IRDAI mandates linking of policies to Aadhaar
IRDAI recently made it mandatory for all individuals to link the existing as well as new policies to Aadhaar As notified by the Central Government, the Prevention of Money-laundering (Maintenance…
12 year lock in for PE Cos
IRDAI may ask the private equity firms to come up with lock in period of 10-12 years to ensure that their capital is invested for a longer tenure. The long…
Fresh merger structure to IRDAI by Max Life-HDFC Life
In the wake of Insurance Regulatory and Development Authority of India's (IRDAI) reservation about the deal structure in the proposed merger of Max Life Insurance Company with HDFC Life, a…
Launch of Motor Insurance Service Provider (MISP) Portal
Automotive Dealers, besides handling their core activity of selling of vehicles, have always been an integral part in coordinating Insurance for Motor Vehicles. To recognize this role played by automotive…
Data for calculation of Motor TP Obligations for the FY 2017-18
Data for calculation of Motor TP Obligations for the FY 2017-18 Insurer FY 2016-17 (Rs. in crores) Motor OD GDP Motor Third Party…
Inclusion of Indemnity based Health Insurance Product through PoS – General Insurers and Standalone Health Insurers
The Authority has received requests from many insurers to allow indemnity based health insurance products to be sold through Point of Sale (POS). On examination of the request made, the…
Insurance regulator and Insurer penalized by Consumer Forum
A consumer redressal forum has, pulled up IRDA, asking the regulator and an insurance firm to pay compensation to a senior citizen for not taking appropriate action on a complaint…
To Life and General Insurers (Including Standalone Health Insurers)
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,…
IRDAI asks Insurers to conduct cyber security audit
Insurance Regulatory and Development Authority of India has directed insurers to conduct security audit of their Information and Communication Technology (ICT) infrastructure. The insurers should take `immediate steps' for conducting…
‘Motor Insurance Service Provider’ guidelines
We refer to the 'Guidelines on Motor Insurance Service Provider' issued by the Authority vide Circular Ref. IRDA/INT/GDL/MISP/202/08/2017 dated 31stAugust, 2017 that come into force with effect from 1st November, 2017.…