Category: insurance sector

The suggestions received from the Regulated Entities in implementation of IRDAI Information and Cyber Security guidelines, 2023 will also be considered by the committee for suggesting appropriate changes in the current framework.

The progress made towards implementation of Risk Based Capital Framework (RBC), Risk Based Supervision Framework (RBSF) and International Financial Reporting Standards (IFRS) was discussed in the meetng. It was highlighted that first Quantitative Impact Study …

Read More "Report of periodic meeting of CEOs of Insurance and Reinsurance Companies at IRDAI office"

IRDAI has introduced measures allowing more choices and benefits for policyholders with withdrawn life insurance products to provide greater flexibility to existing policyholders while safeguarding their interests.

To ensure that the health insurance policy information is provided in a simple and easily understandable language, IRDAI has issued revised customer information sheet. Insurer shall provide web-link where the product related documents including the …

Read More "IRDAI issues revised customer information sheet format for health insurers"

General Insurers and Standalone Health Insurance Companies are advised to mobilize all resources to ensure immediate service response including outsourced functions such as Surveyors, Loss Adjustors and Investigators.

Every Indian Re-insurer including Foreign Re-insurance Branches (FRBs) shall maintain a minimum\retention within India of 50% of Indian re-insurance business underwritten.

IRDAI has reconstituted the members of Insurance Advisory Committee, both individual and entities, which will be effective from the date of publication in the official gazette.

The general public are hereby advised not to undertake any transaction with unregistered entities.

It is a selective program where the individuals will work in the domains of Finance & Investment, Law and Technology. The notification provides the link to be used to complete the application.

If any pensioner takes up any commercial employment at any time before the expiry of one year from the date of his retirement without the prior permission of competent authority, or commits a breach of …

Read More "General Insurance (Employees’) Pension (Amendment) Scheme, 2023"

Insurers are advised to respond/assist the claimants through their 24×7 helplines, special claims desks at district level with delegated claims settlement teams for speedy processing and settlement of claims including on account payments at the …

Read More "IRDAI instructions to all General Insurers and Standalone Health Insurance Companies to ensure immediate service response to flood victims"

Insurers are advised to respond/assist the claimants through their 24×7 helplines, special claims desks at district level with delegated claims settlement teams for speedy processing and settlement of claims including on account payments at the …

Read More "IRDAI advices insurers to respond/assist to claims of flood victims through 24×7 helplines, special claims desks & delegated claims settlement teams"