Page 5 - Latest Updates on IRDAI
'Policies to cover hospitalisation cost due to adverse effects of vaccine'
Hospitalisation is covered under the health insurance policies subject to the specific terms and conditions of the policy, says Irdai
 "'Policies to cover hospitalisation cost due to adverse effects of vaccine'")
Health cover: Irdai rule gives consumers more freedom, say experts
Barring insurers from raising prices by adding benefits may also lead to better pricing: Experts
 "Health cover: Irdai rule gives consumers more freedom, say experts")
Insurers may soon be able to launch covers without regulator nod
In 2019, there were 439 actuaries and in a year, that number has gone up by just 19
 "Insurers may soon be able to launch covers without regulator nod")
We should have 1,000-1,200 actuaries at the earliest: Irdai chairman
Currently, India has only 458 full-fledged actuaries. In 2019, there were 439 actuaries and in a year, that number has gone up by just 19
 "We should have 1,000-1,200 actuaries at the earliest: Irdai chairman")
Standardisation of products not against innovation, says Irdai Chairman
Irdai chairman further said that these standard products will not be frozen in time
Health insurance companies get over 900K Covid-19 claims, settle 84%
Overall, the insurers have settled almost 84 per cent of the claims in terms of the number of claims, and 52 per cent in terms of the amount of claims
 "Health insurance companies get over 900K Covid-19 claims, settle 84%")
Irdai launches standard personal accident cover, maximum Rs 1 cr assured
In the case of permanent total disablement, a similar benefit will be paid by the insurance firm
 "Irdai launches standard personal accident cover, maximum Rs 1 cr assured")
Irdai withdraws circular on dividends payouts for FY20 over Covid-19
Insurance sector regulator Irdai on Thursday withdrew its circular on dividend payouts for 2019-20 by insurers in the wake of COVID-19, citing improving economic conditions
 "Irdai withdraws circular on dividends payouts for FY20 over Covid-19")
Irdai removes curbs on dividend payout as insurers deliver better results
But, it has advised them to take a conscious call while declaring dividends for FY21, keeping in mind their capital position, solvency margin and liquidity position
 "Irdai removes curbs on dividend payout as insurers deliver better results")
Irdai launches standard personal accident cover, max Rs 1 cr sum assured
General and standalone health insurers will have to offer product from April 1, full claim payable on death with 12 months of accident date, even after the end of policy period
Coming soon: Pay life insurance premium in advance, get a discount
IRDAI proposes to link discount with SBI savings bank rate, which is currently at 2.7%
 "Coming soon: Pay life insurance premium in advance, get a discount")
IRDAI approves Axis entities' stake acquisition in Max Life Insurance
In addition, Axis entities have the right to acquire an additional stake of up to 7 per cent in Max Life in one or more tranches which they intend to acquire in the next few years
 "IRDAI approves Axis entities' stake acquisition in Max Life Insurance")
Irdai forms panel to review security guidelines to deal with cyber-attacks
Irdai on Wednesday said it has formed a committee to review its information and security guidelines due to exponential increase in cyber-attacks across the globe in the wake of COVID-19
 "Irdai forms panel to review security guidelines to deal with cyber-attacks")
Axis entities get Irdai approval to acquire stake in Max Life Insurance
Axis Entities will have the right to acquire another 7 per cent in the life insurance company, in or more tranches
 "Axis entities get Irdai approval to acquire stake in Max Life Insurance")
Banks, brokers get most complaints for mis-selling insurance products
In 2018-19, banks received more than 12,000 mis-selling complaints; brokers close to 11,000. The number was even higher in FY18.
 "Banks, brokers get most complaints for mis-selling insurance products")
Irdai urges general insurers to file products for drone coverage
If the bodily injury results in permanent disability, the insurer will have to pay 125 per cent of the sum assured.
 "Irdai urges general insurers to file products for drone coverage")
General insurers' underwriting losses up 6.3% in FY20: Irdai Annual Report
While state-owned insurers' losses rose 1.12% to Rs 18,741 cr, those of private insurers were up over 26% to Rs 3,647 cr
Unable to get health cover? Buy a standard vector-borne disease insurance
Standard policy will make price comparison across insurers easy
 "Unable to get health cover? Buy a standard vector-borne disease insurance")
Irdai panel suggests introduction of index-linked insurance products
An Irdai panel has made a case for the introduction of index-linked insurance products (ILIP) an apt alternative to the current conventional guaranteed products and ULIPs
Irdai Working Group bats for introduction of index-linked insurance plans
With investment markets turning volatile, customers are preferring guaranteed products. This, in turn, has increased the balance sheet risk for insurers
