IRDA forms panel for transparency in motor insurance
Insurance regulator IRDAI set up a seven-member committee to suggest ways to bring transparency in payouts made to the auto dealers by the insurers for getting motor…
IRDA: Govt should drop tax on insurance maturity proceeds
Insurance regulator Irda will take up with the government the issue of 2 per cent income tax deducted at source (TDS) by life insurers from maturity proceeds,…
Need for Tech-based crop insurance solutions: IRDAI
With the growing demand of technology-based changes to make crop insurance full proof the regulator has sent communication to the State Governments of Madhya Pradesh and Punjab to launch…
IRDAI puts a check on bancassurance to curb mis-sale
The Insurance Regulatory and Development Authority of India has put norms against forced selling of insurance policies by banks. In a recent meeting, IRDAI decided to seek an undertaking…
Barrage of insurance rules to flood sector
The IRDAI is set to bring out a number of new rules to conform to the New Insurance Act which will be implemented from as early as December 2015. The…
IRDAI penalizes Reliance Life Insurance for norms violations
The Insurance Regulatory and Development Authority of India has imposed Rs.85 lakh penalty on Reliance Life Insurance Company Ltd. for violation of norms pertaining to outsourcing, among other violations.…
IRDA dwindle distributors commissions
The Insurance regulator under the proposed new rules has decided to reduce the commissions that take a big bite out of initial premiums, as much as 25-30% of the…
Future Generali penalized for Rs.50 lakh
The IRDAI has imposed a penalty of Rs.50 lakh on Future Generali Life Insurance Company against 34 charges on a variety of aspects related to business. It has…
IRDAI likely to relax corporate agency norms
The proposed corporate agency norms that authorizes the banks to sell a specified percentage of insurance policies of other companies is likely to be liberalized by the regulator. Earlier,…
IRDAI directs health cover discounts for claimants
The regulator IRDAI in an attempt to provide the best and cost effective services for the claimants has directed the insurers as well as the TPA's to pass on discounts,…