Non-life insurers can offer standard health policies before April 1
In a circular dated April January 24, 2020, the Insurance Regulatory and Development Authority of India (IRDAI) said insurers can offer the 'Arogya Sanjeevani Policy' - the standard health insurance policy before April 1, 2020.
Fairfax-backed Digit Insurance gets IRDAI nod to raise $84 mn
Fairfax Group-backed general insurance start-up Digit Insurance on Tuesday said...
Bharti AXA General gets Irdai nod for two products under regulatory sandbox framework
The insurance sandbox project has been launched mainly ...
IRDAI chief cautions insurers against predatory pricing
"I would like to give a word of caution here. Though your (insurance brokers) share is very high in group health insurance, the loss ratio in group health insurance is also very high. Probably, it is not very sustainable at present," he said at an event organised by Insurance Brokers Association of India.
IRDAI proposes to standardise, simplify policy wordings of health indemnity insurance policies
The objective of the guidelines on 'Standardization of General Clauses in Health Insurance Policy Contracts' is to standardise the common general clauses incorporated in indemnity based health insurance policies.
Of 173 applications, IRDAI selects just 23 for sandbox project
An eight-member evaluation committee headed by IIIT Bangalore director S Sadagopan was in charge of scrutinizing these applications. ET had earlier reported that the rejection rates for these applications would be on the higher side due to the high-risk factor of testing these products on a live audience.
Lens on motor covers may aid buyers
Insurance company officials say that fining brokers for dealing with select companies could now open up the business for two dozen companies. Customers could benefit if upstart companies start quoting low rates to get a toehold in the motor business.
Irdai restores Reliance Capital's 100% shareholding in Reliance General Insurance
This will now help Reliance Capital to monetise its stake in RGIC and to reduce its debt.
Insurance intermediaries with majority foreign stake can't repatriate over 75% as dividend: IRDAI
On the quantum of dividend payable, it said: "The dividend payout ratio shall not exceed 75 per cent. Dividend payout ratio shall be calculated as a percentage of 'dividend payable in a year' (excluding dividend tax) to 'profit after tax during the year'.
Offer standard health policies with maximum sum insured Rs 5 lakh: Irdai to insurers
Irdai has issued guidelines on standard individual health insurance, asking insurers to cover basic health needs.
IRDAI makes it easier for you to port your health insurance policy to a different insurer
"Portability" means, the right accorded to individual health insurance policyholders to transfer the credit gained for pre-existing conditions and time-bound exclusions, from one insurer to another insurer, as per the circular.
Irdai slaps Rs 2.18 cr fine on Hero Insurance Broking for violating norms
In its order against Hero Insurance Broking India Ltd (HIBIL), Irdai said it received complaints from some general insurance agents association of the apparent conflict of interest in the role of MISPs in selling insurance policies and servicing and repairing motor vehicles under the insurance policies sold by it.
Reliance Capital jumps 5% as IRDAI restores 100% shareholding in general insurance arm
IRDAI has restored 100 per cent shareholding in Reliance General Insurance to Reliance Capital
10 things to know about the standard health insurance policy an insurer has to offer
According to IRDAI, the policy will be named as Arogya Sanjeevani Policy, succeeded by the name of the insurance company. The regulator said, no other name is allowed in any of the documents.
Irdai for changes in vehicle depreciation
A working group on 'Product Structure for Motor Own Damage cover' set up by the regulator has recommended two options for calculating sum insured for private cars.
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