IRDAI forms task force to study impact of DPDP Act
IRDAI has formed a task force to assess how the Digital Personal Data Protection Act, 2023, will impact the insurance industry, according to a circular issued by IRDAI. In a…
IRDAI considering SLBC-like body: Panda
IRDAI is considering the creation of a body like the state-level bankers’ committee (SLBC), Chairman Debasish Panda said. “Several state governments have taken the initiative to constitute state-level committees and…
IRDAI diktat weigh on life insurance stocks
Bucking the overall positive market trend, life insurance stocks declined by up to 8 per cent after the IRDAI proposed a higher surrender value for life insurance companies. In the…
Insurance sector to shift to RBC, Ind-AS by 2025
The insurance sector is expected to transition to the risk-based capital (RBC) regime and the Ind-AS accounting standard by 2025, which will help the sector align with global standards under…
Surrender Value in Life Insurance to increase
IRDAI has proposed new rules to protect policyholders' interests under which insurance companies will have to substantially increase the amount they pay to customers who choose to discontinue their scheme…
Bima Vistaar to be rolled out in Q1 of FY25
Bima Vistaar, the first of its kind all-in-one affordable insurance product for life, health, and property cover, is set to be rolled out in the first quarter of the next…
IRDAI proposes limit on surrender charges for non-linked plans
IRDAI has released a set of draft product regulations that will force insurers to review their profit margins and rejig distributor commissions. In this draft circular, the regulator has suggested…
IRDAI Ups scrutiny of broking deals, approvals take longer
IRDAI has increased scrutiny on the ultimate beneficiaries in the transfer of shares within the insurance broking sector. This increased diligence has led to an extension in the approval timelines,…
IRDAI sets up panel to increase banks’ participation in selling insurance products
IRDAI has set up a high-level panel to suggest steps to increase the participation of banks for easy availability of insurance products across the country. Despite the large network of…
IRDAI mulls lower charges, higher surrender value for life policies
IRDA has mooted a higher surrender value and lower charges for life insurance companies. An exposure draft released by the insurance regulator pitched for a significant increase in the surrender…