irdai

In a bid to enhance policyholder rights, insurance companies are required to resolve claims within 30 days, while investigations for health claims should conclude in 30-45 days, and for life policies, within 90 days. Failure to meet these deadlines results in interest penalties.

irdai, the insurance oversight body, is championing a revolutionary change by connecting CEO salaries to the happiness of customers, moving beyond traditional profit-centric models. This shift will likely introduce new guidelines governing executive pay and impose penalties on those who engage in misselling or deliver inadequate service.

Lawyers and consumer rights experts argue that procedural delays should not automatically extinguish a genuine claim, especially when the insurer does not otherwise dispute its validity or admissibility.

'Physical Delivery Of Commodities Needs GST Tweaks'

The central government has announced 100% Foreign Direct Investment (FDI) in insurance companies via the automatic route, enabling full foreign ownership. This move, aligning with the Sabka Bima Sabki Raksha Act, 2025, aims to boost foreign participation, with irdai approval required. LIC remains an exception with a 20% FDI limit.

Customisation is the buzzword in health insurance as add-ons offer flexibility, but it may also lead to confusion

irdai has released scorecards for shortlisted candidates of the Assistant Manager Phase 1 Exam 2024. Candidates can check and download their scorecards from the official website, irdai.gov.in. The examination was conducted on November 6, 2024. Candidates can check the direct link and other important details here.

The Insurance Regulatory and Development Authority of India (irdai) has released the irdai Assistant Manager Prelims Admit Card 2024. Candidates appearing for the Phase I online exam on November 6, 2024, can download their admit cards from the official website, irdai.gov.in, before November 6. The exam will be held in a single shift from 2 PM to 3:30 PM.

Mumbai, Jun 21 () Insurance regulator irdai wants increase in the retirement age of its members. The Hyderabad-based watchdog has written a letter to the Centre, urging it to raise the retirement age of its members to 65 years from the existing 62.

Mumbai, Oct 13 () Regulator irdai has received three applications for non-life business and two from reinsurance companies to start operations in India. Currently, there are 24 companies each in life and non-life insurance spaces.

irdai on Friday extended the 'use and file' procedure for the most of the life insurance products, thereby allowing insurers to launch new products without prior approval of the regulator.

The Insurance Regulatory and Development Authority of India (irdai) imposed a Rs 2 crore fine on HDFC Life. The penalties stemmed from irregularities found during a 2020 inspection covering 2017-2020. HDFC Life has been instructed to comply with additional guidelines within a specified timeline. irdai's primary objectives are to safeguard the interests of policyholders and facilitate the orderly expansion of the insurance industry in the country.

Mumbai, Jun 29 () Regulator irdai today deferred the effective date for implementation of Ind-AS accounting model in the insurance sector to April 2020 from April 2018.

In a bid to exchange ideas and help the insurance industry grow, the insurance regulator, Insurance Regulatory and Development Authority of India (irdai) in its latest notification has said that it will be holding an ‘Open House’ once every month.

The Patna High Court on Friday set aside the notification of Insurance Regulatory and Development Authority of India (irdai) restricting the work of insurance surveyors and loss assessors to do survey and assessment with regard to only fire, marine engineering, motors and other miscellaneous items.

Reliance Capital on Sunday said the Insurance Regulatory and Development Authority of India (irdai) has cancelled pledge enforcement of Reliance General Insurance Company Ltd's (RGICL) shares by Credit Suisse and Nippon India MF.

Insurance regulator irdai on Friday said it will hold extensive consultations with stakeholders before taking any decision with regards to mandatory disclosure of commissions paid to intermediaries on policy documents.

Ajay Seth, the former finance secretary, has been appointed as the new chairman of the Insurance Regulatory and Development Authority of India (irdai) for a three-year term. His appointment fills a vacancy of over four months after Debashish Panda's departure. Seth's extensive experience in economic policy and finance positions him to lead key initiatives like Bima Sugam and Bima Vistar.

The government on Friday appointed former financial services secretary Debasish Panda as chairman of the Insurance Regulatory and Development Authority of India (irdai). The Appointments Committee of the Cabinet has approved Panda's appointment as chairperson of the insurance regulator initially for a period of three years from the assumption of charge, sources said.

The irdai proposed a "regulatory sandbox approach" for a safe and conducive space to experiment with fin-tech solutions; where consequences can be contained.

Mumbai, Aug 7 () The Securities Appellate Tribunal (SAT) today put off hearing on Sahara Life's petition against irdai order to sell its business to ICICI Prudential Life, to August 10, as it wants conclude the hearing before the regulatory order comes into effect from August 21.

The Insurance Regulatory and Development Authority of India (irdai) has fined two general insurance companies — ICICI Lombard General Insurance Co and Tata AIG General Insurance Co — Rs 1 crore each for violation of various norms.

A day after Union finance minister Nirmala Sitharaman tweeted about reports of hospitals denying cashless services to Covid-19 patients and asked Insurance Regulator and Development Authority of India (irdai) to take action, the insurance watchdog has directed insurers to lodge complaints of such malpractices directly with state governments.

Mumbai, Jul 28 () Insurance regulator irdai today asked leading private sector life insurer ICICI Prudential Life Insurance (IPRU) to take over the business of beleaguered Sahara India Life Insurance (SILIC), with effect from July 31.

Debashish Panda, chairman of the Insurance Regulatory and Development Authority (irdai), advocated for raising the foreign direct investment (FDI) ceiling in the insurance sector to 100% from the current 74%. He believes this move will attract more foreign players, bolster the industry's capital base, and help achieve the government's target of 'insurance for all' by 2047.

In a relief to the Insurance Regulatory and Development Authority of India (irdai) and its former member P J Joseph, the Supreme Court has said that comments made by the Securities Appellate Tribunal (SAT) against him will be expunged.

New Delhi, Dec 7 () Wearable devices could soon become part of the insurance policy framework, as the sectoral regulator irdai has formed a working group seeking inputs to bring such gadgets under guidelines keeping in view interest of policyholders.