Govt issues new rules for insurance ombudsman
On 22 December, the finance ministry issued a draft Insurance Ombudsman (Amendment) Rules, 2020, to amending the 2017 Insurance Ombudsman Rules. Under the new rules, the Council for Insurance Ombudsmen…
IRDAI proposes standard travel insurance policy by April 1
IRDAI has proposed a standard travel insurance policy with common coverage and policy wordings across the industry. The move is aimed at increasing penetration of the product. "The standard product…
IRDAI clarifies about premium increase in health insurance
IRDAI has clarified that it has permitted general and health insurers to change the base premium by up to +/-5% of originally approved premium rates in order to comply with…
IRDAI proposes a cap of Rs. 1 crore in draft norms on standard accident insurance policies
IRDAI has issued draft guidelines on standard personal accident insurance policies and advised all general and standalone health insurers to offer this product from 1 April 2021. The product, which…
IRDAI not in favour of making insurance mandatory
IRDAI is of the opinion that insurance cannot be made mandatory despite India being a massively under-insured country. "There has generally been a feedback that either the regulator (IRDAI) or…
IRDAI gives in principle nod to ICICI Lombard to buy Bharti AXA General
IRDAI has approved in-principle acquisition of General Insurance business of Bharti AXA General Insurance by ICICI Lombard General Insurance, the company said in a statement. Earlier, Competition Commission of India…
IRDAI’s plan to prohibit use of critical illness policy as collateral for loan may affect nonlife industry
IRDAI is exploring at prohibiting the use of critical illness policies as collateral against housing or vehicle loans. It's a common practice to have a life insurance or…
IRDAI notifies Minimum Information for Insurers, Intermediaries and Insurance Intermediaries
On November 23, 2020, the IRDAI has notified the IRDAI (Minimum Information Required for Investigation and Inspection) Regulations, 2020. The Notification will come into force from May 24, 2021.…
IRDAI mulls basic standard policy for cyber attacks
IRDAI has formed a working group, to examine the need for standard cyber liability insurance products. Observing that cyber attacks are on the rise with a number of high-profile…
IRDAI sets up panel to examine need for standard cyber liability insurance product
Irdai has set up a panel to explore possibility of a basic standard product structure to provide insurance cover for individuals and establishments to manage their cyber risks. The…