IRDAI imposes Rs. 30 lakh penalty on SBI General Insurance
IRDAI has imposed a monetary penalty of Rs. 30 lakh on SBI General Insurance Company for its failure to comply with the third-party motor insurance regulations. The company had failed…
Complaints of insurers refusing to offer COVID-19 policies; IRDAI steps in
With complaints of insurance companies refusing to offer and renew COVID-19 insurance policies on the rise, the Irdai has recently directed the insurers not to deny COVID-19 policy coverage to…
No steep premium hike for health policies: IRDAI
IRDAI has recently ruled out a steep hike in premium of health insurance policies amid reports of a rapid rise in claims by policyholders. It said that a health regulator…
Bharat Yatra Suraksha: IRDAI launches guidelines on standard domestic travel insurance policy
IRDAI has recently issued guidelines on Bharat Yatra Suraksha, the standard domestic travel insurance product, that will provide coverage for hospitalization expenses, death, permanent complete or partial disablement due to…
IRDAI suggests model insurance villages to increase insurance penetration in rural areas
The Insurance Regulatory and Development Authority of India has suggested the setting up of model insured villages throughout the country to increase insurance penetration in the rural areas. This concept…
IRDAI panel makes various suggestions on retail engineering insurance products
A working group set up by IRDAI has recently underlined the need for standard insurance products to cover risks associated with various facets of retail engineering. The regulator had set…
Settle COVID-related cashless insurance claims within 1 hour: IRDAI
IRDAI has recently directed all the insurers to decide on cashless COVID-19 treatment claims within 60 minutes of the receipt of final bill so that the hospital bed can be…
Don’t discriminate between patients with cash, cashless insurance policies: IRDA
IRDA has recently urged the hospitals not to discriminate between patients having cash and cashless policies while treating COVID-19 cases. It also asked the insurers to see to it that…
IRDAI advises insurers to complain about errant hospitals
A day after Union Finance Minister Nirmala Sitharaman tweeted about reports of hospitals denying cashless services to COVID-19 patients and asked IRDAI to take action, the insurance regulator has directed…
IRDAI allows insurers to invest in debt instruments of InvITS & REITS
IRDAI has recently allowed the insurance companies to invest in debt securities of Infrastructure Investment Trusts (InvITs) and Real Estate Investment Trusts (REITs). Earlier, insurance companies were only allowed to…