IRDAI reduces solvency margin requirement for crop business
IRDAI has reduced the solvency margin requirement for general insurers doing crop business. The decision can free up a capital of Rs 1,400 crore, which IRDAI expects will increase the…
IRDAI working group suggests relaxing investment norms for insurers
A panel formed to suggest overhaul of the general insurance industry has recommended that insurers relax investment rules, such as permitting investment in Additional Tier-1 (AT-1) bonds of banks, removing…
IRDAI weighs allowing loans to buy insurance
IRDAI is examining a proposal that may allow customers, both retail and corporate, to take loans for buying an insurance and spread premium payment over longer duration. Known as premium…
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…
Third-party motor insurance premium hiked w.e.f June 1: Check electric vehicle premium rates
The Centre approved the revised base premium rates for third-party motor vehicle insurance on Wednesday. From June 1, 2022, these new rates will come into effect. These rates were last…