Regulator wants all existing products to be refiled.
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.
The Irda is of the view that any insurance product must carry some form of assurance.
According to a source close to the development, the investment advisory committee of the Insurance Regulatory and Development Authority has suggested far-reaching changes to make the investment norms more flexible, while adhering to the existing prudential investment guidelines.
The Securities and Exchange Board of India (Sebi) has decided against filing a joint application before a court to resolve its dispute with the Insurance Regulatory and Development Authority over unit-linked insurance plans.
Most policies attached to co-branded cards to lure customers.
'While many policies say that they will cover mental illnesses, the wordings of a few still have mental illness as a permanent exclusion.' 'After the new IRDAI circular, such exclusions should go away.'
'Insurers should devise procedure to ensure that proposals for contracts with high risk customers are concluded after approval of senior management officials. It is, however, emphasised that proposals of Politically Exposed Persons (PEPs) in particular, require approval of senior management, not below head (underwriting)/chief risk officer level,' the regulator stated in a circular issued on Tuesday.
The Insurance Regulatory and Development Authority, in a circular to insurance companies, said it had been receiving many complaints that claims were being rejected by the insurers on the ground of delayed intimation and submission of documents.
According to sources close to the development, major domestic banks and institutions such as State Bank of India (SBI), Bank of India (BoI) and Life Insurance Corporation (LIC) have sought the permission of their respective regulators - the Reserve Bank of India (RBI) and the Insurance Regulatory and Development Authority (Irda) to participate in the equity derivatives market (F&O segment) as traders.
Draft norms reduce investment ceiling from 25% to 5%.
The software is being developed in association with the Central Record-keeping Agency. It is expected to debut by the end of this year. PFRDA is also looking to have an ombudsman for redressal of investor grievances. To increase liquidity of the scheme, there could also be Tier-II accounts by the end of this year, which would allow investors to withdraw money at any given point of time.
Though exposure draft proposed 35-60% hike, Irda raised it only 19%.
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".
After rise in duties, third-party motor insurance rates set to increase premiums 5 - 10 per cent.
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 company said it had conducted two separate trials for its intranasal Covid vaccine, one as a primary dose schedule and another as a booster dose, for subjects who have been double vaccinated with the two commonly administered Covid vaccines in India.
Plans with loan clause denied approval; regulatory ban coming.
Sebi had in October last year given the go-ahead to insurance companies for coming out with IPOs.
Like dematerialisation of securities, it will offer dual benefits of cost-effectiveness and convenience.
Parliament has cleared the Mines and Minerals (Development and Regulation) Amendment Bill, 2023, recently. The objective of the Act is to invite investments from the private sector, including foreign companies, for mining minerals such as lithium and other critical minerals. Other than lithium, some of these minerals were classified as atomic minerals, including beryl and beryllium, niobium, titanium, tantalum and zirconium.
Turning down the suggestion of Parliamentary Standing Committee, the Union Cabinet also decided that there would be no guarantee of assured returns on schemes by pension funds.
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.
The premiums for third-party motor insurance may rise by 50-80 per cent this year.
EEE continues for PF, life insurance and NPS; capital gains from stocks, equity funds may become a part of ordinary income.
According to data analysed by the Insurance Regulatory and Development Authority, the claim severity is 83 per cent higher in case of cashless mediclaim than reimbursement in the last two years.
The Insurance Regulatory and Development Authority on Thursday allowed portability of health insurance products. It will be applicable for all existing and new contracts from July.
Regulator plans minimum death benefit at five times the annual premium.
Highest NAV guarantee products accounted for a fifth of Ulip sales after pension plan sales dried up following the stringent norms on Ulips from September 2010.
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.
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.
Says market regulator's order is misconceived and not in public interest.
The Reserve Bank will soon rope in other regulators Securities and Exchange Board of India and Insurance Regulatory and Development Authority to set up a working group in a bid to strengthen the regulatory mechanism for preventing the potential "c
Irda's advertisement is silent about the High cost of Ulips that all Investors should know.
ULPs have become more consumer-friendly. But do you really need one?
Harinarayan's name is under consideration, sources familiar with the development said. Going by the timing of recent appointment orders of the government, it is likely that it will announce his appointment late on Tuesday and keep everyone guessing. If appointed, Harinarayan will be the third chief of Irda after its inception in 1999. Like Rao, Harinarayan is an Andhra cadre IAS officer.
Right now there are about 30 lakh (3 million) subscribers under the Swavalamban scheme.
Following recommendations from the Deepak Parekh-headed Expert Group and taking into account comments from the public, PFRDA has categorised NPS investments into three asset classes -- E (equity), C (corporate paper) and G (government securities).
The funds are likely to be invested as per the interim investment guidelines, which may allow investment of 5 per cent in equity and 10 per cent in equity-linked mutual funds.
An Irda official said the idea was to improve the penetration levels of insurance and deepen financial inclusion.
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