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Latest Articles in IRDAI

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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IRDAI Panel Makes Various Suggestions On Retail Engineering Insurance Products

The panel has also suggested a separate section containing major precautions to be observed by insured, like immediate intimation in case of address change and increase in sum insured.

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HC Says All Insurance Companies Liable To Give Effect To Mental Healthcare Act From 2018

The court also imposed a cost of Rs 25,000 on the insurance company to be paid to the woman for forcing her to opt for litigation to claim reimbursement.

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Irdai Slaps Rs 17 Lakh Fine On Future Generali For Violating Certain Regulations

The inspection report revealed certain violations of provisions of the Insurance Act regulations, guidelines and various circulars issued thereunder, Irdai said in a circular on its website on Monday.

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What Is IDV, And How Does It Affect Car Insurance?

Similarly, as the vehicle ages and IDV depreciates, the premium also decreases. Below are the factors that determine the IDV of the vehicle

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ICICI Venture And Morgan Stanley PE Asia Lead A Rs 525 Crores Transaction In Magma HDI

The transaction is subject to shareholder and regulatory approvals, including the Insurance Regulatory and Development Authority (IRDAI) and the Competition Commission of India (CCI).

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IRDAI Considering Shifting To 'Use And File' System For Product Approvals: Chairman

Under the use and file system, insurers are permitted to market products without the regulator''s prior approval.

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Irdai Asks Health, General Insurers To Bring Standard Accident Cover From Apr

On permanent total disablement, the insurer will get benefit equal to 100 per cent of the sum insured and that the disablement occurs within 12 months from accident.

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Axis Bank Shares Jump Over 4 %

Max Financial Services Ltd (MFSL) on Wednesday said IRDAI has given its approval for the acquisition of up to 12 per cent stake in Max Life Insurance by Axis Bank and its subsidiaries -- Axis Capital and Axis Securities.

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