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.

IRDAI relaxes standard health scheme standards; Arogya Sanjeevani policy can be sold by non-life insurers before 1 April

On 24 January 2020, India's Insurance Regulatory and Development Authority allowed non-life insurers to market the uniform health insurance policy prior to 1 April 2020. The Indian insurance regulator said the general and health insurers can offer the' Arogya Sanjeevani Policy'-the st...

Tata AIG Tricked in Re-insurance; IRDAI Blocks Malaysian Confidence Brokers and GMC

India's Insurance Regulatory and Development Authority (IRDAI) has penalized Unison Insurance Broking Services and suspended Tata AIG General Insurance Co Ltd from the Indian insurance and reinsurance sector, Malaysian Confiance International Reinsurance Brokers LLC and Jaipur-based Global Ma...

Non-life insurance companies announced an 11.5 percent increase in premium collections of some 15,980.81 crore

NEW DELHI: In December 2019, non-life insurance companies announced an 11.5 percent increase in premium collections of some 15,980.81 crore, Irdai data showed.

As many as 34 non-life insurance companies in the same month a year earlier had received a cumulative premium of 14,334.98 cror...

Max India sells stake in Max Bupa as policyholders are reassured

Insurance Regulatory and Development Authority of India (IRDAI) has given the go-ahead to sell its entire stake in Max Bupa Health Insurance Company Ltd, according to Max India Limited.

A joint partnership, Max Bupa Health Insurance Company Ltd was taken by Max India limited and UK rela...

How can a policyholder benifit from the new guidelines of Irdai?

On Monday, India's Insurance Regulatory and Development Authority (Irdai) released a draft exposure reviewing the motor-owned damage cover product structure. Of all, the main suggestions involve simplifying the measurement of depreciation and insured amounts, rationalizing and renaming the Ge...

IRDAI to the rescue of insurances

The insurances of the nation have become a hot topic to be discussed as the financial systems are starting to collapse. The insurance sector could save failing banks and some other non-banking financial firms. But this will require complete cooperation from the insurance firms and also need the i...

Startups doing better than traditional insurance firms

The insurance scene of India has been changing and it is for the good this time, as the traditional startup systems are failing miserably the new tech startups have kicked and took up the mantle of balancing the unstable sector and with their confidence, they are here to kill the traditional name...

Insurance firm fined for violations

The insurance sector of India has been in quite a mess as there are more and more frauds in the sector are being found. It is becoming difficult for the insurance sector to stay financially viable aa the banking sector and the core financial sector is also a mess which is causing more harm to the...

New norms from the IRDAI for insurance growth

Insurance Regulatory and Development Authority of India (IRDAI) has been seen making significant changes to the insurance in the past couple of years, and we think this is because of the decline in the insurance sector of India, which has caused the nation a lot in insurance money.

The ...

Motor insurance on the rise?

 This week the Insurance Regulatory and Development Authority of India (Irdai)released business analysis figures that indicate substantial growth in the premium income documented by general insurance companies in the month of September.

Premium income rose to INR 20, 145.46 crores ...