Irdai | The Asian Age

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NDRF personnel provide food in a flood-affected area following heavy rain, in Sangli on Sunday. (Photo: PTI)

Expedite claims settlement in flood-affected Kar, MH: Irdai to insurers

Irdai issued advisory to general insurance and health insurance companies to expedite settlement of claims for the two states.

12 Aug 2019 4:51 PM

Life Insurance companies are expected to report strong first quarter earnings, as the individual new business premium (NBP) growth for them has been over 30 per cent.

Life insurers set to report strong quarter

Policies sold rose 8.4 per cent YoY in June 2019, while the retail APE ticket size fell by 7.7 per cent YoY.

17 Jul 2019 7:05 AM

In 2011, Axis Bank acquired 4 per cent stake in Max Life for an undisclosed value.

No proposal with Irdai for 10 per cent stake sale in Max Life to Axis bank: MFS

During 2018-19, Max Life recorded gross written premium of Rs 14,575 crore.

09 Jul 2019 3:38 PM

Effective September 1, motor vehicle owners would be able to buy a standalone annual "own damage" cover. This will be applicable for cars and two-wheelers, both old and new, insurance regulator IRDAI said.

Buying car, bike insurance to be affordable from September

In an order last year the Supreme Court had instructed insurers to provide long-term, three-year motor third party covers.

24 Jun 2019 9:07 AM

Third-party insurance premium for cars with higher engine capacity (1,500 cc plus) has been retained at Rs 7,890. (Photo:Represenational/PTI)

Third-party insurance for cars, 2-wheelers to become costlier

The new rates for the fiscal 2019-20 will be applicable from June 16.

06 Jun 2019 7:49 PM

The Insurance Regulatory and Development Authority of India (Irdai) had earlier proposed a hike of 14.6 per cent to Rs 2,120.

Third party premium for cars raised by 12 per cent

The new premiums will take effect from June 16.

06 Jun 2019 12:54 AM

The IAI was formed in 2006, and thereafter it became a statutory body under an Act of Parliament, on the lines of ICAI, ICSI and ICWAI. The IAI conducts exams for actuaries. It also trains actuaries.

Number of actuaries to touch 480 in FY19

The Institute of Actuaries of India (IAI) estimates that the number of qualified actuaries will reach 480 by this fiscal-end, from 439 now.

28 May 2019 1:59 AM

The insurance regulator has proposed higher motor third party (TP) premium rates for most vehicles, except vintage cars and electric vehicles for FY20.

Proposal to raise third party premiums

In the case of electric private cars and electric two-wheelers, a discount of 15 per cent has been proposed in the TP premium.

21 May 2019 2:26 AM

After the selection of Member (Non-life), the Insurance Regulatory and Development Authority of India (IRDAI) is all set to appoint the Member (Life) soon.

Two in race for key Irdai post

According to a Finance Ministry source, eight candidates appeared for the interview for the post.

10 May 2019 4:21 AM

The 34 non-life insurers had a gross premium of Rs 1.51 lakh crore in 2017-18.

Non-life insurers witness 13 per cent rise in premium in FY19

Non-life insurers registered 13 per cent increases in their collective premium income to Rs 1.70 lakh crore in FY19

19 Apr 2019 1:14 PM

Since the premium rates haven’t gone up, the insurers may cut down on discounts to offset the revenue loss.

Non-life insurers rue non-revision of premium

The motor segment is the largest portfolio for the general insurance business.

16 Apr 2019 3:02 AM

At every stage of the claim processing timely notifications shall be sent to policyholder or claimant.

From July, policyholders can track progress of claims

Insurers have to update claimants of processing status.

11 Apr 2019 1:06 AM

Companies will also have to send brief messages to customers to enhance awareness apart from sending necessary caution messages.

Irdai asks insurers to share status of claims with policyholders from July 1

Insurers need to adopt a clear and transparent communication policy to protect the interest of policyholders.

10 Apr 2019 3:16 PM

As per the draft guidelines, the claim payment period of the product could be maximum of five years and 'the claim installments shall be spread during claim payment period.'

Soon, you may have the option to settle insurance claims in instalments

Insurance Regulatory and Development Authority of India had set up a working group to study a proposal in this regard.

07 Apr 2019 3:00 PM

CBRs are reinsurers who do reinsurance business with Indian insurers without having a physical presence in India.

11 cross-border reinsurers allowed to do business in India

Apart from the domestic reinsurer GIC Re, a few international reinsurers operate in the country by opening their branches.

06 Apr 2019 1:43 AM

Irdai said it has been receiving various complaints and suggestions in respect of crop insurance claims. (Representational Image)

Irdai asks insurers for easy crop insurance claim settlement, use of local languages

Irdai, in a circular, said there is a need for effective implementation of crop insurance schemes.

26 Mar 2019 12:32 PM

In each cluster these employees should observe the Crop Cutting Experiments and allied activities.

Insurers told to add staff for crop cover

The authority has been receiving various complaints and suggestions on claims.

23 Mar 2019 1:55 AM

General insurance products that have a coverage period more than one year are considered as long term products.

End auto renew add-on: IRDAI

IRDAI has asked them to withdraw such clauses with immediate effect and to inform the authority about it.

22 Mar 2019 6:20 AM

IRDAI has set a deadline of 2021 to roll out the process towards adopting the new accounting standards.

Insurance industry wants IFRS 17 adoption deferred

IFRS norms like risk-based capital framework is necessary to assess the financial strength of a company.

18 Mar 2019 4:32 AM

IRDAI has proposed a few guidelines to address conflicts of interest arising out of the appointment of common directors between insurance companies, insurance company and insurance intermediaries and common promoters of health and general Insurers.

IRDAI issues norms on conflict of interest

The person found guilty shall no more be "fit and proper".

11 Mar 2019 3:20 AM

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Sunil Gatade