IRDA

IRDA News

Bid to speed up challan recovery: Traffic dept in talks with IRDA

The traffic authorities have planned to share the details of pending e-challans of registered vehicles with insurance companies, who in turn, would help them in recovering the fines when a traffic offender tries to renew insurance.

IRDAI working on ‘Sandbox’ method

The regulator has also asked insurance firms to come out with long-term health insurance policies, which are currently only available in two wheeler and four wheeler insurance.

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Denying health insurance for genetic conditions violates rights, says Dehi High Court

The High Court upheld a trial court order of 2017, which directed United India Insurance to pay Rs 5 lakh to the insured.

LIC may have to reduce exposure in non-strategic investments, says IRDAI

LIC can continue its strategic investment in other firms beyond 15 per cent — especially in Corporation Bank and LIC Housing Finance. Sathe said the regulator doesn’t want LIC disinvestment in any firm to create disruption.

Lloyd’s chairman offers help in closing insurance protection gap

The world’s largest insurance platform is gearing up to start its India operations in Mumbai by early 2017.

Steep hike in third party motor cover, truckers protest

IRDA has allowed a hike of 30 per cent in the case of public commercial vehicles with GVW (gross vehicle weight) of 40 tonnes, 25 per cent for GVW of 20-40 tonnes and 15 per cent for GVW of 12-20 tonnes.

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IRDA okay with LIC investment in public sector banks

Earlier, the RBI had expressed concern over LIC making huge investments in PSU banks, saying it can “affect the financial stability”.

IRDA gives initial approval to 4 global reinsurance majors

After the IRDA had announced its norms in November 2015, six global reinsurers applied for licenses for branch operations.

IRDA’s new reinsurance guidelines favour public sector firm GIC Re

In April last year, IRDA had originally released guidelines giving preference to GIC Re, but it revised the norms later following objections raised by foreign players.

Limit agents’ share, says IRDA

According to insurance sector officials, earlier individual agents used to get up to 35-40 per cent as commission in the first year.

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