IRDA increases investment limit in BFSI sector
The Insurance Regulatory and Development Authority of India (IRDAI) has increased the investment limit by insurance companies to invest in the financial sector to 30% from 25% freeing up more…
Motor insurers asked to stop ads displaying services not part of cover
IRDAI has asked motor insurance providers to discontinue advertisements showing services, like free pick up and drop of vehicle, which are not part of the insurance cover. General insurance companies…
Call to set up unemployment insurance fund
Companies should consider building an unemployment insurance fund during periods of economic boom, which could be utilised to financially support workers up to a limited period after retrenchment, according to…
IRDAI moots ‘combi micro insurance’ product
A panel on Micro Insurance (MI) - constituted by the IRDAI - has suggested introduction of a Combi MI product. "There is a case to have a Combi MI product…
IRDAI douses ‘Burning Cost’, premiums may fall for Corporates
IRDAI has stated that 'Burning Cost' can't be quoted by basic insurers as a 'mandated minimum rate' to cost premiums to prospects. The new notification by IRDAI on the position…
Govt’s flagship insurance schemes subscribers growing
The Centre's flagship life insurance scheme - Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), and accidental insurance scheme, Pradhan Mantri Suraksha Bima Yojana (PMSBY) - have seen enrollments rise to…
IRDAI to relook at regulations to widen insurance penetration and give insurers more flexibility
The Insurance Regulatory and Development Authority of India (IRDAI) will relook at regulations, capital requirements and introduce new products to widen the penetration and give insurers more flexibility in their…
Majority wants insurers to restart sending physical copies of policy documents, says survey
A majority of individuals want insurance companies to restart sending them physical copies of their insurance documents along with digital format as COVID-19 cases have ebbed, according to a survey.…
IRDAI chief planning roadmap for second phase of reforms
IRDAI Chairman, Debashish Panda, has laid out a road map for the second phase of reforms in the industry. On the cards is a review of the entire set of…
IRDAI seeks business plans from 3 PSU general insurers
IRDAI has sought revised business plans from the three public sector general insurers - National Insurance Company, Oriental Insurance Company and United Insurance Company. Fund infusion into the three companies…