IRDAI questions price hikes by reinsurers
Concerned over pricing pressures in life and non-life products in the wake of Covid, the Insurance Regulatory and Development Authority of India (IRDAI) has questioned global reinsurers on rate hikes…
Irdai moots premium hike for rebuilding in disaster areas
The insurance regulator has mooted the introduction of a differential premium for insured properties that are rebuilt on sensitive terrain after a natural disaster. This followed an observation that even…
Complaints of insurers refusing to offer COVID-19 policies; IRDAI steps in
With complaints of insurance companies refusing to offer and renew COVID-19 insurance policies on the rise, the Irdai has recently directed the insurers not to deny COVID-19 policy coverage to…
Bharat Yatra Suraksha: IRDAI launches guidelines on standard domestic travel insurance policy
IRDAI has recently issued guidelines on Bharat Yatra Suraksha, the standard domestic travel insurance product, that will provide coverage for hospitalization expenses, death, permanent complete or partial disablement due to…
Settle COVID-related cashless insurance claims within 1 hour: IRDAI
IRDAI has recently directed all the insurers to decide on cashless COVID-19 treatment claims within 60 minutes of the receipt of final bill so that the hospital bed can be…
IRDAI directs hospitals to provide cashless treatment for COVID-19 to policyholders
In a big relief to the policyholders, IRDAI has recently directed all the hospitals to provide cashless treatment if mentioned in the contract. This clarification came in the backdrop of…
IRDAI imposes Rs. 25 lakh penalty on SBI General Insurance
IRDAI has recently imposed a monetary penalty of Rs. 51 lakh on 4 insurers, including SBI General Insurance, for violation of norms related to motor insurance. A fine of Rs.…
Bajaj Allianz General Insurance fined Rs. 10 lakh by IRDAI
Bajaj Allianz General Insurance Company Ltd. was fined Rs. 10 lakh by IRDAI for violation of the Insurance Act and its Motor Insurance Service Provider (MISP) guidelines. IRDAI, in its…
IRDAI slaps Rs. 17 lakh fine on Future Generali
IRDAI has recently imposed a penalty of Rs. 17 lakh on Future Generali India Insurance Co Ltd for violating norms on protection of policyholders' interests and selling policies without seeking…
IRDAI allows insurers to invest in startups via FOF
IRDAI has allowed the insurers to invest in fund of funds that invest within the country, in a move that is expected to open up more capital options for India’s…