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Insurers News

07 May 2023

Irdai Proposes To Tighten Norms For Media Campaigns By Insurers

The procedure for accepting the advertisements is currently based on the approved 'File and Use' applications and compliance to Irdai advertisement regulations and circulars.

14 Mar 2019

Insurers unlikely to take hit on grounding of B737 MAX 8 planes

As many as 12 B737 MAX 8 planes of budget carrier SpiceJet have been grounded amid safety concerns in the wake of a plane crash in Ethiopia on Sunday that killed 157 people.

07 May 2017

IRDAI issues new outsourcing guidelines for insurers

The sectoral watchdog Irdai has issued new guidelines on outsourcing activities by insurers by clearly defining the areas of work that should be done in- house and those which can be handed out to third-parties.

14 Apr 2017

IRDAI unveils portal for insurers to sell policies online

Insurance regulator Irdai has launched a web portal for insurers that will allow them to register and sell policies online.

general insurance

31 Mar 2017

Car, motorcycle and health insurance will cost more from tomorrow

Car, motorcycle and health insurance will cost more from April 1 with regulator Irdai giving go-ahead.

general insurance

01 Apr 2017

Car, motorcycle and health insurance will cost more from today

You will have to pay more premiums for car, motorcycle and health insurance from April 1 as Insurance Regulatory and Development Authority (IRDAI) has given a green signal to insurers for a commission revision for agents.

06 Nov 2016

Premium to be hiked by insurers for cyber security covers

Following the data theft that impacted 32 lakh debit cards recently, insurers see surge in demand for cyber insurance and have warned of a spike in cyber risk cover premiums.

Finance Minister

03 Jul 2016

Finance Ministry to issue Cabinet note on listing of PSU insurers soon

Finance Ministry is all set to issue a draft Cabinet note on listing of public sector insurance companies. This development comes in line with the announcements made in the budget.

23 Aug 2015

Pension biz of life insurers plunges 90% to Rs 2k cr in FY15

The pension business of life insurance players is down to a meagre Rs 2,000 crore in 2014-15, from Rs 20,000 crore in 2009-10.

10 Aug 2015

Probe against 16 insurers in Rs 2,500-cr CENVAT credit case

Under the CENVAT credit scheme, a manufacturer or a service provider can avail credit of excise duty paid on inputs.

16 Jul 2015

CCI imposes Rs 671 crore fine on four state-run insurers

Competition Commission has imposed a penalty of Rs 251.07 crore on New India Assurance, Rs 162.8 crore on National Insurance, Rs 156.62 crore on United India Insurance and Rs 100.56 crore on Oriental Insurance, respectively.

Health insurance

23 Jun 2015

'Pass on discount on health insurance claim to policyholders'

IRDAI said the discount should be in absolute monetary terms and every insurer shall make these procedures as part of their detailed guidelines on claim settlement.

General insurers

29 May 2015

Insurers want sops to start catastrophe pool

General insurers have urged the government to offer them some incentives for providing subsidised catastrophe cover to the poor under the proposed natural catastrophe pool.

08 Apr 2015

Insurers allowed to set up offices in SEZs

Domestic and foreign insurance companies have been allowed to set up IFSC Insurance Office in special economic zones if they meet certain conditions.

05 Apr 2015

Nuclear pool: Private sector insurers chip in with Rs 100 cr

The total size of the nuclear pool, which was officially kicked off from April 1, is Rs 1,500 crore and half of this will be contributed by the four state-owned non-life insurers and the sole reinsurers GIC Re, which is also state-owned.

05 Apr 2015

Banks, insurers asked to create common module for new schemes

To roll out three new social security schemes announced in the Budget, the government has asked banks and insurers to develop a common infotech module by June.

04 Jan 2015

Norms tightened for appointment of agents by insurers

Under the newly promulgated Ordinance, insurers cannot appoint any "principal agent, chief agent and special agent", neither they can transact any insurance business through them.

26 Oct 2014

'Irda favours lifting cap on agent fees'

Irda chairman T S Vijayan is slated to meet members of Parliamentary panel on Insurance Law (Amendment) Bill here on Monday.

29 Jul 2014

Bajaj Allianz GI plans 4,000 virtual offices in 2-3 years

With a virtual office, insurers can service their customers with low distribution costs.

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