Insurers can now appoint professional promoters
Two former CEOs of insurance companies — Rajesh Relan (ex-CEO of PNB MetLife) and P Nandgopal (ex-CEO of both IndiaFirst) — are turning into health insurance entrepreneurs. IRDAI's decision to…
IRDAI to set rules for pricing of policies via fitness devices
IRDAI will soon come out with regulations for life and health insurance companies that use fitness trackers and wearable’s for pricing policies. The issues involved include privacy of individual data…
IRDAI committee for waiver of compulsory cession for certain classes
The Reinsurance Expert Committee appointed by IRDAI has proposed that the stipulation of order of preference for reinsurance cessions — or compulsory cession of business to GIC RE — could…
India: Financial Sector Assessment Program 2017
Ref. No:File No. 18/24/2015-FSDC(Pt)-Volume(5) India: Financial Sector Assessment Program 2017 Government of India Ministry of Finance Department of Economic Affairs PRESS RELEASE India: Financial Sector Assessment Program 2017 The Financial…
The Prevention of Money-laundering (Maintenance of Records) Second Amendment Rules, 2017
Central Government vide gazette notification dated 1st June 2017 notified the Prevention of Money-laundering (Maintenance of Records) Second Amendment Rules, 2017 making Aaadhar and PAN/Form 60 mandatory for availing financial services…
IRDAI’s move on linking Aadhar with insurance policies made mandatory : Apollo Munich Health Insurance
Antony Jacob, Chief Executive Officer, Apollo Munich Health Insurance has given his point of view on IRDAI’s move on linking Aadhar with insurance policies. “IRDAI's move to make linking of…
Motor Insurance: HC Directs IRDAI to Enhance Accident PA Cover to Rs.15 Lakh
The Madras High Court (MHC) has directed IRDAI to enhance compulsory personal accident (PA) cover from Rs1 lakh to not less than Rs15 lakh. It will help vehicle-owners paying premium…
Working Group on new standard on Insurance Contracts (equivalent to IFRS 17 – Insurance Contracts)
The Authority had constituted a Working Group on new standard equivalent to IFRS 17- Insurance Contracts of the International Accounting Standards Board (IASB), vide its order dt. 21.08.2017. It was…
Circular on Motor Insurance Service Provider (MISP)
IRDA/INT/ CIR/ MISP/246//11/2017 1st November, 2017 Circular on Motor Insurance Service Provider (MISP) Attention is drawn to circular no. IRDAI/ INT/ GDL/ MISP/ 202/ 08/ 2017 dated 31st August, 2017 on MISP. The…
Hike in agent commission for 2-wheeler policies
IRDAI has recently hiked the maximum commission payable to agents for two-wheeler motor insurance policies to 17.5% of the premium. Previously, it was 15%. On the other hand, the maximum…