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Tag: Irdai

IRDAI
IRDAI applies brakes on vehicle insurers' misleading advertisements

In a circular to the general insures, the Insurance Regulatory and Development Authority of India (IRDAI) has asked the insurers to discontinue the advertisements in respect of the services not related to insurance claims provided by motor garages/workshops.

IRDAI
Insurers need not file paper returns relating to actuarial/reinsurance: IRDAI

In a step to reduce filing hardcopies of various actuarial returns, the Indian insurance regulator on Wednesday said that insurers will file them in a digital format.

Data Privacy
IRDAI's Move To Risk Policyholder's Data Privacy, Create Data Monopoly: Experts

The data of millions of Indian policyholder's -- life and non-life -- is to be transferred to the Insurance Information Bureau of India (IIB), a society registered under the Andhra Pradesh Societies Registration Act as per the regulations proposed by the insurance regulator.

Cashless-claim
Act Against Hospitals Denying Cashless Claims To Covid Patients: IRDAI

Chennai: India’s insurance sector regulator has directed general and health insurance companies to take action against hospitals if they don’t provide cashless facility for Covid-19 claims. In a circular the…

insurance-policy
Consumers To Get Digital Insurance Policies Via DigiLocker; IRDAI Issues Circular

Bhubaneswar: In a bid to improve customer experience with faster claims processing, settlement, reduction in disputes and reduction in fraud, IRDAI (Insurance Regulatory Authority of India) has issued a circular to all insurance companies. In the circular, IRDAI has advised all insurance companies for issuance of digital insurance policies via DigiLocker. The Circular states, “In […]

Pay For Insurance Premium, Vehicle Separately, Recommends IRDAI
Pay For Insurance Premium, Vehicle Separately, Recommends IRDAI

New Delhi: The committee constituted by the Insurance Regulatory and Development Authority of India (IRDAI) has recommended direct payment of insurance premium to the insurance company while purchasing a vehicle, thereby suggesting separate payments for both buying the vehicle and the premium. The Committee for Review of MISP (Motor Insurance Service Provider) Guidelines examined the […]

IRDAI Directs Life Insurance Companies To Offer 'Saral Jeevan Bima', Know Details
IRDAI Directs Life Insurance Companies To Offer 'Saral Jeevan Bima', Know Details

New Delhi: The Insurance Regulatory and Development Authority of India (Irdai) has directed all life insurance companies to offer a standard term insurance plan – Saral Jeevan Bima – from January 1 next year. “Customers who cannot devote adequate time and energy to make informed choices find it difficult to select the right product. Also, […]

COVID-19-Insurance
COVID Life Insurance: 'Corona Kavach' And 'Corona Rakshak' From July 10

New Delhi: With the Insurance Regulatory Development Authority of India (IRDAI) announcing the guidelines for two standard COVID-19 health insurance policies with uniform features, terms and conditions, the insurance companies will offer ‘Corona Kavach’ and ‘Cornoa Rakshak’ from July 10 and help people with better health insurance coverage in their fight against the coronavirus pandemic. […]

IRDAI-Corporate-Loan-Sancti
No Corporate Loan Sanctions, Renewals Without LEI Code: IRDAI

Chennai: The Insurance Regulatory and Development Authority of India (IRDAI) has asked insurers not to grant loan renewals or enhancements if the borrowers do not get the LEI code from the Legal Entity Identifier India Ltd. In a circular, IRDAI has asked insurers and others regulated by it to get the Legal Entity Identifier (LEI) […]

IRDAI
IRDAI Extends Grace Period For Life Insurance Policies Till May 31

New Delhi: Insurance regulator IRDAI has again extended the grace period for premium payment or renewal of life insurance policies, which were due in March, till May 31. “As the lockdown has been extended up to May 17, keeping in view the difficulty faced by some policyholders in renewing their policies in time, the IRDAI […]

IRDAI
IRDA asks Insurers to settle claims related to COVID-19

New Delhi: Regulator IRDAI has asked insurers to settle all claims related to coronavirus expeditiously under existing health policies that provide for treatment of hospitalisation expenses. It has also asked insurers to design products covering the cost of treatment of coronavirus that has fast spread across the world and also resulted in increasing number of […]

IRDA
Irdai Expresses Concern Over High Hospital Tariffs, Plans To Standardise Charges

Kolkata: Insurance sector regulator Irdai on Friday expressed concern over rising tariffs in hospitals and has planned to standardise charges for some medical procedures, an official said. It has been noticed that rate of inflation of hospital charges at present is around 10-15 per cent and tariffs are being changed on a regular basis, Irdai […]

IRDA
Irdai to review Motor Third Party obligations on insurers

New Delhi: A working group set up by insurance regulator Irdai will look at reviewing the regulations on formulae of current Motor Third Party obligations. “The working group to revisit the IRDAI (Motor Third Party Obligation in respect of insurers), Regulations 2015,” the Irdai said. Sec 32D of the Insurance Act, 1938 requires every insurer […]

Rs 15,167 cr unclaimed money lying with life insurance companies

New Delhi: A staggering amount of Rs 15,167 crore amount belonging to policyholders is lying unclaimed with 23 life insurance companies, according to latest regulatory data. On the basis of this information, the Insurance Regulatory and Development Authority of India (IRDAI) has asked the companies to disburse old insurance claims after identifying the concerned policyholders […]

MARKETS-INDIA-RUPEE
IRDAI directs SBI Life to refund Rs.275 crore excess commission

Directing private life insurer SBI Life Insurance Company Ltd. to refund excess commission of Rs.275.29 crore to policy holders, the Indian insurance regulator on Friday reiterated that it has necessary powers to pass such an order under the Insurance Act

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