New India Assurance and Niva Bupa have invested in the Bima Sugam India Federation.
At least 120 insurance intermediaries and aggregators from across the country are under scrutiny, mainly from Mumbai, Gurugram and Bengaluru.
The move by the insurance regulatory body aims to create a more inclusive healthcare ecosystem in India and to encourage insurance provider companies to diversify their product offerings.
According to IRDAI, Marsh India had held the premium received from the clients in an Insurance Bank Account for more than 15 days and did not remit the premium to the insurer/reinsurer within the time limit of 15 days.
Mint Road, on December 21, 2023, flagged the role of self-regulatory organisations (SROs) in strengthening the compliance culture in regulated entities (REs) and providing a consultative platform for policymaking. It also decided to issue an omnibus framework for SROs.
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.
In 2025, Indian firms may face higher premiums for fire and engineering insurance covers as reinsurers are likely to revise rates due to rising claims from catastrophic events and higher loss ratios, according to people in the know.
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.
Health insurance premium growth has slowed after touching record highs during the Covid-19 pandemic due to tapering demand from retail consumers amid affordability issues. According to General Insurance Council data, health insurance premiums grew by 10.44 per cent year-on-year (Y-o-Y) in the Apr-Jan period of FY25 in comparison with 20.79 per cent in the year-ago period. It was around 23.57 per cent in FY23, and 25.89 per cent in FY22.
Your insurance policy document will become digital and paperless like shares. Here's what you must know to save the hassles.
'It is imprudent on the part of Indian insurance companies to invest out of the shareholders' fund in a private limited company.'
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.
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.
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 Life Insurance Council has made a representation to the Insurance Regulatory Development Authority (Irda), seeking some revisions pertaining to unit-linked products.
Fraudsters lure individuals with false promises of recovering bonuses or maturity proceeds from lapsed policies.
The government and the Insurance Regulatory Development Authority mooted a 'micro-insurance' scheme and asked insurers to collaborate with non-governmental organisations.
'The informal sector can grow at a 100 per cent rate -- we have to plan big.'
Implementation of BI tools can improve the bottom line by 10-15 per cent of insurance companies.
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.
National Insurance Company is going to come out with a new health policy for those above 60.
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.
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.
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.
'India has not faced a major terrorism loss since the Mumbai terrorist attacks in 2008.'
The Insurance Regulatory and Development Authority of India (IRDAI) has asked life insurance companies not to advertise unit-linked plans as investment products in a recent circular.
Irda to raise provisioning norms to 163-213 per cent.
IndusInd International Holdings chairman Ashok Hinduja on Tuesday announced the acquisition of Reliance Capital, completing the three-year-long resolution process of the debt-ridden company. IndusInd International Holdings Ltd (IIHL) has transferred the bid amount to the escrow account of the lender, and the takeover of the management from the Administrator will happen on Wednesday.
LIC said USTR's views are based on an incomplete understanding of Indian insurance regulation and LIC's functioning.
The insurance regulator's move to prod insurance companies to sell health products to all age groups, including those above 65, is aimed at increasing penetration though there would be challenges on pricing due to higher risk perception, experts said. While there was no regulatory cap on age for health insurance policies, most companies had an internal policy which did not allow them to sell health insurance products to persons over 65.
Capital market regulator Sebi on Tuesday rejected the competing open offer made by the US-based entity Danny Gaekwad Developments & Investments for acquisition of Religare Enterprises Ltd (REL) as it did not meet necessary regulations.
In Debasish Panda's last board meeting as chairperson of the Insurance Regulatory and Development Authority of India (Irdai), the regulator approved the "R2" licence for Kamlesh Goyal and Prem Watsa-backed Value Attics Reinsurance, making it the first private-sector Indian reinsurer after GIC Re, the public-sector reinsurer. "The authority reviewed and approved the R2 application of Value Attics Reinsurance, making it the first private-sector reinsurer after GIC Re, the public-sector reinsurer.
'Marathwada is the suicide capital of Maharashtra.' 'To stop such man-made disasters, the government should immediately come up with a rightful package, not this charitable approach to compensation.'
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
Insurance Regulatory and Development Authority (Irda) Chairman J Hari Narayan today said companies that did not lower management expenses below the prescribed ceiling would have to set aside more capital to meet the proposed higher solvency requirement.
The unclaimed funds within the life insurance sector are higher from policies sold by agents as against other channels like bancassurance or a digital platform, said analysts and officials from insurance companies. Unclaimed life insurance funds refer to the proceeds of insurance policies including death or survival benefits not claimed by the beneficiary or the policyholder. Bancassurance means selling an insurance product through banks.
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