Insurance regulator News

No person will hold the office of the whole-time member after attaining the age of 62 years, it added. On salary and allowances, the member will be entitled to consolidated pay and allowances of Rs 4 lakh per month without the facility of house and car. The last date for submitting applications is February 15, 2022.

Embattled Sahara group on Sunday said it will approach court of law against IRDAI order directing transfer of its life insurance business to ICICI Prudential and alleged that the insurance regulator has "wrongly concluded" that the promoter was no more 'fit and proper' and a sum of Rs 78 crore was siphoned.

Insurance regulator Irdai on Friday asked leading private sector life insurer ICICI Prudential Life Insurance (IPRU) to take over the business of beleaguered Sahara India Life Insurance (SILIC), with effect from July 31.

Insurance regulator Irdai has launched a web portal for insurers that will allow them to register and sell policies online.  

In the wake of cash crunch scenario presently post demonetisation, insurance regulator Irdai has asked life insurance companies to provide an additional window of 30 days to policy holders for paying premium.

Insurance regulator PFRDA wants government employees to be given freedom to choose their fund managers and investment pattern for money invested in Atal Pension Yojana.

Taking note of delay by insurers in implementing orders and awards of Ombudsmen, insurance regulator Irdai today directed companies to furnish details of cases pending for compliance for the last three years.

Government is considering a proposal to permit 49 percent FDI through automatic approval route in the insurance sector with a view to attracting more overseas inflows.

Insurance regulator IRDA on Friday asked insurers to preserve all policies in electronic format and issued norms for maintaining and safe keeping of all e-records.

IRDAI feels that this is giving rise to "aggravated customer dissatisfaction and escalation of complaints to higher authorities".

Insurance sector regulator IRDAI has made passing an examination based on its syllabus a must for becoming an insurance agent.

Observing policyholders' right to effect changes in nomination, sectoral regulator IRDA is proposing to do away with the practice of charging fee for such alterations by life insurance companies.

Fair trade watchdog CCI has rejected charges that insurance regulator Irda's rules, which grant of corporate agency license to banks to sell insurance products, are anti-competitive.

The central government`s proposal to approve foreign direct investment (FDI) in the insurance sector through the Foreign Investment Promotion Board (FIPB) is seen as clipping the sectoral regulator`s wings and also a face saving measure by the BJP, say insurance officials.