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Latest Articles in IRDAI

Irdai May Extend Testing Period To 3 Years Under Regulatory Sandbox

Panda noted that Irdai is looking at the possibility of allowing even smaller players into the insurance sector

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IRDAI Reduces Solvency Margin Requirement For General Insurers

Irdai said it has reduced the solvency margin requirement for insurers doing crop business

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Insurance Companies Can Launch Products Without Prior Approval: IRDAI

Doing away with seeking prior permissions has been a long-standing demand for the industry

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Irdai Eases PMJJBY Capital Requirement To Encourage Insurer Participation

The premium rate of PMJJBY has been revised upward to Rs 1.25 per day, translating into an increase from Rs 330 to Rs 436 annually effective June 1

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People's Commission Urged The Government In February To Not Divest Its Stake In LIC

The Peoples’ Commission on Public Sector and Public Services had urged the Union Cabinet Secretary to advise the Cabinet not to divest its stake in LIC and that no action be pursued on LIC disinvestment till a person heads IRDAI

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Covid Health Insurance Policies To Also Cover Expenses For Treating Omicron: IRDAI

The regulator has issued the directive to general and health insurers in view of the growing number of cases of the Omicron variant.

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IRDAI Permits Insurers To Sell Short-Term COVID Policies Till March 2022

The regulator had granted the relaxation last year after received representations from the insurance companies for exemption from the requirement to issue physical policy document and hard copy of proposal form in the wake of the Covid-19 pandemic.

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No Noticeable Change In Insurance Coverage During Covid Pandemic: Govt

The total number of health insurance coverage, excluding personal accident and travel, in financial year 2019-20 was 49.87 crore, she said in a written reply.

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Irdai Looking For Agency To Manage Its Grievance Redressal Centre

To provide alternative channels to receive complaints against insurers, it has set up the Irdai Grievance Call Centre (IGCC) that receives complaints through a toll-free telephone number and by e-mail.

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Policybazaar Gets Insurance Broking Licence From IRDAI

The broking licence will allow the company to venture into segments which it could not do in the past like claims assistance, offline services, and establish Points of Presence network.

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Non-Life Insurers' Gross Direct Premium Rises 11 % To Rs 12,316 Cr In May

The six standalone private sector health insurance companies registered a jump of 66.6 per cent in their gross premium at Rs 1,406.64 crore in May 2021

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Irdai Slaps Rs 24 Lakh Penalty On Policybazaar For Violating Advertisement Norm

The web aggregator had sent SMS to about 10 lakh customers telling them that life insurance prices are set to increase from April 1 and that they could save up to Rs 1.65 lakh by buying a term plan.

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Non-Life Insurance Cos Register 22 % Growth In Gross Premium At Rs 17,310 Cr In Apr

The five standalone health insurance providers witnessed more than 43 per cent jump in gross premium at Rs 1,259.23 crore as against Rs 809.20 crore.

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IRDAI Suggests Model Insurance Villages To Increase Insurance Penetration In Rural Areas

The concept of setting up model insured villages was mooted by the IRDAI in a discussion paper on increasing penetration of insurance in rural areas with a special focus on agriculture and allied activities.

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Govt Invites Applications For Post Of IRDAI Chairman

The applicant should have minimum of two years of residual service as on May 7, 2021, that is the applicant's age should not exceed 63 years on said date

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