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.
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.
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 Insurance Regulatory Development Authority of India has clamped down on excessive discounts on fire
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.
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.
Following suggestion from Minister for Roads Nitin Gadkari, Centre seeks ideas from IRDAI and General Insurance Council on feasibility of providing insurance cover for retrenchment.
The change in policy for the three companies, from listing to merger, shows the level of discomfort within the government about their ability to take on the expanded load for insurance coverage with their current financial strength, including the massive premium and claim settlement cover under the proposed universal health coverage plan announced in Budget 2018.
At its heart, the issue is more than compliance. It is the risk of possible breakdown of a strong nexus between insurance firms and motor car dealers that makes the business the top earner for the former.
Kunnal Prem, chief executive officer of the Insurance Information Bureau of India, tells Mayank Jain on what they're doing.
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