Insurance Regulatory and Development Authority

Govt allows 49% FDI in insurance under automatic route

Govt allows 49% FDI in insurance under automatic route

Seeking to attract more foreign investment, the government has relaxed FDI norms for insurance sector by permitting overseas companies to buy 49 percent stake in domestic insurers without prior approval.

Mar 18, 2016, 23:08 PM IST
Motor insurance premium to be costly by 20% to 30% from April 1

Motor insurance premium to be costly by 20% to 30% from April 1

Zee Media Bureau

Mar 06, 2016, 17:55 PM IST

Give better deal to health policyholders, says IRDA

To protect the interests of health insurance policyholders, India's insurance regulator has ordered insurers and claims processing agencies to mandate hospitals to reflect the negotiated discounts on the bills.

Jun 24, 2015, 22:10 PM IST

Clearly mention conditions, benefits of insurance products: IRDA

To help consumers guard against bogus claims being made by insurers, sector regulator IRDA has said the companies will have to clearly define conditions along with benefits and riders of products to customers.

Dec 28, 2014, 14:14 PM IST

Kotak Group enters general insurance space

Private-sector lender Kotak Mahindra Bank Tuesday announced its entry into the highly fragmented general insurance space, a week after buying out ING Vysya in one of the biggest deals in the country's banking space.

Nov 25, 2014, 17:48 PM IST

'RBI just taking baby steps on customer rights'

Customers expected the Reserve Bank of India (RBI) to leap forward with a strong regulation for consumer protection than taking baby steps with its draft charter on customer rights, a consumer activist said.

Aug 24, 2014, 14:03 PM IST

LIC launches pilot project with repositories for digitisation

The insurance behemoth LIC said here on Friday that it has launched a two-month pilot project in the city to digitise policies.

Aug 22, 2014, 19:47 PM IST

Irda fines Sahara India Life Insurance for violating norms

Regulator Irda has imposed Rs 5 lakh penalty on Sahara India Life Insurance Company Ltd for non-compliance of social sector obligations in 2012-13.

Jul 24, 2014, 22:46 PM IST

Non-life insurers premium income up 12% in March at Rs 77,541 crore

Among other categories, health insurance premium witnessed a rise of 13.5 per cent at Rs 17,623.91 crore in March 2014 and premium towards motor TP (third party) increased substantially by 25.7 per cent to Rs 15,682.85 crore.

Jun 08, 2014, 12:34 PM IST

Insurance regulator seeks expert to streamline processes

Insurance sector regulator IRDA is seeking an information technology consultant to help it to streamline processes and lower the cost of compliance.

Apr 27, 2014, 11:21 AM IST

IRDA to SBI Life Insurance: Refund Rs 275 cr to policy holders

Insurance regulator IRDA Tuesday asked SBI Life Insurance company to refund Rs 275.29 crore to the policy holders as the amount was collected from them in violation of norms.

Mar 11, 2014, 22:28 PM IST

IRDA permits insurers to invest in equity ETFs

ETF is a security that tracks an index, a commodity or a basket of assets like an index fund, but trades like a stock on an exchange.

Mar 03, 2014, 23:42 PM IST

Banks' insurance broking model to gain traction in time: IRDA

Notwithstanding the tepid response by banks to act as brokers for selling products of multiple insurers, sectoral regulator IRDA is hopeful that this model will pick up in due course even as it said it is renewing the corporate agency licence of banks as of now.

Feb 17, 2014, 16:48 PM IST

IRDA sets up 9-member panel to review FSLRC recommendations

The committee will also examine the extant legislative and regulatory framework in compliance 14 non-legislative recommendations (NLRs), IRDA said in an order.

Feb 02, 2014, 12:29 PM IST

Comply with anti-money laundering norms: Irda to LIC, ICICI Pru

Irda has asked LIC to put in place systems and controls to comply with AML provisions. It said there were no systems in place to detect and monitor when a person made multiple cash transactions aggregating over Rs 50,000 in cash.

Jan 21, 2014, 20:57 PM IST

Know fund source for premium of Rs 1 lakh/yr: IRDA to Birla Sun

Insurance sector regulator IRDA has asked Birla Sun Life Insurance Company to adopt effective procedure to know source of funds by policyholders and not merely rely on documentation for premium payment of over Rs 1 lakh per annum.

Jan 19, 2014, 14:59 PM IST

IRDA may make insurance broking model compulsory for banks

The Insurance Regulatory and Development Authority may make the broking model for banks compulsory soon if significant traction is not achieved in insurance penetration.

Jan 17, 2014, 17:38 PM IST

Irda imposed Rs 5-cr fine on 12 insurance cos in FY13

HDFC Life paid a fine of Rs 1.47 crore, while ICICI Prudential Life had to shell out Rs 1.18 crore for failure to comply with various provisions of the Insurance Act 1938.

Jan 12, 2014, 13:22 PM IST

IRDA to bring CSCs for selling simple policies in rural areas

The Insurance Regulatory and Development Authority (IRDA) is roping in Common Service Centres as a platform for insurers to sell simple policies in rural areas.

Dec 27, 2013, 20:26 PM IST

IRDA asks Reliance Life to tighten anti-money laundering norms

The Insurance Regulatory and Development Authority (IRDA) said, "The receipt of this letter be acknowledged and compliance submitted before December 31, 2013."

Dec 16, 2013, 18:36 PM IST