Insurance Regulatory and Development Authority

Insurance Regulatory and Development Authority News

Irda bats for catastrophe cover

The demand for a separate insurance had intensified after the Uttarakhand floods last year.

CBI begins probe against Irda, Reliance General Insurance for undervaluing penalty

Allegations are that a penalty of R20 lakh was imposed on the firm instead of R17,500 crore for guideline violations.


Irda launches pilot project for compulsory demat

According to Irda, it will be mandatory for all the life Insurers and insurance repositories (IRs) to participate in the pilot launch.

Insurance firm told to pay resident Rs 1.65 lakh for not granting claim amount to repair house

The suburban resident, on the contrary, argued that there was “deficiency in service” and pressed for Rs 2 lakh compensation with 12 per cent interest.

Third party motor pool unlikely to make a comeback: Insurers

While they maintain that going back to the insurance pool system is out of question, there is a feeling within the industry that Irda may come up with a fresh order on the ongoing system soon.

‘RBI plan to turn banks into insurance brokers bad idea’

Several RBI officials privately question the wisdom to allow banks to act as insurance brokers.


FinMin to push for bancassurance at bankers’ meet

According to Irda data, India is much below the global average of 6.5 per cent (of GDP) in insurance spread at 3.96 per cent.

With Irda’s push, banks could offer more choice of insurance products

Even though several months have gone by, not one bank has gone ahead to apply for the broking license.

Irda's revised guidelines give new lease of life for insurance companies

Twenty four life insurance companies get ready to relaunch over 400 schemes from January.

Irda moves to break nexus between insurers,dealers

IRDA regulations say the agency commission for a motor business cannot exceed 5 per cent.