Irdai News

Mandatory check-up: No Delhi HC direction to Centre and IRDAI

The bench further observed that the IRDAI is a “statutory regulatory body and if there is any requirement of medical check up, all care can be taken by such type of authority which is constituted under the provisions of the law”.

IRDAI to give green signal to sandbox experiment soon

Regulatory sandbox is an infrastructure that helps fintech players live test their products or solutions, before getting the necessary regulatory approvals for a mass launch, saving start-ups time and cost.


IRDAI asks insurers to pay up in suicide cases within 12 months

Earlier, there were no regulatory provisions for any refund to a policy holder, during the first year of policy issuance, in case a person commits suicide and life insurers can legitimately deny any payment of claims to the beneficiaries of such a life insurance policyholder during this period.

Long-term third party insurance only for new vehicles: IRDAI

According to IRDAI clarification, existing vehicles will get only one year insurance cover on renewal while new private cars will have to compulsorily go for three-year policies. Similarly, new two-wheelers will have to get compulsory five-year policy.

IRDAI hikes third party insurance on small, medium cars by 12-12.5%

The new rates will come into effect from June 16. The insurance regulator had in March deferred the hike in third party insurance premium due to the elections.

IRDAI proposes revision in Third-party motor insurance premiums: How it will affect you

As per the latest circular, the regulatory body is soon expected to revise the Motor Third Party insurance premiums for the current financial year 2019-20.


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.