Health insurance segment to cross Rs 1-trillion mark in FY24
The health insurance segment is on track to cross the Rs 1-trillion mark during the current financial year as the total premium already crossed Rs 90,000 crore in the previous…
IRDAI proposes to tighten norms for media campaigns by insurers
IRDAI is proposing to tighten norms for insurance advertisements by assigning higher responsibility on senior management of insurers in designing and approving media campaigns for product promotion. In this context,…
IRDAI relaxes norms for surety bonds to expand market for such products
IRDAI said it has relaxed norms for 'surety bonds', a type of insurance policy protecting parties involved in a transaction or contract from potential financial losses due to a breach…
IRDAI forms task force to facilitate ease of doing KYC using Aadhaar
IRDAI has constituted a task force to facilitate ease of doing Know Your Customer (KYC) by insurers using Aadhaar, the 12-digit individual identification number. In a circular, the IRDAI said…
Norms on Lead Insurer Scheme expected soon
Guidelines on the Lead Insurer Scheme are expected soon with the regulator having increased the push for State-wise insurance activity through periodic reviews and updates, according to industry players. “It’s…
IRDAI asks insurance firms to lay down social media norms
IRDAI has asked insurance companies to lay down social media guidelines for their employees to ensure that no unverified or confidential information relating to the organisation is disseminated to the…
Provide cover for mothers undergoing surrogacy: IRDAI
IRDAI has asked insurance companies to provide comprehensive coverage for intending parents and surrogate mothers undergoing surrogacy and fertility treatments. “An insurance coverage of such amount as may be prescribed…
Private General insurance players’ expanding market share
Private General insurance players have wrested some market share from public sector companies as witnessed in the case of the banking sector in the fiscal year 2022-23 (FY23). The four…
IRDAI revises guidelines for remuneration of private insurers’ management
IRDAI proposed a revised guidelines for remuneration for non-executive directors and persons in key managerial positions of private insurers to ensure alignment of compensation with prudent risk management. In an…
Cyberattack on Insurance Info Bureau
The Insurance Information Bureau of India (IIB) has faced a cyberattack and some of the data it holds may have been compromised, said two people aware of the matter. IIB…