Sebi is working with other regulators to expand the CAS framework.
Insurance intermediaries who receive disproportionately high commissions are likely to see a decline in their payouts, post the new Insurance Amendment Bill. The new Bill gives the Insurance Regulatory & Development Authority of India (Irdai) the power to disgorge unlawful gains made by insurers and intermediaries as well as the right to limit commissions paid to intermediaries.
The Insurance Regulatory & Development Authority of India (Irdai) on Wednesday proposed setting up an internal insurance ombudsman for insurance companies -- except reinsurers-- with over three years of operation, to address unresolved complaints. The ombudsman will have power to hear complaints for claims up to Rs 50 lakhs.
From April 1, when we buy insurance for a car or take out a health cover, insurance companies can offer a product totally customised for us.
The Anil Ambani Group's financial services arm Reliance Capital on Wednesday said it has received in-principle approval from insurance sector regulator Insurance Regulatory Development Authority for its proposed 26 per cent stake sale in Reliance Life Insurance to Japan's Nippon Life.
Your insurance policy document will become digital and paperless like shares. Here's what you must know to save the hassles.
Just like investors holding dematerialised shares with depository participants, individual insurance policyholders will be able to stack their insurance policies too in electronic form very soon, thanks to some path breaking initiatives by the insurance regulator, Insurance Regulatory Development Authority.
RBI unveiled a few weeks ago its discussion paper on the proposed holding company structure for financial conglomerates, there were no murmurs of protest from any of the other regulators.
The Life Insurance Council has made a representation to the Insurance Regulatory Development Authority (Irda), seeking some revisions pertaining to unit-linked products.
The Bill -- the Securities and Insurance Laws (Amendment) and Validation, Bill 2010 -- addresses concerns by RBI over its autonomy, by including its Governor as vice-chairman of the joint commission instead of making him just a member.
The Anil Dhirubhai Ambani Group's financial services arm Reliance Capital on Friday said it has received approval from the Reserve Bank of India (RBI) for its proposed 26 per cent stake sale in Reliance Life Insurance to Japan's Nippon Life.
IRDA said it wanted to seek a legal mandate jointly with Sebi, but the market regulator had reservations.
The Securities and Exchange Board of India, the capital markets regulator, restrained 14 insurance entities from raising fresh money through Ulips - Unit Linked Insurance Products.
Irda to raise provisioning norms to 163-213 per cent.
The Insurance Regulatory Development Authority (Irda) is likely to broaden the definition of infrastructure to include more sectors. The move, being discussed with insurance companies, is aimed at enabling insurers to get access to more papers to invest in and diversify their portfolio.
Here's a quick look at the likely changes proposed for selling unit linked insurance plans from September 1, 2010 and how they will impact investors.
In what may translate into lower premium rates for traditional pension and annuity policyholders, the Insurance Regulatory Development Authority today said the capital requirement for these segments would be lowered from the end of this month.
Insurance funds will soon start flowing to special economic zone projects, agro-processing and infrastructure projects, domestic satellite services and social infrastructure like educational institutions and hospitals.
The Insurance Regulatory Development Authority (Irda) is planning to issue a notice to Life Insurance Corporation of India (LIC) to stop the latter from allowing policy holders to nominate "strangers" (those who are not close relatives) and religious institutions as beneficiaries of life policy claims.
Soon standalone health insurance companies will be governed by separate regulations
The removal of tariffs would result in health insurance becoming the second-largest business for general insurance companies over the next three years.The health insurance premium which stood at Rs 675 crore in 2001-2002 has risen to Rs 3,200 crore by March 31, 2007.
The Supreme Court has ruled that public sector insurance companies cannot refuse to provide medical cover policies to those suffering from pre-existing diseases and said such an action was arbitrary, illegal and unconstitutional.
With the top life insurance companies planning to list next year, the Insurance Regulatory Development Authority is setting up a committee for working out a mechanism to decide the valuation and the likely initial public offer price.
The Insurance Regulatory Development Authority plans to introduce guidelines soon on transfer (also called assignment) of insurance policies after the Insurance Act is amended.
Seventy five per cent of the non-life insurance industry, which consists of fire, engineering and motor covers, was subject to rates prescribed by the Tariff Advisory Committee up to December 2006, irrespective of whether the risk was good or bad. The industry was partially detariffed on January 1, 2007, but the regulator restricted the discounts insurers could give to minimise the dangers of an irrational price war.
The Insurance Regulatory Development Authority of India has clamped down on excessive discounts on fire
National Insurance Company is going to come out with a new health policy for those above 60.
The Insurance Regulatory Development Authority of India (IRDA) and non-life insurance companies are working towards setting up a pool for creating a capacity within India to underwrite risks from natural catastrophes.
Implementation of BI tools can improve the bottom line by 10-15 per cent of insurance companies.
After tying up with 15 banks, state-owned National Insurance Company on Friday signed a memorandum of understanding with leading NGO, HelpAge India, to distribute its products.
It is likely health insurance premiums may actually fall, at least for the individual segment
The government and the Insurance Regulatory Development Authority mooted a 'micro-insurance' scheme and asked insurers to collaborate with non-governmental organisations.
The Insurance Regulatory Development Authority of India (Irdai), the regulator for insurance companies, is set to allow the insurers to offer wellness programmes along with life insurance policies that can earn reward points for the policyholders. These reward points can be redeemed for getting a discount during renewal. The insurance regulator has circulated draft guidelines to insurance companies for feedback before issuing the final guidelines, as is the norm.
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