBI Bank depends on business model: Irdai")
Protection gap at 70-80%, insurers should exploit situation: Irdai chief
The IRDAI chief said insurance penetration in the country is about 3.7 per cent of the GDP as against the world average which is 6.31 per cent
 "Protection gap at 70-80%, insurers should exploit situation: Irdai chief")
Irdai sets up a panel to identify systemically important insurers
The committee headed by Pravin Kutumbe, Member-Finance & Investment, Irdai, has been asked to submit report in six months
 "Irdai sets up a panel to identify systemically important insurers")
Irdai clears the air on remuneration for insurance web aggregators
Irdai was clarifying on the queries of the insurance companies on outsourcing activities undertaken by insurance web aggregators and remuneration payable to them
Death benefit upped to 7x under Irdai draft norms for regular life products
Single premium death benefit raised to 1.25x, as regulator focuses on innovations in product structures and marketing
 "Death benefit upped to 7x under Irdai draft norms for regular life products")
Irdai allows point-of-sales to distribute all micro-insurance products
Irdai in a circular has done away with the practice of pre-fixing the word 'PoS' on life, general and health products sold through PoS
Irdai head rues low insurance reach, hints at sandbox for untested products
Subhash Khuntia says will allow testing of new products in limited geography or on limited set of policyholders, warns climate change, the ageing population will be biggest challenge for insurers
Irdai wants provisions of mental illness treatment, insurers' task cut out
The cost mark-up will be higher in case of policies that cover outpatient treatment of mental illnesses
 "Irdai wants provisions of mental illness treatment, insurers' task cut out")
SC says third party insurance for two, four wheelers be made mandatory
IRDAI told the bench that third-party insurance should not be made mandatory
 "SC says third party insurance for two, four wheelers be made mandatory")
Life insurers' premium growth doubles in first quarter, says Irdai
Private life insurance players have experienced 21.6% growth in their premiums, year on year, at the end of the first quarter of 2018-19
 "Life insurers' premium growth doubles in first quarter, says Irdai")
Irdai board meet on Friday, may ease 15% rule to allow LIC-IDBI deal
According to the present regulation, an insurance company cannot own more than 15% in any listed financial firms
Irdai bars insurers from rejecting claims based on genetic disorders
Move follows order by Delhi HC on the issue; insurers will have to de-list 'Genetic Disorders' from list of exclusions
Irdai to study wearable tech as part of insurance policy
The 10-member WG will examine the role of innovation in insurance involving wearable/portable devices
 "Irdai to study wearable tech as part of insurance policy")
Wearable gadgets could soon be part of insurance policy: Irdai
The WG has to submit its report alongside recommendations within two months
Irdai panel to boost policyholder protection, implement risk-based capital
Irdai forms panel to enhance protection to policyholders, implement risk-based capital
 "Irdai panel to boost policyholder protection, implement risk-based capital")
Irdai questions TTK group's stake sale to Manipal Group
Cigna TTK had filed an application with the insurance regulator on September 1, 2017, for a change in the partnership from the TTK Group to the Manipal Group
Publish annual figures of death claims paid data: Irdai
The figures should reflect the entire financial year and shall be based upon latest Irdai annual report
Irdai approves new broking consultancy norms
The last Irdai board meeting held in August cleared changes to the Brokers Regulations
