Diabytes
IRDAI News
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Organisations and insurers are also promoting cashless hospitalisation, leading to higher payout ratios and a reduction in the average hospital stay from 5.9 to 5.3 days.
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Currently, insurers are allowed to trade in rupee interest rate derivatives such as forward rate agreements, interest rate swaps, and exchange-traded interest rate futures.
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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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PhonePe Group runs multiple businesses across financial sectors and is regulated by RBI, SEBI, IRDAI, and UIDAI.
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The IRDAI introduced new rules for faster processing of cashless claims.
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The IRDAI also allowed insurers to design a variety of new products, including index-linked plans and variable annuity payout options.
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The circular on IRDAI (Insurance Products) Regulations 2024 --General Insurance that replaces all earlier Guidelines/circulars of General Insurance Products, is applicable immediately.
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IRDAI Master Circular On General Insurance 2024: Among the several points that have been mentioned in the circular, the most flexibility has been given on cancellation of insurance policy.
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The IRDAI stated that in emergency cases the insurers must decide on cashless authorisation requests immediately.
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After the recent changes which came into effect from April 1, 2024 individuals of any age can now purchase new health insurance policies.
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The scheme guarantees annuity rates at the policy's inception, providing annuities throughout the annuitant's lifetime.
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Insurance Regulatory and Development Authority of India has said that two new insurance rules are applicable from 01 April 2024.
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E-insurance accounts involve the issuance and holding of policies in digital format.
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IRDAI said that it has approved eight principle-based consolidated regulations, following the comprehensive review of regulatory framework for insurance sector.
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The matter in question revolves around the denial of medical claims by insurance companies when policyholders undergo surgery or treatment without being hospitalized for a minimum of 24 hours.
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Two private non-life insurers are directly involved in insuring the passengers who had booked their tickets on the Indian Railway Catering and Tourism Corporation Ltd's (IRCTC) online portal.
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The procedure for accepting the advertisements is currently based on the approved 'File and Use' applications and compliance to Irdai advertisement regulations and circulars.
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IRDAI issues circular ordering insurance companies to provide cover for mental illness.
The circular asked to make provisions for mental illness before October 31, 2022.
Mental Health Care Act 2017 says medical insurance for mental illness mandatory.
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