Irdai News

No hike in motor third party insurance premium for now

Every year, the regulator decides the third party insurance premium that remains the same across all the insurers.

Irdai panel may identify LIC as systematically important insurer

Insurance sector officials are not sure whether any other life insurer or a general insurance player other than GIC Re will qualify for the status. The committee headed by Pravin Kutumbe, Member-Finance & Investment, Irdai, has been asked to submit report in six months.


IRDAI chief rules out dismantling of third party motor tariff system

IRDAI had, way back in 2007, deregulated the pricing of the entire range of insurance products except the third party motor premium. Every year by March 1, the IRDAI unveils the new third party motor pricing for the year.

Acting against insurers paying high commissions on motor insurance: IRDAI

The Irdai chief also asked insurance industry intermediaries to ensure that their conduct is ethical and pitched for self-regulation in this aspect.

‘IDBI Bank will remain promoter of IDBI Federal Life Insurance’

The Irdai Act does not permit one promoter having two licenses as the LIC, which acquired 51 per cent in IDBI Bank through multiple deals, is also the promoter of IDBI Federal Insurance.

Foreign reinsurers mobilised over Rs 6,200-cr premium in FY18: IRDAI

The total assigned capital of foreign reinsurance branches increased to Rs 2,570.35 crore, as of March 2018, from Rs 1,117.81 crore, as of March 2017, the insurance regulator said in its Annual Report.


Private insurers set to make Rs 3000 crore profit from crop cover, PSUs in loss

According to the annual report of the Insurance Regulatory and Development Authority of India (IRDAI), as much as Rs 11,905.89 crore was collected by 11 private sector insurers as premium, but they faced insurance claims of only Rs 8,831.78 crore.

GIC Re to retain ‘first right of refusal’ status: IRDAI

In all contracts, GIC Re is given the first right of refusal in reinsurance contracts and if it declines to accept the risk, only then it would be given to foreign reinsurer’s branches.

No insurance cover to persons suffering from congenital anomalies: Delhi HC seeks IRDAI explanation

The court was hearing a PIL seeking directions to the Centre, the IRDAI and insurance companies to remove congenital anomalies from the list of general exclusions in the health or life insurance policies.

IRDAI considering telematics in motor insurance: Subhash Khuntia

IRDAI Chairman Subhash C Khuntia said the regulator is going through the final report on telematics which will motivate people with better behaviour.