IRDAI mandates standard annuity plan
IRDAI has advised all life insurers to mandatorily offer from April 1 a standard, individual immediate annuity product it has developed. The single premium, non-linked, non-participating plan, to be called…
Inflation index linked pension schemes in the pipeline: IRDAI
IRDAI chairman said that a group has been formed to come up with guidelines for a floating rate annuity product. Subhash Khuntia, Chairman, IRDAI made this announcement while speaking during…
IRDAI to introduce standard products for fire, allied peril
IRDAI has decided to introduce a standard home insurance policy that will cover the risks associated with natural calamities like cyclone, flood, earthquake and also fire. The regulator also announced…
IRDAI advises Insurers to fix Covid-19 treatment rates
IRDAI has advised general and health insurers to have agreements with health providers on rates for treatment of Covid-19 on the lines of other diseases. In a circular, the regulator…
IRDAI proposes extension in sandbox norms
IRDAI has proposed to extend the validity of regulatory sandbox guidelines by two years as the proposals received under it require more time for completion. To give a fillip to…
Traffic violators may soon have to pay more for motor cover
The working group committee set up by the Insurance Regulatory and Development Authority of India (IRDAI), to examine and recommend the linking of motor insurance premiums with traffic violations, submitted…
IRDAI calls for standard travel covers
In a bid to simplify travel insurance and expand its reach in the country, IRDAI issued guidelines or insurers to come up with standard travel policies to be offered from…
IRDAI keeps obligatory cession at 5% to GIC Re
IRDAI has maintained the obligatory cession of each general insurance policy that is to be reinsured with an Indian firm at 5 per cent for FY21. "The percentage cession of…
Debatable Policy
In the month of September 2020, to promote wellness benefits and preventive outlooks, the Insurance Regulatory and Development Authority of India issued guidelines to insurance players and instructed them to…
Impact of COVID-19 on General Insurance sector in India and the way forward
Introduction: On December 8, 2019 the first pneumonia case of unknown cause was found in Wuhan, China. It was later identified to be caused by a new coronavirus and the…