Page 2 - Latest Updates on IRDAI
Irdai wants insurers at par with banks on legal recourse for surety bonds
The finance minister in her Budget speech this year had said that surety bonds can be used as a substitute for bank guarantees for government procurement
 "Irdai wants insurers at par with banks on legal recourse for surety bonds")
Appoint two-three key people as life policy's nominees, say analysts
Buyers should look it up to see which insurers have been quicker in settling claims.
 "Appoint two-three key people as life policy's nominees, say analysts")
Keen to fill vacant posts at regulatory bodies at the earliest: Sitharaman
The Centre had invited applications for the Sebi chairperson's position in October 2021
 "Keen to fill vacant posts at regulatory bodies at the earliest: Sitharaman")
Govt to soon decide on giving additional charge of New India Assurance CMD
Banks Board Bureau, the headhunter for state-owned banks and financial institutions, is the advisory body formed by the government in 2016 for selection of candidates for top-level board appointments
 "Govt to soon decide on giving additional charge of New India Assurance CMD")
Govt delaying IRDAI chief appointment to rush LIC IPO: People's Commission
Says previous IRDAI chief retired in May 2021 and FinMin had been planning the IPO well before chief's post fell vacant, but did not name a successor even after 8 months
 "Govt delaying IRDAI chief appointment to rush LIC IPO: People's Commission")
Irdai reduces obligatory cession of premiums to GIC Re to 4% from FY23
Firm stands to lose about Rs 1,500 cr of premium, say experts
 "Irdai reduces obligatory cession of premiums to GIC Re to 4% from FY23")
Finance ministry invites applications for Irdai whole-time member post
The applicant should preferably have at least 25 years of experience in the area of insurance
 "Finance ministry invites applications for Irdai whole-time member post")
Protect yourself from these common mis-selling ploys insurance agents use
An IRDAI report shows that banks and broker channels received more mis-selling complaints than other channels
 "Protect yourself from these common mis-selling ploys insurance agents use")
Irdai asks insurers to review claims denied for antibody cocktail therapy
IRADI said it had come across instances where claims were denied/ there was a deduction in expenses incurred towards "antibody cocktail therapy", under the pretext that it's an experimental treatment
 "Irdai asks insurers to review claims denied for antibody cocktail therapy")
Irdai to set up two hubs on motor insurance and property insurance
The decision to set up these hubs was based on the recommendations of a working group on loss prevention and minimisation in the general insurance industry
 "Irdai to set up two hubs on motor insurance and property insurance")
Irdai seeks to revise formula for fixing insurers' obligation for Motor TP
The regulator has asked for comments from stakeholders, which they have to submit by January 25
 "Irdai seeks to revise formula for fixing insurers' obligation for Motor TP")
Irdai issues guidelines for promoting, regulating surety insurance business
Surety bonds protect the beneficiary against acts or events that impair the underlying obligations of the principal
 "Irdai issues guidelines for promoting, regulating surety insurance business")
IRDAI caps value of surety insurance contracts at Rs 500 crore
The IRDAI has also stipulated that the non-life insurers wanting to underwrite the surety insurance risks should have a solvency margin of 1.25
15-year cap on tenure of MD, CEOs of insurance companies on cards
Proposed remuneration to be divided between fixed/variable pay, perquisites
 "15-year cap on tenure of MD, CEOs of insurance companies on cards")
Three private life insurers increase term plan rates by 10-30%
Munich Re had nudged its insurance partners on the hike in September and insurers were engaged in negotiations with the reinsurer on the quantum of increase.
 "Three private life insurers increase term plan rates by 10-30%")
Irdai to modify norms for remuneration of CEOs, directors of pvt insurers
Surety insurance pertains to a contract to perform the promise or discharge the liability of a third person in case of default
Covid LIVE: Over 4 mn children in 15-17 age group vaccinated on Day 1
37,84,212 children in 15-17 age group vaccinated till 7pm as on the first day of COVID19 vaccination for children, as per CoWIN portal
 "Covid LIVE: Over 4 mn children in 15-17 age group vaccinated on Day 1")
Irdai directs Go Digit to withdraw product offering life insurance benefits
The Insurance Regulatory and Development Authority of India (Irdai) also asked the insurer to wthdraw advertisements regarding the product from all media
Reliance General Insurance gets IRDAI approval to test 9 products
Reliance General Insurance Company will soon roll out nine sandbox products to cater to the fast transforming customer requirement in the insurance sector.
 "Reliance General Insurance gets IRDAI approval to test 9 products")
MFIN to launch natural catastrophe insurance cover for micro borrowers
The MicroFinance Institutions' Network is planning to introduce this product with Cholamandalam MS General Insurance as insurer
 "MFIN to launch natural catastrophe insurance cover for micro borrowers")
