Page 18 - Latest Updates on IRDAI
IRDAI allows insurers to invest in Basel III bonds
Insurers cannot invest in AT1 bonds of their promoter group bank or where the bank is their corporate agent
 "IRDAI allows insurers to invest in Basel III bonds")
IRDAI sets up committee to decide order of preference in reinsurance
The committee will look into laying down the procedure and modus operandi for order of preference for cessions in respect of all life
 "IRDAI sets up committee to decide order of preference in reinsurance")
HDFC Life-Max Life deal faces Irdai hurdle
The regulator's concerns are around Section 35 of the Insurance Act 1938, which specifies norms for merger of insurance companies, said sources
 "HDFC Life-Max Life deal faces Irdai hurdle")
GIC Re welcomes MNCs, plans to expand overseas operations
The country's sole domestic re-insurer GIC Re is unfazed and sees no significant threat from rising competition
IRDAI to set up working groups on cyber security
The regulator will also implement appropriate mechanism to mitigate cyber risks
 "IRDAI to set up working groups on cyber security")
Foreign reinsurers R2 branch license approval likely in IRDAI October board meet
Meeting scheduled for Oct 24
 "Foreign reinsurers R2 branch license approval likely in IRDAI October board meet")
Irdai plans to make insurers' listing a must
General, life insurers with 8 & 10 yrs in biz, respectively, may have to list
IRDAI lays norms on cessions to GIC Re based on product segment
With respect to fire, industrial all risks large risks, limit of cession in sum insured is Rs 750 cr sum insured per risk
 "IRDAI lays norms on cessions to GIC Re based on product segment")
Irdai directs insurers not to delay claim payments
Irdai said the provision was being made to protect the interests of policyholders as well as keeping in view the legal principles
Irdai asks insurance cos details of social sector biz
Life insurers have to file number of lives covered under social sector in reporting financial year
 "Irdai asks insurance cos details of social sector biz")
Fresh round of talks likely to take place for insurers
Irdai rule says, for listed insurers, minimum shareholding by the promoters should not be below 50% of the paid-up equity capital
Minimum shareholding of promoters in insurance venture to be 50% at all times: IRDAI draft
Norms applicable to those who have listed their equity shares or are in process of getting shares listed in relation to transfer of shares
 "Minimum shareholding of promoters in insurance venture to be 50% at all times: IRDAI draft")
More, tighter norms proposed for web aggregators in insurance
Insurance regulator says these aggregators would be treated as insurance intermediaries
IRDA proposes to increase web aggregators' business limit
Limit of premium per risk/per life of products sold on the web aggregator could be increased from Rs 50,000 to Rs 1.5 lakhs
IRDAI brings out norms to strengthen insurers' boards
The regulator said the Board will have to look at a broad range of areas such as overall direction of business of the insurance company
 "IRDAI brings out norms to strengthen insurers' boards")
Irdai issues new insurer solvency margin rules
For segments like health, motor and liability, insurer would be required to maintain a higher solvency ratio
 "Irdai issues new insurer solvency margin rules")
Insurance regulator brings out norms to strengthen insurers' boards
Irdai said while laying down the projections, the boards must address the expectations of the shareholders and the policyholders
Redesigned IPO norms for insurance companies soon
According to reports, HDFC Standard Life and ICICI Prudential Life Insurance companies have approached the insurance regulator for approval to divest equity through IPO route
 "Redesigned IPO norms for insurance companies soon")
Third-party motor premiums to go up 10-40%
Third-party motor premium is regulated by Irdai and revised yearly, based on inflation and claims
IRDAI asks insurers to have mentors for approved actuaries
The upper age limit for the mentor will be 75 years
 "IRDAI asks insurers to have mentors for approved actuaries")
