Irdai News

IRDAI directs Reliance Health to cease business

IRDAI said RHICL, which began operations in October last, has not been able to maintain the required solvency margin since June 2019.

IRDAI-NHA committee proposes grading, common hospital registry

The group also recommended that a standard grading system for hospitals, based on the quality parameters should be prepared, and same grading can be used by PMJAY (Pradhan Mantri Jan Arogya Yojana ) and the private insurance market.


IRDAI issues new guidelines on standardisation of exclusions in health insurance

As per the IRDAI issued modification guidelines, age-related ailments like Knee-cap replacements, Cataract Surgery, Alzheimer’s and Parkinson's, etc. which were earlier excluded from the health insurance policy will now be covered by the insurance company.

Regulator’s nod: Health insurance premium can now be paid every month or quarter

The IRDAI has allowed health insurers to effect a decrease in minimum and/ or increase in maximum premiums, and maximum entry age. Typically, the maximum age limit of health insurance policies filed is up to 65 years.

IRDAI launches Regulatory Sandbox for tech-led firms

Sujay Banarji, Member— Distribution, IRDAI, said “Regulatory Sandbox will foster collaboration and further the interests of all stakeholders i.e. regulator, insurance companies, start-ups and end consumers”.

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.