Oriental Insurance comes under IRDAI watch for hiding commissions
The Oriental Insurance Company has been pulled up by the regulator for hiding commissions in 2016-17. The regulator in its charge has noted that Oriental paid Rs 137 crore to…
IRDAI plans to standardize charges for few medical procedures
Increasing tariffs in hospitals has become one of the major concerns of IRDAI, because of which the IRDAI has planned to make standardization in terms of charges for some medical…
General insurers need to be more efficient to cut losses, says IRDAI Chairman
General insurers are required to be more efficient by controlling expenses in order to cut losses, said the IRDAI Chairman. “Many general insurance companies have underwriting losses but they are…
IRDAI panel recommends premium plans for micro-insurance
A panel of the insurance regulator has recommended introduction of daily premium payment policies to deepen insurance penetration in low-income groups. The panel on 'micro-insurance' said the product benefits need…
IRDAI asks insurers to review products annually & withdraw low-selling products
The CEOs of insurance companies have been asked by the IRDAI to review their products annually and discard policies that are poor-selling. Subhash Khuntia, Chairman, IRDAI, said, “I would like…
IRDAI asks insurers to play active role in corporate governance of investee firms
The IRDAI has asked insurance companies to play an active role in order to ensure high level of corporate governance standards in listed companies. IRDA in its revised guidelines on…
IRDAI asks insurers to share service statistics of hospitals’ performance
With an aim of enabling customers of healthcare facilities undertake informed decisions, the IRDAI has directed the insurers to share service statistics of hospitals’ performance. The regulator has also asked…
IRDAI penalizes Maruti Insurance Brokers for violating norms
A penalty of Rs 3 crore has been levied on Maruti lnsurance Brokers Pvt Limited (MIBL) by IRDAI in the context of various regulatory norms. MIBL is the largest insurance…
IRDAI gives nod to Motor Floater Under Regulatory Sandbox
Between September and October 2019, IRDAI has invited applications for the regulatory Sandbox. The regulator received 173 proposals of which it has approved 33, amongst them which stands out is…
IRDAI sets up working group to improve loss prevention
The IRDAI has set up a working group comprising 10 members to suggest segment-wise ways and means to improve loss prevention and loss minimisation in the industry of general insurance.…