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The Latest Breaking News from IRDAI

He trusted Canara Bank for 31 Years, then was sold a life insurance plan that pays at age 93; IRDAI orders Rs 4 lakh refund and ₹1 crore fine for mis-selling

IRDAI has imposed a ₹1 crore penalty on Canara HSBC Life Insurance Company over the sale of a deferred annuity policy to an 88-year-old customer who had been banking with Canara Bank for 31 years. The policy required ₹2 lakh annual premiums for four years and named his 57-year-old daughter…

The Economic Times

Health Insurance Claims Rejection in India: The Real Reasons and How to Prevent Each One

The Disclosure Problem That Kills Most Claims Before They StartThe single most common reason health insurance claims are rejected in India is non-disclosure at the time of buying the policy. If you had hypertension, diabetes, or a prior surgery and did not declare it on the proposal form, the insurer…

Times Life

Selling insurance but not handling customer grievances: IRDAI fines IndusInd Bank Rs 1 crore; here's what policyholders should know

IndusInd Bank faces a Rs 1 crore penalty from IRDAI for failing to provide an adequate, insurance-specific grievance redressal mechanism for policyholders. Despite claims of an overall system, the regulator found a lack of dedicated channels and inadequate information, highlighting a crucial distinction between banking and insurance customer service.

The Economic Times

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₹1 crore penalty on Canara HSBC Life Insurance Company over mis-selling of a deferred annuity policy to an 88-year-old senior citizen

An 88-year-old was sold a deferred annuity policy despite age restrictions, leading to a Rs 1 crore penalty for Canara HSBC Life. IRDAI found multiple lapses in sales, underwriting, and disclosure. The regulator's order highlights crucial lessons for senior citizens buying long-term insurance products, especially via bank branches.

The Economic Times

Curb misselling, not agents: Insurance reform needs a scalpel, not a hammer

Indian insurance regulators are rethinking intermediary payment structures to reduce misselling. Proposed reforms aim to lower distribution costs and improve policyholder value. However, these changes could negatively impact individual agents who reach uninsured populations. Banks, which also engage in misselling, may be less affected by the reforms. Sharper tools like…

The Economic Times

Travel Insurance in India: What Your Policy Covers, What It Excludes and When to Buy

What Indian Travel Insurance Actually Pays ForEvery standard travel insurance policy sold in India, whether from ICICI Lombard, Bajaj Allianz, HDFC Ergo, or Tata AIG, covers a core set of risks that most buyers assume are bigger than they are. Medical emergencies abroad are the headline benefit, and for good…

Times Life

India’s Reinsurance: Hidden tax or treaty? Best way to expand tax base is to redraw map of where business is done

Indian insurers transfer risk to global reinsurers, impacting tax treaties. These international agreements often prevent India from taxing reinsurance profits. Foreign reinsurers without a permanent establishment face fewer tax obligations. India aims to attract reinsurance business to GIFT City for taxation. This strategy seeks to increase domestic underwriting expertise and…

The Economic Times

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Sebi drops proceedings against Max Financial, Axis Bank in Max Life deal case

Sebi dropped proceedings against Max Financial and Axis entities. Allegations of disclosure lapses and fraud were not established by the regulator. The case involved transactions between Max Financial, Max Life, and Axis Bank. Sebi found no evidence of a fraudulent scheme to defraud shareholders. Proceedings were based on investigations from…

The Economic Times

IRDAI bars Niva Bupa from opening new offices for six months

Niva Bupa Health Insurance received an order from the regulator to halt new places of business. This action stems from failing to meet expense management limits for the 2024-25 financial year. The company is currently evaluating the order and will take appropriate steps. Niva Bupa stated compliance for the 2025-26…

The Economic Times

India plans insurance reforms to rein in healthcare costs, sources say

India is considering sweeping health insurance reforms to standardise treatment rates, coverage and billing, while expanding a nationwide claims exchange, sources said. A regulatory panel is expected to submit recommendations by year-end as authorities seek to curb medical inflation, reduce fraudulent claims and encourage greater insurance coverage across the country.

The Economic Times

LIC gains 3% after Q1 earnings. Here's what Morgan Stanley and Motilal Oswal recommend

LIC shares rose 2.5% after the state-owned insurer reported a 23% year-on-year jump in Q1 standalone net profit to Rs 13,492 crore, while net premium income grew 7% to Rs 1.27 lakh crore. LIC also retained its leadership in the domestic life insurance market, with a 60.1% share of first-year…

The Economic Times

No insurance, no fuel? Supreme Court proposes pilot project, extends tenure of third party insurance cover for new vehicles

The Supreme Court has proposed new measures to address widespread non-compliance with mandatory motor insurance laws. Automatic e-challans and a potential 'no insurance, no fuel' system are being considered. The court also extended mandatory third-party insurance periods for new vehicles. Citizens will soon be able to verify vehicle insurance status…

The Economic Times

SC proposes no fuel for uninsured vehicles, seeks tech-driven road safety overhaul

The Supreme Court has directed the Centre to design a pilot project denying fuel to uninsured vehicles. This initiative aims to improve road safety and ensure compliance with insurance laws. Automatic vehicle detection systems will replace physical toll collection on select highway corridors. New cars will now require four years…

The Economic Times

Motor insurance: Consider issuing circular standardising cross-border coverage clauses, SC to IRDAI

The Supreme Court on Monday asked IRDAI to consider issuing a master circular to standardise cross-border coverage clauses in motor insurance policies, saying policy language must be clear on whether coverage extends beyond India. The court observed that ambiguity in insurance contracts creates delays in motor accident claims and often…

The Economic Times

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The Economic Times

Break traffic rules too often? You may have to take driving test all over again

Frequent traffic offenders will soon face mandatory re-tests to renew their driving licences as part of significant amendments to the Motor Vehicles Act. The government also plans to expedite compensation for accident victims and increase appeal costs for disputes. Third-party insurance premium setting will return to IRDAI, and licence suspensions…

The Economic Times

Insurance regulator IRDAI plans overhaul of commission rules to curb mis-selling, sources say

India's insurance regulator is set to overhaul distributor commissions, proposing payments spread over a policy's life to curb mis-selling and reduce high distribution costs. This move aligns India with global practices and aims to ensure customer suitability over sales volume. A draft framework is expected soon, potentially impacting how agents…

The Economic Times

Two general insurance licences approved since 100% FDI move by govt: Irdai chairman Ajay Seth

India's insurance regulator has greenlit two proposals for 100% foreign ownership in general insurance firms, following the government's FDI liberalization. The much-anticipated BIMA Sugam platform, aiming for zero-commission policies, is slated for launch by September's end. Additionally, the Irdai is preparing distribution reforms to combat misselling and has established a…

The Economic Times

CEOs quitting general insurance companies to pursue entrepreneurial ventures

Top executives are exiting established general insurance firms to launch new entrepreneurial ventures. This trend is fueled by India's vast, under-penetrated insurance market and supportive regulatory reforms. Private equity firms are actively funding these new ventures, recognizing the immense investment potential. Experienced leaders bring crucial expertise, accelerating growth in this…

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The Economic Times

Commission caps to pose existential threat to insurance distributors: Policybazaar’s Yashish Dahiya

Policybazaar faces potential business disruption from IRDAI's proposed commission caps, prompting consideration of an insurance manufacturing license. Yashish Dahiya, the group chairman of PB Fintech, said the company has shared its concerns with the regulator about the potential impact of such caps on the industry, but added that there is…

The Economic Times

Irdai asks insurers to link pay packages of senior executives to customer-centric metrics

The Insurance Regulatory and Development Authority of India (Irdai) has made amendments to the IRDAI (Corporate Governance for Insurers) Regulations, 2024.

The Economic Times

Claim settlement and grievance redressal related performance will determine the incentives of top executives of insurance companies: IRDA

In a significant policyholder-centric move, IRDAI has linked insurance executive pay to customer-centric metrics like claim settlement and grievance redressal. Insurers must now publicly disclose detailed data on claim timelines, complaint handling, and product performance, empowering policyholders to make informed decisions beyond just premiums.

The Hindu

IRDAI removes age bar for purchasing health insurance

IRDAI removes age limit for health insurance, enhancing accessibility and affordability for all age groups in India.

The Hindu

LIC to play key role in achieving 'Insurance For All by 2047: chairman

LIC will play a significant role and to meet that objective it is planning to launch a product especially designed for rural areas.

The Hindu

Expedite survey, claim settlement related to Sikkim floods, IRDAI urges general insurers

Insurers urged to expedite survey, disburse payments for Sikkim flood claims. IRDAI advises mobilising resources, setting up special claims desk, encouraging electronic communication for expeditious settlement.

The Hindu

Finance Ministry seeks applications for post of whole-time member at IRDAI

Finance Ministry invites applications for IRDAI Whole-Time Member (Distribution). Must have 25+ yrs exp. & min. 3 yrs at senior level. Last date for applications: Oct. 30, 2023. Salary: Rs. 4 lakh/month. Age limit: 60 yrs. No person can hold office after 62 yrs. Led by Chairman Panda & 5…

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