IRDAI sets up working group to review title insurance structure
A working group has been constituted by IRDAI to revisit the product structure of title insurance, develop a standard product and recommend measures to spur demand for the product. The…
IRDAI issues updated norms on advertising rules for insurers
The IRDAI has recently updated the restrictions placed on advertising of insurance policies and the advertising rules that insurers have to follow to safeguard consumer interests. The rules are as…
IRDAI levied Rs 15 lakh penalty on Shriram Transport Finance
IRDAI has levied a fine of Rs 15 lakh on Shriram Transport Finance Company for selling insurance policies in violation of norms. The IRDAI stated Shriram Transport Finance as a…
IRDAI & NHA propose hospital registry, empanelment process, grading
IRDAI’s joint working group and the National Health Authority (NHA) has recently made proposal of a unique common hospital registry, empanelment process, grading of hospitals and package cost harmonisation with…
IRDAI says insurers can change rates by up to 15% without its permission
In a recent development, IRDAI has permitted insurance companies more freedom in revising rates. Insurance companies can now increase or decrease premiums by 15% depending on their claims experience in…
IRDAI warns Reliance Nippon Life for excessive expenses
The IRDAI has warned Reliance Nippon Life Insurance (RNLIC) for excessive expenses; nearly Rs 600 crore above the prescribed limit, IRDAI’s July order reveals. The regulator only warned RNLIC since…
IRDAI, NHA suggest measures to ensure effective healthcare by insurance
The IRDAI and National Health Authority have recently launched a collaborative report suggesting best practices, common standards, collaborative measures and IT framework for data standardisation and to check frauds. IRDAI…
IRDAI likely to link motor premiums with traffic violation soon
In a bid to investigate and suggest linking of motor premiums with traffic violation, IRDAI has, set up a working group on the request of government. For the purpose of…
IRDAI forms working group to revisit framework on trade credit insurance
In an aim of revisiting the guidelines on trade and credit insurance, the IRDAI has developed a working group. IRDAI had released the trade credit insurance guidelines in 2016. “Thereafter,…
IRDAI invites applications for regulatory sandbox
The IRDAI has invited applications for its regulatory sandbox from September 15. “The Regulatory sandbox regulations define a) an applicant (insurer or insurance intermediary or a person other than an…