'It is imprudent on the part of Indian insurance companies to invest out of the shareholders' fund in a private limited company.'
General insurers violated IRDA norms on discounts. IRDA reveals plans for 2008
The Insurance Regulatory and Development Authority (Irda) has fined 10 insurance companies, including both the insurance arms of the Bajaj Auto Group, Reliance General, United India, Iffco-Tokio, New India Assurance and Shriram Life for non-compliance with various guidelines. The violations varied from opening branch offices without seeking the regulator's permission to violation of advertisement guidelines and non-fulfilment of social sector obligations.
The insurance regulator IRDA on Monday said it is mulling to follow the lead insurance model based on geography, which is presently followed by the banking industry known as 'lead banking model'.
After trying to reform unit-linked insurance plans (Ulips), the Insurance Regulatory and Development Authority (Irda) is now turning its attention to the protection of policyholders.
Insurance regulator IRDA today said it will not tweak its proposed guidelines on unit-linked insurance products (ULIPs) even as the industry fears that the norms, to be effective from next month, could squeeze their profits in short term.
Insurance regulator IRDA proposes to come out with disclosure norms for initial public offering (IPO) by insurance companies by this month end, its chairman J Hari Narayan said.
The Insurance Regulatory & Development Authority is planning to come up with a corporate governance code in line with that of market regulator, the Securities and Exchange Board of India.
The Insurance Regulatory and Development Authority on Wednesday warned third-party administrators (TPAs) on not settling health insurance claims in time and said rules will be tightened to ensure prompt payment.
Insurance regulator IRDA on Monday said that policy holders will gradually have to pay more for motor, health and other general insurance covers as costs would go up due to companies setting aside higher funds for claim settlements.
After winning the turf war with market watchdog Sebi on ULIPs, insurance regulator Irda on Monday said it would frame new guidelines for these products to make them more attractive for policy holders.
Irda is planning credit rating for insurance companies. Such a move will enable the regulator to grade insurance companies.
After setting stiff norms for unit-linked insurance plans, the Insurance Regulatory and Development Authority is planning to cap charges on traditional products within three months.
Shriram Life Insurance has secured licence from insurance regulator IRDA for starting operations in the country.
Questions market regulator's showcause to insurers on conceptual, legal, structural grounds.
Insurance regulator IRDA on Wednesday prohibited insurance companies from investing in Indian Depository Receipts (IDRs), the instruments through which foreign companies raise funds from the Indian equity market.
J Hari Narayan, chairman, Irda, said, "We will address the issue of policy exclusions, claim settlement period and the definition of critical illness. All these norms will form a part of the health insurance guidelines."
The Insurance Regulatory and Development Authority has tightened financial disclosure norms by asking general insurers to give details of the reserves maintained for claims that have been paid but not reported adequately in the books of accounts.
Government auditor CAG has rapped five regulators, including Sebi, Irda and PNGRB, for keeping their surplus funds worth over Rs 2,142 crore collected through fee and penalty outside the government accounts.
The CBI is probing whether the former IRDA chief J Hari Narayan had misused his discretionary powers to favour Reliance General Insurance Company, which has admitted that the extra amount collected by it way of premium was not Rs 1.07 crore, as originally believed, but 20 times as much, report Paranjoy Guha Thakurta and Pranati B Mehra.
Regulator plans minimum death benefit at five times the annual premium.
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.
T S Vijayan makes a strong comeback man.
Life Insurance Corporation of India has said the Insurance Regulatory and Development Authority's requirement that extra 50 per cent solvency margins above regulatory norms be maintained was unfair and unwarranted.
Insurance regulator IRDA is mulling to put a cap of Rs 1.5 crore (Rs 15 million) on the annnual salary of chief executives, which could be paid from the policyholders' fund.
Bracing up for a detariff regime from January next year, insurance regulator IRDA has issued a 31-point draft revised 'File and Use' guidelines for all general insurance products to be complied by insurers.
Insurance regulator IRDA has issued anti-money laundering guidelines that include strict adherence of KYC norms by insurance companies.
In a bid to assure those affected by torrential rains in Maharashtra, insurance regulator IRDA on Thursday said public and private general insurers will not withdraw flood cover for homes and commercial establishments.
The IRDA guidelines issued last month prohibits an insurer from investing more than 10 per cent in a company. LIC has invested more than Rs 1,300 billion in equities of different private and public sector companies. Prominent companies in which it holds over 10 per cent include Corporation Bank, Cipla, M&M, Maruti Suzuki, MTNL, Tata Motors, HPCL, Ranbaxy Labs, Oriental Bank, Dr Reddy's Labs, Tata Steel and Reliance Infra.
Penalty for unapproved policy changes allegedly reduced from Rs 17,500 crore to Rs 20 lakh
Penalty for unapproved policy changes allegedly reduced from Rs 17,500 crore to Rs 20 lakh
The Insurance Regulatory Development Authority of India has clamped down on excessive discounts on fire
Private life insurers have asked Insurance Regulatory and Development Authority to come up with a standardised product.\n\n
Insurance Regulatory and Development Authority is consulting market watchdog Securities and Exchange Board of India before allowing insurers to invest in derivative products while planning to introduce a system of risk-based capital assessment by 200
Anil Ambani-controlled Reliance Capital Ltd is all set to start life insurance business with regulator IRDA approving the acquisition of Chennai-based AMP Sanmar Life Insurance Ltd.
After life insurance products, the sector's regulator is now turning its attention to unit-linked insurance products (ULIP) that guarantee the highest net asset value (NAV) over its term.
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