Max Life appointed lead insurer for Uttar Pradesh
Max Life Insurance Company Ltd. has been designated as the "Lead Insurer" for Uttar Pradesh by the IRDAI. This move is part of IRDAI's State Insurance Plan to promote financial…
IRDAI asks insurers to speed up settlement of flood claims
IRDAI has asked all general insurers and standalone health insurance firms to deploy resources and shrink response-time gaps after the worst deluge in decades battered north India, damaging property and…
IRDAI considering managed general agencies in insurance
The insurance industry could see a new set of licences in the form of managed general agencies, or MGAs, as the insurance regulator is looking at the viability of such…
IRDAI retains mandatory cession of business in favour of GIC Re at 4% for FY24
IRDAI has maintained the status quo on obligatory cession of business for the financial year 2023-24 at 4 per cent in favour of GIC Re, disappointing the private sector general…
IRDAI moves SC against SAT stay on Sahara Insurance order
IRDAImoved the Supreme Court, challenging the Securities Appellate Tribunal's decision to stay its order directing Sahara India Life Insurance Company to transfer its life insurance business to SBI Life Insurance…
IRDAI allows combi products under use-and-file system
In a significant move, the IRDAI has allowed insurance companies to launch individual and group ULIPs (unit linked insurance plans) and combi plans — combination of life and health insurance…
IRDAI set to issue permits to a dozen insurers
The insurance regulator plans to issue about a dozen licences this year, building on last year’s momentum when three companies got insurance licences in life and non-life segments after more…
IRDAI to create state insurance plan mirroring SLBCs: Panda
IRDAI is trying to create a state insurance plan in which district potential targets will be aggregated to create plans similar to the State Level Bankers’ Committee (SLBC), IRDAI Chairman…
IRDAI tweaks some pain points in surety bonds, welcome suggestions
IRDAI chairperson Debasish Panda said the insurance regulator has tried to address some of the "pain points" in relation to surety bonds, and stressed that it may make further changes…
IRDAI pushing to onboard Health Exchange, Bima Sugam by Aug 1
IRDAI is pushing to implement two high tech projects – Health Claims Exchange and Bima Sugam – to deepen insurance penetration and simplify the claim procedures. IRDAI Chairman Debasish Panda…