The information will bring about more transparency by providing prospective policyholders clear information about the amount that has been collected from them as brokerage or commission, an IRDA circular said.
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.
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.
The government and the Insurance Regulatory Development Authority mooted a 'micro-insurance' scheme and asked insurers to collaborate with non-governmental organisations.
These products contribute almost 20 per cent to the total premium collection of life insurers.
Amid the ongoing controversy surrounding net asset value-guaranteed products, the Insurance Regulatory and Development Authority is standardising the method of calculating NAV under the unit-linked plans of life insurance companies.
Draft norms reduce investment ceiling from 25% to 5%.
Buyers of unit-linked insurance policies can now heave a sigh of relief. The insurance regulator, Insurance Regulatory and Development Authority of India has issued a standard format that will simplify things for the policyholder and arrest the rampant mis-selling.
The Sixth Pay Commission on Monday recommended an increase in the salary of chairpersons of regulators, including Sebi, Trai and Irda, to up to Rs 300,000 per month and delink them from government salaries, a move to attract expertise from outside the government. Those appointed as members through the revised process should be paid a consolidated salary of Rs 1,50,000 per month, while the chairperson may be paid Rs 2,00,000 per month, in case a car and house are provided.
Insurance Regulatory and Development Authority has permitted Sahara Group to enter life-insurance segment, and issued 12 letters of intent to insurance broking entities, including three having foreign equity stake, to conduct business in India.
The Insurance Regulatory and Development Authority on Monday proposed major amendments in the Insurance Act,
IRDA said it wanted to seek a legal mandate jointly with Sebi, but the market regulator had reservations.
The regulator has not been maintaining panel of auditors since 2005 and instead prescribing the requirements for their appointment by insurers. In the backdrop of inflated balance sheet of Satyam Computer Services, chartered accountant body ICAI had pitched for the appointment of statutory auditors for insurance firms by IRDA.
In what would make unit-linked insurance plans (Ulips) more investor friendly, the Insurance Regulatory and Development Authority (Irda) on Tuesday proposed to cap surrender charges and standardise the revival period for polices that had lapsed.
Irda chairman C S Rao speaks about the need for detariffing, pitfalls to be avoided and the impact of detariffing on the insured.
The IRDA favours for a hike in FDI cap from 26 to 49 per cent and amendments in legislations to enable greater flexibility in investment.
In a major clamp down on insurers promising high returns to lure consumers, the Insurance Regulatory and Development Authority has mandated that companies cannot project more than 10 per cent return on investments in their policies.
Insurance Regulatory and Development Authority would favour raising the foreign equity cap in the Indian insurance sector from 26% if the Indian promoters fail to enhance the capital base required to sustain the high growth of the sector.
Life insurance companies would not be allowed to sell Ulips with annual premiums exceeding Rs 50,000 for non-single premium policies and Rs 1,00,000 for single premium polices via telemarketing.
"There will be a spectrum of guarantees. For instance, there could be a guarantee on premiums paid or sum insured or rate of return or annuity," said an Irda official.
The Insurance Regulatory & Development Authority (Irda) is planning to cap the charges on universal life policies, or ULPs. These have almost replaced unit-linked insurance plans (Ulips) in terms of new business. Ulips, which used to account for around 80 per cent of the segment, lost their sheen after the regulator brought in stringent norms from September 1.
Insurance Regulatory and Development Authority also favoured portability in the health insurance space, a move that will pave the way for the consumers to switch from one insurer to the other for their mediclaim policies.
IRDA seems to be sleeping. It is bothered about the well-being of the insurance companies and not about the man on the street who is buying costly Ulips.
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".
The Insurance Regulatory and Development Authority on Wednesday favoured a unified legislation for disaster management.
Insurance and Regulatory Development Authority has slapped Rs 200,000 penalty on Reliance General Insurance Company for failing to meet rural sector business target for 2001-02.
Securities Exchange Board of India chairman C B Bhave, and Insurance Regulatory Authority of India chief J Harinarayan had separate meetings with finance secretary Ashok Chawla on Monday over the ongoing tussle between the two regulators over equity-linked insurance schemes.
Says market regulator's order is misconceived and not in public interest.
Concerned over the ongoing public spat between the two regulators, the government on Wednesday asked Sebi and Irda to move court immediately on the contentious issue of who will regulate unit-linked insurance products.
rediffGURU and financial planning expert Colonel Sanjeev Govila (retd) answers your personal finance-related questions.
Insurance regulator IRDA on Tuesday said it will decide its future course of action on the ULIP controversy in the next two days keeping in mind the government's directive to seek a legally binding decision from a court.
rediffGURU and financial planning expert Colonel Sanjeev Govila (retd) answers your personal finance-related questions.
rediffGURU and financial planning expert Colonel Sanjeev Govila (retd) answers your personal finance-related questions.
The Anil Ambani Group's financial services arm Reliance Capital on Wednesday said it has received in-principle approval from insurance sector regulator Insurance Regulatory Development Authority for its proposed 26 per cent stake sale in Reliance Life Insurance to Japan's Nippon Life.
The Life Insurance Corporation of India will comply with the Insurance Regulatory and Development Authority's norm on solvency by providing Rs 1,871 crore (Rs 18.71 billion) additional capital by this fiscal.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances