IRDAI PRODUCT REGULATION 2013
RS passes International Financial Services Bill
The Upper House passed International Financial Services Authority Bill, 2019 which will set up a unified regulator for international financial services combining powers and functions of RBI, SEBI, IRDAI and PFRDA, says Department of Economic Affairs secretary Atanu Chakraborty.
IRDAI allows policyholders to choose their own health insurance TPA
TPAs (Third-Party Administrator) help you (the insured) process your heal...
Lok Sabha passes bill to set up unified body to regulate IFSCs
"... we are bringing several regulators together as one unit to the limited ex...
IRDAI proposals gives clarity on renewing own damage motor insurance policy
According to the latest draft proposal issued by the insurance regulator on Monday, standalone OD cover may be allowed where long-term liability policy is mandated. The expiry of OD cover should not be later than the expiry of the liability policy.
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.
Postmen, grameen dak sevaks may soon start selling insurance policies
The IPPB, which is a corporate agent, can seek permission from Irdai for sponsoring postmen and grameen dak sevaks of Department of Posts (DoP) to act as Point of Salesperson (PoS), Irdai said. ln case the authority grants permission, IPPB shall be responsible for all acts of omission and commission of the persons appointed as PoS, it added.
LIC allows revival of lapsed policy of over 2 years
Earlier, all policies taken after Jan 2014 could not be revived if they remained in lapsed condition for more than 2 yrs. To extend the benefit of continued cover, LIC has extended the benefit of longer revival period to even those who bought policies after Jan 2014.
IRDAI proposes to reduce sum insured on standard health indemnity insurance to Rs 5 lakh
IRDAI proposed to mandate all general and health insurers to offer a standard indemnity-based health insurance product with a sum insured ranging from Rs 1,00,000 to Rs 5,00,000 on individual as well as family floater basis
No depreciation for cars up to 3 yrs, sum insured based on on-road price: IRDAI proposal
The Working Group made various recommendations, after which it has been decided to work on the product design and draw up the proposed policy wordings, including the terms and conditions in plain language, keeping the large motor segment in mind.
Make sure insurance ads are clear, fair and not misleading: Irdai to insurers
The insurance regulator issued a circular laying down guidelines for dos and don'ts for insurance companies to comply with. It also laid out the structure for communications made through internet for clarity of prospective customers.
Buying life insurance policy? Here's why you should wait till December 1
There is a reason why insurance agents are pushing policyholders to buy policies before 30 November.
How and where to check death claim settlement ratio of life insurers
Life insurers are required to show the details of individual and group death claims ratio on their websites separately. If they are showing a death claim ratio by clubbing the data for individual and group policies, they are violating IRDAI rules.
TCS, Wipro in fray to manage Irdai's Business Analytics Project
Irdai said TCS, Larsen and Toubro InfoTech, Wipro and EIT Service India Private Ltd (a DXC Technology company) have been shortlisted for the next round of bidding. L&T InfoTech has been providing BAP services on a BOT (Build, Operate and Transfer) model to Irdai since 2011. The contract is expiring this month.
`Multiple regulators restricting corp bond market development'
"Since there are more players, I think the coordination takes a bit more time," he said.
Irdai sets up panel to evaluate application under regulatory sandbox
Regulatory Sandbox (RS) usually refers to live testing of new products or services in a controlled/test regulatory environment for which regulators may permit certain relaxations for the limited purpose of testing.
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