EX-IRDAI CHAIRMAN SEES SCOPE OF INDIAN INSURANCE SECTOR TRANSFORMATION

HIGHLIGHTS

• Former IRDAI Chairman Subhash Chandra Khuntia believes that Indian insurance sector on the cusp of a transformation.
• Mr. Khuntia believes that demography of India, relatively low insurance penetration, and the potential for high economic gr...

IRDAI WANTS TO CREATE P&I INSURANCE CLUB

HIGHLIGHTS

• IRDAI is planning to create a P&I insurance club.
• IRDAI is in talks with INSA.

The Insurance Regulatory and Development Authority of India (IRDAI) is planning to create a Protection and Indemnity (P&I) club in the ...

IRDAI WARNS PEOPLE AGAINST BUYING MOTOR INSURANCE FROM FRAUD COMPANY

HIGHLIGHTS

• IRDAI has urged people to not to buy motor insurance from Digital National Motor Insurance.
• Digital National Motor Insurance is a Bengaluru-based fraud company.
• This company does not have any license to sell insurance.

COVID-19 IMPACT: HEALTH INSURANCE BUSINESS ON CLOUD NINE SAYS IRDAI MEMBER

Highlights

• Total 500 insurance products were launched in last 20 years but since March, the IRDAI has approved 130 new products

• As per the IRDAI, the dominance of health segment will increase by the end of the year 2020

There are very few sectors that h...

Hero Insurance Broking fined by Irdai for damages

According to the Insurance Regulatory and Development Authority of India, it has gotten complaints from policyholders over how some of the motor insurance service providers backed by insurers and insurance intermediaries were pressuring their customers to buy motor insurance policies of the insur...

Irdai has charged Hero Insurance Broking for damaging standards

Irdai said it got grievances from policyholders that a portion of the engine protection specialist organizations (MISPs) supported by safety net providers, and protection go-betweens were driving clients to purchase engine protection arrangements of the backup plans who are on their board. In its...

General insurance want FDI to be raised to 74 percent

General insurance firms are in favor of expanding the sector's ceiling on foreign direct investment (FDI) to 74%.

The General Insurance Council (GIC), India's representative body of general insurance, health insurance and reinsurance firms, met last week to discuss insurance com...

Rules of the Indian Insurance Companies

The Department of Financial Services, Ministry of Finance, Government of India by method for a notice dated September 2, 2019, has changed the Indian Insurance Companies (Foreign Investment) Rules, 2015, compliant with which the 49% outside value speculation top appropriate to protection middle p...

Pre-merger blues

The three state-claimed general insurance agencies (National Insurance, United Insurance, and Oriental Insurance) have looked for a capital imbuement of Rs 12,000 crore from the Center, to remain above water and direct business. This has been referred to as the pre-condition before the proposed m...

Irdai wanting to dispatch fiasco protection on pilot premise in select states

With the rising frequencies of cataclysmic events in the nation, the Insurance Regulatory and Development Authority of India (Irdai) is chipping away at an arrangement to dispatch government-subsidized fiasco (feline) spread for the poor areas of the general public. Irdai has kept in touch with t...

Irdai plans to institutionalize protection rules for houses and shops

The Insurance Regulatory and Development Authority of India (Irdai) is turning out with standard rules for items pointed only at units like 'staying houses' and little business foundations. As of now, there is no institutionalization of protection spread for units like little shops and ho...

Disaster protection firms need IRDAI to restore repayment or repayment based wellbeing plans

India (IRDAI) to alter its perspective on allowing them to sell wellbeing plans of the sort they used to sell before. These were typically called 'Mediclaim' arrangements where the protected can benefit treatment for pre-indicated diseases and cover the tabs at the emergency clinics and l...

Aviva settles one issue many to go

The insurance sector is what the government has been eyeing to grow as it has been a very underwhelmed sector which has a lot of growth potential that has been left untapped for a very long time and now as the nation of India is failing in economic growth as well as the finances of the nation the...

New guidelines to change life and health insurances

The insurance sector has been changing rapidly, and the nation has been seeing some significant changes in the insurance sector as the industry has been recognized as something that will be aiding the failing finances and banking sector and prove as a lifeboat for the drowning economy of the nati...

Insurances now an investment?

The insurance sector has been changing rapidly, and in the wake of failing finances, we are seeing some major changes in the way this sector has been operating. While general insurances have gone up in sales there have been some major downfalls to as the insurance firms are being merged and chang...

Agriculture and insurances

The Insurance sector of India has been changing, but what has been changing in the agricultural insurance sector of the nation is what is intriguing to us the most. The insurance of agricultural lands and farms is a prime source of income for the insurance sector but is also the very unprofitable...

New rules from IRDAI

The insurance companies of India are known for the weird and different advertisements they make for any products, and insurance is no exception to this. From involving kids to discuss insurances to husband and wife considering it during a wedding ceremony, India has done it all.

Now the...