Nirmal Bazaz Appointed Honorary Secretary of IBAI
The Insurance Brokers Association of India (IBAI) has appointed Mr. Nirmal Bazaz as its new Honorary Secretary. He was elected director in 2023 and continues to serve in that role…
IRDAI Forms Expert Panel to Revamp Insurance Regulations
Introduction The Insurance Regulatory and Development Authority of India (IRDAI) has set up a seven-member committee to review and recommend changes to the Insurance Act, 1938. This move aligns with…
IRDAI Forms High-Powered Committee to Review Insurance Act
Former SBI Chairman Dinesh Khara to Lead Review Panel New Delhi: The Insurance Regulatory and Development Authority of India (IRDAI) has established a high-level committee to review key provisions of…
IRDAI Caps Senior Citizen Health Insurance Premium Hikes at 10% Per Year
The insurance regulator steps in to protect senior citizens from excessive premium increases, ensuring affordability and accessibility of health coverage. IRDAI Introduces Pricing Cap on Senior Citizen Health Insurance The…
Indian Insurance Sector Transformation: A Comprehensive Overview
The Indian insurance industry is undergoing a monumental transformation under the guidance of the Insurance Regulatory and Development Authority of India (IRDAI), led by Chairman Debasish Panda. With a vision…
Health Insurance Claim Rejections Surge by 19.10% to ₹26,000 Crore in FY24
Rising Rejections and Repudiations In FY 2023-24, health insurance companies in India disallowed and repudiated claims worth ₹26,000 crore, marking a significant 19.10% increase from ₹21,861 crore in FY23. This…
IRDAI Annual Report: India’s Insurance Penetration Dips to 3.7% in FY24
A Decline in Insurance Penetration India's insurance penetration fell from 4% in FY23 to 3.7% in FY24, according to the Insurance Regulatory and Development Authority of India (IRDAI) annual report.…
Limiting Bancassurance Business Will Not Solve Mis-Selling Issue: Emkay Research
IRDAI’s Proposed Regulations May Stifle Sector Growth Without Addressing Core Challenges Key Highlights: IRDAI’s potential move to limit dependence on parent banks in bancassurance channels criticized as misdirected. Mis-selling attributed…
IRDAI Envisions “Insurance for All” by 2047 with Compliance Reforms
Streamlining Regulations to Enhance Innovation and Accessibility Key Highlights: What: IRDAI's ambitious goal to ensure universal insurance coverage by 2047. When: Announced on December 11, 2024, at the Global Economic…
Finance Ministry Proposes 100% FDI in Insurance, Composite Licenses Among Key Amendments
The Finance Ministry has proposed major amendments to the Insurance Act, 1938, aimed at transforming the insurance industry in India. The suggested changes include increasing the Foreign Direct Investment (FDI)…