Diabytes
Insurance Regulatory and Development Authority of India News
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IRDAI has allowed a facility of the UPI One Time Mandate to be used by insurers, that allows users to block funds in their bank accounts for specific transactions, ensuring availability of funds while deferring actual payments.
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Last year, the Insurance Regulatory and Development Authority of India (IRDAI) had extended free look period for policyholders period from 15 days to 30 days.
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The decision to set up these hubs was based on the recommendations of a working group.
There will be an advisory committee that will create a repository of past risk inspection reports.
There will be two sub-committees within the advisory committee.
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The government, through the Insurance Regulatory and Development Authority of India (IRDAI), passed a directive stating that all insurance companies must offer a standard and cheap term plan.
This term plan called the Saral Jeevan Bima is on the lines of the standard health insurance policy – the Arogya Sanjeevani Policy.
It shares similar features across all insurers and aims to make low-cost term insurance a widespread reality.
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New product filing guidelines.
Companies to justify the pricing of the policy.
New guidelines to protect the interests of policy holders.
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The insurers can launch the modified policy with immediate effect.
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Participants are required to send their entries to Irdai by July 10.
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Earlier, IRDAI had announced on March 23 2020 and April 4 2020, additional Grace Period of 30 days for the policies where premium fell due in the months of March 2020 and April 2020.
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A High Powered committee has requested IRDAI to examine the establishing of a system of linking of motor insurance premium with traffic violations.
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Irdai, in a circular, said there is a need for effective implementation of crop insurance schemes.
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Insurance regulator Irdai has set up a 17-member committee to conduct a comprehensive review of the existing reinsurance framework.
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Car, motorcycle and health insurance will cost more from April 1 with regulator Irdai giving go-ahead to insurers for revision in commission for agents. The change in premium after modification will be limited to +/- 5 per cent of the existing rates.
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General and life insurance companies will be able to engage actuaries as the regulator Irdai will soon form panel of such analysts.
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Insurance companies are enthusiastic about the proposed guidelines on selling and servicing of policies through e-commerce platform that aims to do away completely with any kind of physical intervention.
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Insurance regulator Irdai has slapped a penalty of Rs 15 lakh on public sector general insurer New India Assurance Co Limited for violating various insurance norms
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UK's Bupa will increase its stake in Indian health insurance venture Max Bupa by 23 per cent to 49 per cent for Rs 191 crore.
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The absence of any representative to voice the views of motor insurance policy-holders in a committee set up by IRDAI to bring clarity and transparency in payouts made to auto dealers is unfair, say industry experts.
The Securities Appellate Tribunal (SAT) has served a notice to Insurance Regulatory and Development Authority of India (IRDAI) in adjudication of a case relating to SBI Life, the life insurance arm of SBI.
IRDAI feels that this is giving rise to "aggravated customer dissatisfaction and escalation of complaints to higher authorities".
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