India’s political and economical scenario is changing fast since the last general election in May, 2019 wherein Narendra Modi Government secured majority. The Modi govt delivered many poll promises like passing of triple talaq bill and abrogation of article 370.
The new Motor Vehicles act which includes higher penalties for Traffic violation will be implemented w.e.f 1st September, 2019.
Nonlife insurers will use the Aadhaar Data of policy holders to build a KYC registry and track claims data to prevent fraud.
IRDAI has invited applications to make use of the ‘Regulatory Sandbox Approach’ for innovation and growth in the insurance sector. A sand box is a methodology where insurers and other stakeholders can experiment, test and innovate financial products without worrying about regulatory norms for a specific period of time.
IRDAI has recently fined the web aggregator Policybazaar for a huge sum of Rs. 1.11 crore. The case pertained to the year 2016 wherein many violations were observed by the regulator. It took more than 3 years for the regulator to pronounce the judgement. IRDAI should expedite the audit and observations as soon as possible so that companies may implement corrective measures.
The fraudulent calls for selling insurance policies in name of Insurance Verification department are continuing relentlessly. IRDAI has not been able to stop the Insurers/Intermediaries from mis-selling. IRDAI should take some stringent criminal action rather than issuing advisories to stop this menace.
