IRDAI REGULATORY SANDBOX AMENDMENTS
Fear of regulatory rap keeps life insurance stocks jittery
Shares of Life Insurance Corp slumped 11%, SBI Life sank 23%, HDFC Life fell 10.4% and ICICI Prudential Life shed 9.5% in the past three months as against the 3% decline in the Nifty and the 2.6% drop in the Nifty500 index.
TRAI seeks feedback on broadcast audit regulations post open house discussion
The Telecom Regulatory Authority of India (TRAI) is reviewing broadcasting audit regulations. Distribution Platform Operators (DPOs) largely support current rules but seek amendments, while broadcasters want greater audit rights. Concerns over costs for smaller DPOs and content security for broadcasters were raised. TRAI aims to balance stakeholder interests and ensure a robust, compliant broadcasting sector.
Insurance Amendment Bill proposing 100 per cent FDI unlikely in winter session
The Indian government might postpone introducing the Insurance Amendment Bill, which proposes 100% FDI in the insurance sector, during the current parliamentary session. Further refinement of the draft bill is needed after stakeholder feedback. The bill aims to modernize the insurance sector, boost accessibility and affordability, and stimulate economic growth. It may be introduced in the Budget session instead.
Parliament committee approves of reforms proposed in Insurance Bill
A parliamentary committee has endorsed insurance sector reforms, including composite licenses and reduced capital requirements. They also urged GST rate cuts for health and microinsurance, and a roadmap for public sector insurers. Additionally, the committee recommended creating a central Cyber Security Protection Authority, mirroring the DGCA's role in aviation.
Govt proposes to raise FDI limit in insurance sector to 100%, seeks public comments
The central government has proposed raising the FDI limit in Indian insurance companies to 100%, lowering the Net Owned Funds for foreign reinsurers, and amending insurance laws to improve accessibility and streamline processes. The public is invited to comment on these proposals by December 10.
Finance Ministry backs raising FDI in insurance to 100%
The finance ministry has proposed allowing 100% foreign direct investment in the insurance sector, reducing the minimum paid-up capital for companies, and permitting insurers to conduct multiple insurance-related activities. The changes are intended to enhance industry efficiency and increase insurance accessibility and affordability for citizens.
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IRDAI seeks road maps to Dalal Street from large insurers
The Insurance Regulatory and Development Authority of India (IRDAI) encourages 10-12 large life and general insurance companies to pursue public listings within the next four to six quarters. The aim is to enhance governance and fund access in the capital-intensive sector, with insurers being urged to present IPO plans after consulting stakeholders.
Big insurance overhaul: Draft ready, new India cover story awaits green light
The bill proposes 100% foreign investment in the insurance sector. It also reduces capital requirements for insurance companies. A composite license will allow companies to offer various insurance products. The bill aims to increase insurance coverage in India. The government seeks final approvals before presenting the bill to Parliament.
India plans insurance law changes for unified licence, hiking FDI limit, sources say
The govt is poised to revamp its insurance laws, potentially allowing insurers a single license to operate across life, general, and health insurance. This move, coupled with a proposed increase in foreign direct investment to 100%, aims to boost the insurance sector and increase penetration, currently at a modest 3.8% of GDP.
India plans major insurance shake-up this winter as it may open doors to 100% FDI
100% FDI in Insurance: The Indian government is poised to permit 100% foreign direct investment in the insurance sector, aiming to attract global players and boost insurance coverage. The move, part of the upcoming Insurance Amendment Bill, will also allow agents to sell policies from multiple companies, enhancing market efficiency and consumer choice.
Irdai proposes to amend regulatory sandbox norms
The Insurance Regulatory and Development Authority of India (Irdai) has proposed changes to its regulatory sandbox, aiming to shift from a rule-based to a principle-based approach. This move seeks to encourage innovation and the introduction of new ideas within the insurance sector. Public comments on the proposed amendments are being sought until November 25th.
Regulatory changes to provide necessary push to surety bonds business, say experts
Regulatory changes and standardization are set to boost surety bonds introduced in 2022 by general insurance companies. These bonds will support India's infrastructure development, reduce reliance on bank guarantees, and allow banks to lend to other sectors. Legal and regulatory reforms are crucial for providing insurers equal recourse under the Insolvency and Bankruptcy Code.
Govt sets sights on 100% FDI in insurance, weighs options to secure political clearance
The proposal aims to open up the sector further to foreign investors, as the current cap is seen as restrictive. Additionally, there are discussions around easing other FDI regulations, including the requirement that certain top management positions must be held by Indians.
Govt may introduce insurance laws amendment bill in Budget session
The government is expected to introduce a bill amending the Insurance Act, 1938, during the upcoming Budget session, aiming for 'Insurance for All by 2047'. The proposed amendments may include a composite license, differential capital regulations, reduced solvency norms, captive license issuance, changes in investment regulations, one-time registration for intermediaries, and permitting insurers to distribute other financial products.
No formal proposal to enter health insurance, says LIC
Life Insurance Corporation (LIC) has clarified that there is currently no formal proposal for it to enter the health insurance space. This clarification comes amid expectations that composite licenses may be permitted by amending the Insurance Act, which currently does not allow life insurers to underwrite health insurance policies. A parliamentary panel had earlier suggested the introduction of composite licensing for insurers to undertake life, general, or health insurance under one entity, which could lead to cost savings and offer customers more choice and value.
Motor insurance rule change: No arbitrary claim rejection, quicker claim settlement, pay as you drive option must, says IRDAI
Motor Insurance New Rules by IRDAI: The Insurance Regulatory and Development Authority of India (IRDAI) has updated the master circular clarifying important rules for motor insurance policyholders. The regulator has proposed the implementation of strict timelines for claim settlements of auto insurance policyholders. It is a crucial step towards improving efficiency and customer satisfaction. Another key change is the introduction of a customer information sheet (CIS) for auto insurance policies to enhance customer awareness.
LIC thinking of diving into health insurance pool, eyeing acquisitions
LIC is considering entering the health insurance sector, as reported by Times of India, quoting LIC chairman Siddhartha Mohanty. Mohanty stated that LIC is evaluating potential acquisition opportunities in this regard. This move aligns with expectations of the government permitting composite insurance companies in the sector.
Health insurance rules changed for senior citizens: Be ready for a 10-15% hike in health insurance premiums
In a major reform, Insurance Regulatory and Development Authority of India (IRDAI) has removed the ceiling of 65 years for a person to buy a health insurance policy. Additionally, the waiting period for pre-existing conditions has been reduced from four to three years. Both these rules have been effective from April 1, 2024. Will these new rules help uninsured senior citizens get health coverage? How easy is it now to buy a health insurance policy for the first time at the age of, say, 70? Find out here
Health insurance for your ageing parents is now possible as IRDAI scraps age limit
The Insurance Regulatory and Development Authority of India (IRDAI) has eliminated the age limit of 65 years for purchasing health insurance policies, aiming to broaden the market and offer comprehensive coverage. This change, effective from April 1, makes health insurance more inclusive and accessible to individuals of all ages. Insurers are now required to offer policies to all age groups and cover pre-existing medical conditions.
IRDAI issues new circular to help speedy disbursal of unclaimed insurance money
Due to an increase in unclaimed amounts and concerns from insurers over regulatory compliance, the Insurance Regulatory & Development Authority of India (IRDAI) modified the Master Circular on unclaimed amounts of policyholders
New Health Insurance Rule: AYUSH treatment coverage to be at par with other treatment; IRDAI asks insurers to amend all existing policies
¡°Considering the growing demand for AYUSH treatments, there is a need to consider these treatments at par with other treatments,¡± stated IRDAI in a circular dated January 31, 2024.
Govt may mandate video recording by insurance agents to curb mis-selling
The government considers mandating audio-video recordings of insurance agents' sales pitches to combat mis-selling. Consumer affairs department urges clearer communication and regional language use in policies. Recommendations include explicit inclusions/exclusions disclosure and updating hospitalization clauses for medical claims.
IRDAI okays amendments to reinsurance norms
IRDAI has simplified the format of the reinsurance program and brought in tandem the regulations for Indian insurers, Indian reinsurers, Foreign Reinsurance Branches (FRBs), and International Financial Services Centre Insurance Offices (IIOs) to position India as a global reinsurance hub.
Irdai on a transformational journey to take insurance to masses
Under new chairman Debasish Panda, the regulator is engaging with the industry more than ever and looking to get the sector charged up.
One licence for all insurance: Bill likely in budget session
¡°Our aim is to bring the legislation in the budget session. It, however, will depend on how swiftly we can incorporate suggestions and seek cabinet approval for the proposed legislation,¡± said a senior official aware of the developments.
Views sought on proposed changes to Insurance Act
The finance ministry noted that this is being done in view of the changing needs of the insurance sector, and the comptehensive review of the legislative framewotk goveming the sector has been done in consultation with IRDA and the industry. "
IRDAI approves changes in capital, ownership, solvency of insurance companies
The Insurance Regulatory and Development Authority of India (IRDAI) has also approved a proposal to permit Private Equity (PE) funds to invest directly in insurance companies and at its board meeting today allowed subsidiary companies to be promoters of insurance companies.
Sebi issues guidelines for inter-operable regulatory sandbox
The move is aimed to facilitate testing of innovative hybrid financial products and services falling within the regulatory ambit of more than one financial sector regulator.
IRDAI proposes to increase tie-ups limit between insurers, agents
In an exposure draft on insurance intermediaries, the insurance regulator proposed to increase the maximum limit of tie-ups with insurers for corporate agents from three to nine. It also proposed to raise tie-up limit with insurers for insurance marketing firms from two for each category of insurance to six.
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