Debasish Panda, ex-financial services secretary, appointed as IRDAI chief; to hold post for three years
The appointment of the IRDAI chairman comes nearly nine months after the vacancy was created following Subhash Chandra Khuntia completing his term in May last year
Finance Minister Nirmala Sitharaman said that insurance companies were facing liquidity pressure and the higher limit would help meet the growing capital requirement
IRDAI has also directed the insurers to ensure that policy wordings are simple so that policyholders can understand them easily
The apex court called on general insurance companies to ensure that the rule is followed scrupulously, with special focus on compliance in Delhi–NCR.
Finance Minister Nirmala Sitharaman on Thursday reviewed the state of the economy at the meeting of the Financial Stability and Development Council (FSDC), in view of disruptions caused by the COVID-19 pandemic
Finance Minister Nirmala Sitharaman has called a meeting of the Financial Stability and Development Council (FSDC) on Thursday, which among other things will discuss the impact of COVID-19 on the financial sector and the economy
IRDAI sets up panel to draft standard professional indemnity policy for insurance intermediaries; asks to submit report in one month
Insurance intermediaries such as insurance brokers, insurance web aggregators, and corporate agent are required to take professional indemnity insurance policies governed by different regulations.
India's life insurance companies clocked 11.36 percent growth in their collective premium income at Rs 48.26 lakh crore during the fiscal ended March 2020, data from IRDAI showed
IRDAI has allowed insurers to collect health insurance premiums in instalments for products they deem appropriate, in view of the prevailing conditions due to COVID-19 outbreak, which has adversely affected economic activities
Insurance regulator IRDAI asks health insurers to settle claims within two hours as COVID-19 scare spreads
In light of prevailing conditions owing to COVID-19 as also taking into consideration the need for alleviating the pressure on the healthcare infrastructure, all the insurers shall decide health insurance claims expeditiously, it said in a circular.
Coronavirus lockdown: Premium payment date for renewal of health, motor insurance policies extended till 15 May
To help out people whose health and motor insurance policies are due for renewal during the coronavirus lockdown, the government has extended the renewal date till 15 May.
Edelweiss General Insurance to cover quarantined patients under policy cover of COVID-19; offers up to 100% of claim amount
This approval will be applicable, both for Edelweiss health insurance and Edelweiss group health insurance policies, till such time that the virus is declared as abated by the Government and/ or WHO, it said further.
Insurance watchdog IRDAI says 'yet to get' proposal from LIC on IPO; announcement made during Budget 2020
Khuntia said only LIC has undertaken efforts on micro-insurance and exhorted others to fasten up on the same given the needs in India
LIC's new business premium crosses Rs 1.5 lakh cr for first time in history, reports 17.48% growth till January 2020
During the current financial year, LIC has paid 1,42,93,289 maturity claims amounting to Rs 69,748 crore as of 31 January 2020.
Reliance Capital shares jump nearly 5% intra-day; gets a boost after IRDAI restores 100% shareholding in insurance arm
Reliance capital stated that the IRDAI directed trustee not to give effect to any encumbrance/transfer or any change in the shareholding of the RGICL.
Life insurers bat for hike in foreign investment limit to 100% from current 49% in sector through automatic route
Life insurers have sought 100 percent foreign direct investment (FDI) limit for the sector through automatic route, which can help the sector attract capital of Rs 40,000-60,000 crore
Irdai proposes changes in vehicle depreciation calculation; invites comments from stakeholders by 16 December
For vehicles older than three years, depreciation would gradually increase from 40 percent to 60 percent up to 7 years
Govt to set up unified regulator for IFSCs; bill to be introduced in Lok Sabha after withdrawal from Rajya Sabha
Currently, the banking, capital markets and insurance sectors in IFSC are regulated by multiple regulators—the RBI, SEBI, IRDAI
Nirmala Sitharaman to review state of economy at FSDC meeting today; measures taken to boost growth to be assessed
This would be the second meeting of the FSDC after the Modi 2.0 government assumed office.
With a view to extend the benefit of continued life cover, LIC approached IRDAI and extended the benefit of longer revival period to even those policyholders who bought policies post-1 January 2014, LIC said.