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Insurance Regulatory and Development Authority of India News

Insurance Regulatory and Development Authority of India

06 Jan 2022

IRDAI to set up hubs on motor, property insurances to promote loss prevention

The decision to set up these hubs was based on the recommendations of a working group. There will be an advisory committee that will create a repository of past risk inspection reports. There will be two sub-committees within the advisory committee.

Saral Jeevan Beema

14 Jun 2021

What is the Saral Jeevan Bima Policy?

The government, through the Insurance Regulatory and Development Authority of India (IRDAI), passed a directive stating that all insurance companies must offer a standard and cheap term plan. This term plan called the Saral Jeevan Bima is on the lines of the standard health insurance policy – the Arogya Sanjeevani Policy. It shares similar features across all insurers and aims to make low-cost term insurance a widespread reality.

Insurance Regulatory and Development Authority of India

06 Apr 2021

New IRDAI rules for designing, pricing of general insurance products

New product filing guidelines. Companies to justify the pricing of the policy. New guidelines to protect the interests of policy holders.

Insurance Regulatory and Development Authority of India

08 Jul 2020

Insurers can offer Arogya Sanjeevani Policy for sum insured above Rs 5 lakh

The insurers can launch the modified policy with immediate effect.

29 Jun 2020

Suggest names for 3 insurance policies and win Rs 10,000 from Irdai

Participants are required to send their entries to Irdai by July 10.

Insurance Regulatory and Development Authority of India

11 May 2020

IRDAI extends Life Insurance policy premium payment date: Details here

Earlier, IRDAI had announced on March 23 2020 and April 4 2020, additional Grace Period of 30 days for the policies where premium fell due in the months of March 2020 and April 2020.

Insurance Regulatory and Development Authority of India

09 Sep 2019

IRDAI mulls idea to link your insurance premium to traffic violations

A High Powered committee has requested IRDAI to examine the establishing of a system of linking of motor insurance premium with traffic violations.

25 Mar 2019

Irdai asks insures for easy crop insurance claim settlement

Irdai, in a circular, said there is a need for effective implementation of crop insurance schemes.

08 May 2017

Irdai forms panel for reinsurance framework review

Insurance regulator Irdai has set up a 17-member committee to conduct a comprehensive review of the existing reinsurance framework.

Health insurance

26 Mar 2017

General insurance premium set to go up from April 1

Car, motorcycle and health insurance will cost more from April 1 with regulator Irdai giving go-ahead to insurers for revision in commission for agents. The change in premium after modification will be limited to +/- 5 per cent of the existing rates.

general insurance

20 Feb 2017

Irdai to form actuary panels for life, general insurers

General and life insurance companies will be able to engage actuaries as the regulator Irdai will soon form panel of such analysts.

11 Jun 2016

Insurance e-commerce draft policy lauded by insurance companies

Insurance companies are enthusiastic about the proposed guidelines on selling and servicing of policies through e-commerce platform that aims to do away completely with any kind of physical intervention.

Health insurance

13 May 2016

Soon, pay health insurance premium in instalments

17 Mar 2016

Irdai slaps Rs 15 lakh penalty on New India Assurance

Insurance regulator Irdai has slapped a penalty of Rs 15 lakh on public sector general insurer New India Assurance Co Limited for violating various insurance norms

Indian health insurance venture Max Bupa

23 Nov 2015

Bupa to acquire additional 23% stake in Max Bupa for Rs 191 crore

UK's Bupa will increase its stake in Indian health insurance venture Max Bupa by 23 per cent to 49 per cent for Rs 191 crore.

United India Insurance Company Ltd

23 Nov 2015

Absence of policy-holders' voice in the panel on motor insurance unfair: Insurance regulator

The absence of any representative to voice the views of motor insurance policy-holders in a committee set up by IRDAI to bring clarity and transparency in payouts made to auto dealers is unfair, say industry experts.

Securities Appellate Tribunal

03 May 2015

SAT may hear SBI Life case against IRDAI this week

The Securities Appellate Tribunal (SAT) has served a notice to Insurance Regulatory and Development Authority of India (IRDAI) in adjudication of a case relating to SBI Life, the life insurance arm of SBI.

26 Apr 2015

IRDAI wants insurers to stick to grievance redressal norms

IRDAI feels that this is giving rise to "aggravated customer dissatisfaction and escalation of complaints to higher authorities".

19 Mar 2015

Insurer cannot refuse third party insurance: IRDAI

The Insurance Regulatory and Development Authority of India (IRDAI) Thursday said that no insurer can refuse to underwrite third party insurance.

17 Mar 2015

Insurers to pay upto Rs 1cr fine on violations by agents: IRDAI

The country's insurance regulator Tuesday said an insurer will be responsible for all acts and omissions of its agents and will be liable to a penalty of up to Rs 1 crore.

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