Surety Bonds stuck: IRDAI asked to come up with model product
In a bid to break the deadlock over the launch of Surety Bonds, the Ministry for Road Transport & Highways (MORTH) has asked insurance regulator IRDAI to develop a model…
IRDAI reduces solvency margin
IRDAI has reduced the solvency margin requirement for general insurers providing crop insurance, a decision expected to unlock Rs 1,400 crore of funds for them to undertake more business. The…
IRDAI told to look into role of agents selling life policies
The National Consumer Disputes Redressal Commission (NCDRC) has directed the IRDAI to look into the role of insurance agents selling life insurance policies. The apex consumer commission asked the IRDAI…
PMJJBY: IRDAI cases capital requirement to attract insurers
After the recent hike in the premium rate, theIRDAI relaxed capital requirement norms significantly for insurers to encourage their participation in the government’s flagship programme Pradhan Mantri Jeevan Jyoti Bima…
IRDAI sets up committees to suggest industry overhaul
To overhaul the insurance sector, the IRDAI has formed various committees through the General Insurance Council (GIC) to suggest reforms in several areas of general, reinsurance and life insurance such…
Tier-2, 3 cities see demand for new-age products like cyber insurance: Report
There is a great market opportunity for new-age insurance products like cyber insurance, especially in tier- 2 & 3 cities, according to an online survey by Policybazaar. The findings showed…
SEBI directs MFs to discontinue bundling SIPs with insurance cover
SEBI has directed mutual funds (MFs) to stop providing insurance cover as an attraction for wooing systematic investment plan (SIP). In a direction to the Association of Mutual Funds in…
Pandemic leads to excess deaths in 2020 & 2021 at 4.7m
A new research paper based on insurance policy claims data estimates 0.56 million excess deaths in India in 2020 and 4.15 million excess deaths in 2021, or a total of…
HDFC Life urges IRDAI to allow life insurers sell other financial products
HDFC Life Insurance Co is in talks with the Insurance Regulatory and Development Authority of India (IRDAI) to allow life insurance companies to sell other regulated financial products, Deepak Parekh,…
Premium raised for flagship govt insurance schemes
The government raised the premium for its flagship insurance schemes -- Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) in order to make them…