Surety Bonds stuck: IRDAI asked to come up with model product
In a bid to break the deadlock over the launch of Surety Bonds, the Ministry for Road Transport & Highways (MORTH) has asked insurance regulator IRDAI to develop a model…
IRDAI reduces solvency margin
IRDAI has reduced the solvency margin requirement for general insurers providing crop insurance, a decision expected to unlock Rs 1,400 crore of funds for them to undertake more business. The…
IRDAI told to look into role of agents selling life policies
The National Consumer Disputes Redressal Commission (NCDRC) has directed the IRDAI to look into the role of insurance agents selling life insurance policies. The apex consumer commission asked the IRDAI…
PMJJBY: IRDAI cases capital requirement to attract insurers
After the recent hike in the premium rate, theIRDAI relaxed capital requirement norms significantly for insurers to encourage their participation in the government’s flagship programme Pradhan Mantri Jeevan Jyoti Bima…
IRDAI sets up committees to suggest industry overhaul
To overhaul the insurance sector, the IRDAI has formed various committees through the General Insurance Council (GIC) to suggest reforms in several areas of general, reinsurance and life insurance such…
HDFC Life urges IRDAI to allow life insurers sell other financial products
HDFC Life Insurance Co is in talks with the Insurance Regulatory and Development Authority of India (IRDAI) to allow life insurance companies to sell other regulated financial products, Deepak Parekh,…
IRDAI eases approval for health insurance products
IRDAI extended the “Use and File” procedure to all health insurance products, facilitating faster customer access to health policies. All categories of products and add-ons or riders to be introduced…
IRDAI douses ‘Burning Cost’, premiums may fall for Corporates
IRDAI has stated that 'Burning Cost' can't be quoted by basic insurers as a 'mandated minimum rate' to cost premiums to prospects. The new notification by IRDAI on the position…
IRDAI to relook at regulations to widen insurance penetration and give insurers more flexibility
The Insurance Regulatory and Development Authority of India (IRDAI) will relook at regulations, capital requirements and introduce new products to widen the penetration and give insurers more flexibility in their…
IRDAI chief planning roadmap for second phase of reforms
IRDAI Chairman, Debashish Panda, has laid out a road map for the second phase of reforms in the industry. On the cards is a review of the entire set of…