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The new regulations will allow the insurers to charge an extra premium from policyholders who wish to buy riders with unit-linked insurance plans.
The four public sector general insurance companies -- New India Assurance, United India Insurance, Oriental Insurance, and National Insurance Company -- have lost 800 basis points (bps) in market share in last five years to their private counterparts, the data from the Insurance Regulatory and Development Authority (Irdai) revealed. In 2018-19, the four had a cumulative market share of 40.04 per cent, with New India Assurance having a market share of 14 per cent and United India Insurance with a market share of 9.63 per cent. But, gradually in the past five years, these state-backed firms have lost their market share to private sector players, due to the declining health of their business.
The rules are being reviewed for the first time after the sector was opened to private competition at the start of the decade.
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.
Overcoming its initial concerns, national reinsurer GIC Re has contributed to the formation of an insurance pool to cover most imports from Russia. While it will be called the fertiliser pool with a corpus of Rs 500 crore, it can be used to cover the risks of oil and gas imports too. This was decided by a clutch of Indian insurance companies, led by the state-owned ones. GIC Re's share is about 40 per cent in the pool. Last month, GIC Re had shot off a letter to all non-life insurance companies that underwrite marine risks not to ask it for reinsurance of cargoes that originate from Russia.
India currently performs around 6,00,000 to 7,00,000 laser-assisted in situ keratomileusis (Lasik) and refractive procedures a year, and the uptake is accelerating.
In its master circular on general insurance products, which takes immediate effect, Irdai specified, 'The customer may be required to submit only those documents directly related to claim settlement.'
Mergers and acquisitions would continue to create big corporate conglomerates but there is a need to draw a red line to avoid dominance and curbing of open competition in market by them, he said while addressing a conference on competition issues in New Delhi.
Mauritius-based IndusInd International Holdings and other Hinduja group entities are expected to make payments worth Rs 9,661 crore for the acquisition of bankrupt Reliance Capital (RCap) only after getting all the legal and regulatory clearances, including from the Supreme Court, thus delaying the closure of the transaction. A source close to the development said that according to the National Company Law Tribunal (NCLT) order dated February 27, the payment for the acquisition was to be made within 90 days from the NCLT's approval of the resolution plan and after receiving all legal and regulatory clearances.
There is huge potential for data analytics insurance sector in India which has over 40 crore life insurance policies.
The operator's liability in the case of an incident is limited to 3,000 crore for reactors with thermal power above 3,600 Megawatt; 1,500 crore for reactors with thermal power between 1,500 Mw and 3,600 Mw; 750 crore for reactors with thermal power between 750 Mw and 1,500 Mw; 300 crore for reactors with thermal power between 150 Mw and 750 Mw; and 100 crore for reactors having thermal power up to 150 Mw, fuel cycle facilities other than spent fuel reprocessing plants and transportation of nuclear materials.
They combine financial protection and health and lifestyle management support for non-communicable diseases such as hypertension, diabetes, heart disease, cancers and tumours.
Health insurance claims are often denied due to exclusions in policy terms. Buyers frequently overlook the fine print or misinterpret clauses.
While there has been a rise in obesity reduction surgeries, it may still take time before health insurance cover is made available for these.
The move would help insurance firms to get much needed capital from overseas partners.
The Insurance Regulatory and Development Authority of India (Irdai) will look at Indian executives for all top posts at insurance companies.
Payments can be made till April 21; for motor the relaxation is only for third-party insurance.
It will help in reducing the turnaround time.
The Insurance Regulatory and Development Authority of India (IRDAI) is considering a proposal to make insurance frauds a parameter for calculating credit scores in an attempt to put a lid on the increase in such activity. The proposal, which is a part of the recommendations made by a working group formed by Irdai and the General Insurance Council, suggests that insurance frauds should feature when the risk profiles of individuals are evaluated and should be used to calculate their credit scores. A poor credit score can deprive a person of financial services such as loans and credit cards, and deter him from indulging in fraud.
To reduce time taken for product approvals, Irda has asked life insurers for a product planner before every financial year.
Customers frequently sign without reading the terms and conditions, resulting in a poor understanding of coverage, and eventually leading to partial payouts
The Sebi-Irda tussle will change Ulips forever. What it means for millions of investors.
The Reserve Bank said overseas investors, including FPIs and NRIs, can invest up to 26 per cent in insurance and allied activities through the automatic route.
'I am very happy to see that the work is starting to bear some fruit now.'
The Hinduja group is learnt to be looking at alternative means of financing, including private credit, to fund its Rs 9,661 crore all-cash offer to acquire Reliance Capital. The regulator, Insurance Regulatory & Development Authority of India (Irdai), had earlier rejected the collateral offered by the group to raise funds. The Hinduja group was in talks with Barclays, JPMorgan, Cerberus Capital Management and Apollo Global Management to raise up to $850 million.
Motor insurance is expected to generate largest claims for the companies whereas for crop insurance, the Agriculture Insurance Company is expecting claims of about Rs 15-16 crore
The government on Thursday issued an ordinance for setting up a full-fledged Pension Fund Regulatory and Development Authority akin to Insurance Regulatory and Development Authority and Securities Exchange Board of India.
However, the finance ministry is yet to apply its mind on whether to merge the interim Pension Fund Regulatory and Development Authority with Insurance Regulatory and Development Authority or have two separate regulators for pension and insurance.
The market regulator had last month allowed bourses to set up debt segments to develop the country's languishing corporate bond market.
Irdai will maintain a centralised list of the details of all agents appointed by insurers.
If it is about saving tax and you don't have a policy already, there is a case for buying.
The cornerstone of any efficient financial market is certainty and coherence in its regulatory framework.
'We have opened 100 branches in the last one and a half years. Our manpower is also in place.'
T S Vijayan makes a strong comeback man.
The Irda is of the view that any insurance product must carry some form of assurance.
To enhance transparency in unit-linked insurance products and protect the interest of policyholders, the Insurance Regulatory and Development Authority has asked life insurers to disclose the underlying conditions and elements while advertising products.
FinMin talking to Irda on many issues, meeting Chidambaram this week.
