The Latest Breaking News from IRDAI

Explained: Why PB Fintech, Turtlemint, SBI Life, HDFC Life and other insurance stocks tanked up to 26% on Thursday

IRDAI has proposed insurance distribution reforms, including a ban on dark patterns, lower Expense of Management limits and greater commission transparency. The changes could affect customer acquisition costs and distribution economics for insurers and insurance platforms.

The Economic Times · Sep 24

Irdai proposes ban on insurance website ‘dark patterns’, seeks lower distribution costs

Irdai proposes prohibiting dark patterns on insurance websites that require personal details to access information. The reforms aim to improve transparency and make insurance distribution more customer-centric. A new framework categorizing distribution entities is also suggested to simplify the existing structure. Proposed changes include reducing Expense of Management limits for…

The Economic Times · Sep 23

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 · Sep 16

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 · Sep 3

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 · Aug 25

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 · Aug 24

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 · Aug 20

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 · Aug 12

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 · Aug 7

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 · Aug 5