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E-insurance mandatory in life insurance

Electronic insurance will become mandatory for annual premium equal to or above Rs 10,000 (single/annual premium) in life insurance policies. Insurance Regulatory and Development Authority of India (Irdai) in its Issuance of e-Insurance Policies Regulations, 2016, said these norms would come into force from October 1.

Here, electronic insurance policy will mean a policy document which […]

By |June 22nd, 2016|e-insurance, IRDA, Life Insurance|0 Comments

IRDAI to accord approval to foreign reinsurers

Insurance regulator Insurance Regulatory and Development Authority of India (IRDAI) board is likely to meet on June 30 to accord final approval (R2) to some foreign reinsurers to set up branches in India.

“The board is likely to meet on June 30 and final approval of reinsurance applicants is one of the agenda of the meeting,” […]

By |June 13th, 2016|IRDA, Reinsurer|0 Comments

Third-party motor insurance premium may cost 30% more

7 March 2016

Third-party motor insurance premium rates can go up by 30 per cent from April 1 if a proposal of the Insurance Regulatory and Development Authority of India (IRDAI) gets accepted.

The increase in the mandatory third-party insurance premium, however, varies depending on the category of vehicles (private/commercial) and their capacities.

For example, for four-wheeled vehicles […]

By |March 9th, 2016|IRDA|0 Comments

Underwriting losses for general insurers rose 33% in FY15: IRDAI

9 Febuary 2016

Underwriting losses for general insurers jumped 33 per cent to ₹10,127 crore in 2014-15 from ₹7,641 crore in the previous year, according to Insurance Regulatory and Development Authority of India’s annual report.

Underwriting income is the difference between premiums collected on insurance policies by the insurer, and expenses incurred and claims paid out.
‘Pricing not […]

By |February 9th, 2016|IRDA|0 Comments

Simplify product distribution, IRDAI chief tells insurers

3 Febuary 2016

The IRDAI chief expects catastrophe insurance premiums to go up after the massive losses insurers faced in the Chennai floods recently

The regulator has asked insurers to simplify the way insurance products are distributed.

“Insurers can bring in simplified distribution within the existing framework itself,” said TS Vijayan, Chairman, Insurance Regulatory and Development […]

By |February 3rd, 2016|IRDA|0 Comments

Edelweiss Tokio receives Irdai approval to raise foreign stake

30 January 2016

Private life insurer Edelweiss Tokio Life Insurance has received approval from the Insurance Regulatory and Development Authority of India to increase Tokio Marine’s stake to 49 per cent in the joint venture. This will be a primary investment by Tokio Marine in the joint venture and will lead to a FDI of Rs […]

By |January 30th, 2016|General Insurance, IRDA|0 Comments

Soon, you could buy vehicle insurance through ATMs!

8 January 2016

Soon, it may be possible to buy vehicle insurance through bank ATMs.

The Insurance Regulatory and Development Authority of India (IRDAI) plans to permit insurance companies tie up with banks in this regard, its Executive Director Sriram Taranikanti told BusinessLine.

To begin with, the mandatory motor third-party insurance will be made available through ATMs.

“There are […]

By |January 8th, 2016|General Insurance, IRDA|0 Comments

Insurance bill will help higher FDI inflow in joint ventures; nearly Rs 6,000 crore in 2016 eyed

5 January 2016

Soon after the Insurance Law took effect, foreign investors started ploughing capital into their Indian joint ventures, raising their equity holdings.

The long pending demand of insurance players for raising the Foreign Direct Investment (FDI) cap to 49% was fulfilled this year leading to greater flow of foreign funds into India’s private joint ventures […]

By |January 5th, 2016|General Insurance, Health Insurance, IRDA, Life Insurance|0 Comments

Finance Ministry asks IRDA to reconsider order directing SBI Life to pay ₹84.31 crore

19 November 2015

In a rare intervention, the finance ministry has asked the insurance regulator to reconsider its order directing SBI Life to pay ₹84.31 crore to its group insurance members/ beneficiaries.

In June 2008, the Insurance Regulatory and Development Authority (IRDA), during an onsite inspection at SBI Life, found that the company had paid ₹204.71 crore […]

By |November 19th, 2015|IRDA|0 Comments

IRDA mandates 3rd party insurance for three-wheelers

19 November 2015

With IRDA (Insurance Regulatory and Development Authority) making third party insurance mandatory for battery operated three wheeled vehicles, the chances of an accident victim getting compensation have risen.

CHENNAI: With IRDA (Insurance Regulatory and Development Authority) making third party insurance mandatory for battery operated three wheeled vehicles, the chances of an accident victim getting […]

By |November 19th, 2015|IRDA, Uncategorized|0 Comments
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