The Insurance Regulatory and Development Authority had approved a minimum of two products per company filed in accordance with new unit-linked insurance plans norms, Irda Chairman J Hari Narayan said in a press conference here on Wednesday.
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 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.
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'.
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.
Hari Narayan said the proposed IPO guidelines for non-life insurance firms were in the process of finalisation before they were sent to SCADA, a body constituted by Securities and Exchange Board of India, for approval followed by a final approval from the market regulator.
Says market regulator's order is misconceived and not in public interest.
Insurance Regulatory and Development Authority (Irda) Chairman J Hari Narayan on Thursday said overall growth in the insurance business this financial year would be "encouraging".
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.
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.
Health insurance policy holders, feeling let down due to poor services, will have the choice to switch over to another company with the same conditions under the insurers portability option to be formulated by regulator Irda next month.
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.
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."
Insurance regulator IRDA on Friday said it is likely to finalise the guidelines for mergers and acquisitions of insurance companies in the next two months.
"With regard to life companies, the work on IPO guidelines is more or less complete and we would be going for gazetting the same as regulation very shortly, perhaps toward the end of this month," IRDA Chairman J Hari Narayan told reporters on the sidelines of a FICCI event in New Delhi.
"We had two meetings with the Sebi and couple of more is required (to decide on final guideline on IPO)," IRDA chairman J Hari Narayan said at a CII event.
In order to encourage consolidation in the private sector insurance industry, the regulator IRDA on Wednesday said it would come out with a framework for mergers and acquisitions (M&A) for the sector by the end of current fiscal.
In order to encourage consolidation in the private sector insurance industry, the regulator IRDA on Wednesday said it would come out with a framework for mergers and acquisitions (M&A) for the sector by the end of current fiscal.
The increase in FDI limit in the insurance sector may attract Rs 30,000 crore that the industry requires over the next five years, Insurance Regulatory and Development Authority has said.
An interview with Insurance Regulatory and Development Authority (Irda) Chairman J Hari Narayan. He is charting the road map for strengthening the regulatory framework and also dealing with the turmoil in the US.
The sectoral regulator Irda on Wednesday said the initial public float guidelines for the insurance industry will be ready by early October.
The Irda is of the view that any insurance product must carry some form of assurance.
Priority will be to maintain a balance between sector's growth and consumer welfare.
In October last year, market regulator Securities and Exchange Board of India had approved life insurance companies to issue IPOs.
In the wake of the natural disaster in Uttarakhand, the proposal for 'catastrophe insurance' is in spotlight.
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