Page 6 - Latest Updates on IRDAI
Exploring indexing annuity rates to inflation or G-secs: Irdai Chairman
Annuity products may switch to floating rates from fixed, which generally give lower returns to customers
 "Exploring indexing annuity rates to inflation or G-secs: Irdai Chairman")
Policybazaar.com sells 400,000 health policies in April-December 2020
Covid-19 pandemic and increased awareness about health plans, along with factors such as flexible payment options and availability of higher sums insured created a surge in demand
 "Policybazaar.com sells 400,000 health policies in April-December 2020")
Saral Pension promises higher liquidity than existing plans: Details here
Surrender, loan options will encourage those wary of illiquid annuities
 "Saral Pension promises higher liquidity than existing plans: Details here")
Irdai introduces 'Saral Pension', a standard individual annuity product
It is an immediate-anuuity product comes that all life insurers must start offering by April 1
 "Irdai introduces 'Saral Pension', a standard individual annuity product")
Insurers asked to adopt one aspirational district each, says IRDAI Chairman
IRDAI chairman is concerned over low level of insurance penetration in the country
 "Insurers asked to adopt one aspirational district each, says IRDAI Chairman")
Auto dealers can work as sales channel for motor insurance: Irdai panel
They may work as insurance intermediaries in much the same way as an insurance broker, but must solicit motor insurance business only
 "Auto dealers can work as sales channel for motor insurance: Irdai panel")
Irdai working group proposes 'traffic violation premium' in motor insurance
It will float over own damage and third party sections and can be attached to any section of motor insurance cover bought
 "Irdai working group proposes 'traffic violation premium' in motor insurance")
Forge agreement on coronavirus treatment rates: Irdai to insurers
However, the insurers should make efforts to have agreement with health providers on rates for treatment of Covid-19 similar to other diseases
 "Forge agreement on coronavirus treatment rates: Irdai to insurers")
IRDAI sets up panel to examine availability of health insurance products
Irdai set up a panel of experts to examine the availability of health insurance products in the country considering the need of the Indian society and recommend suitable products and processes.
Irdai for extending validity of sandbox regulations by another 2 years
Due to Covid-19, most could not be completed within six months and they have been granted six months' extension
 "Irdai for extending validity of sandbox regulations by another 2 years")
IRDAI proposes extension of regulatory sandbox guidelines by 2 years
Insurance regulator IRDAI on Tuesday proposed to extend the validity of regulatory sandbox guidelines by two years as the proposals received under it require more time for completion.
 "IRDAI proposes extension of regulatory sandbox guidelines by 2 years")
Irdai wants fuel pumps and cooking gas agencies to sell insurance
The regulator also wants all life insurance companies to have a 13th month persistency of 90 per cent and 61st month persistency of not below 65 per cent
 "Irdai wants fuel pumps and cooking gas agencies to sell insurance")
Standard travel policy to ease purchase of product: Who should go for it?
Those travelling to developed countries or needing elaborate coverage should consider existing plans
 "Standard travel policy to ease purchase of product: Who should go for it?")
Irdai set to introduce standard products for fire, allied peril risks
General insurers that offer fire and allied perils policies have to mandatorily introduce the same from April 1, 2021, replacing the Standard Fire and Special Perils (SFSP) policy
 "Irdai set to introduce standard products for fire, allied peril risks")
PFRDA raises cap on fund management charges as it floats RFPs
There would now be four slabs, each attracting charges based on the quantum of assets under management
 "PFRDA raises cap on fund management charges as it floats RFPs")
Insurance regulator keeps obligatory cession at 5% to GIC Re in FY21
The entire obligatory cession has to be reinsured with India's largest reinsurer, General Insurance Corporation of India (GIC Re)
 "Insurance regulator keeps obligatory cession at 5% to GIC Re in FY21")
Irdai maintains 5% obligatory cession to GIC Re in FY21, fixes commission
Obligatory cession is the part of the business, or premium, that general insurers are required to cede on every policy sold to GIC Re
From Covid-19 insurance to easier KYC norms: IRDAI's initiatives in 2020
From Corona Kavach to Corona Rakshak, insurance regulator IRDAI made intense efforts throughout the pandemic-disrupted 2020
Saral Jeevan Bima will have lower entry barriers, but may not be cheaper
High expectations are pegged to the Saral Jeevan Bima (SJB), the standard term insurance cover slated to be launched on January 1
 "Saral Jeevan Bima will have lower entry barriers, but may not be cheaper")
DHFL's sale poses legal hurdle for Oaktree due to insurance JV stake
Insurance sale before DHFL sale would have eliminated regulatory uncertainty, say lawyers
 "DHFL's sale poses legal hurdle for Oaktree due to insurance JV stake")
