Insurance Laws

The move will enable the entry of differentiated insurance companies like in the banking sector. The banking sector is currently categorised as universal bank, small finance bank, and payments bank.

Moneycontrol Daily: Your Essential 7

A daily round-up of the most interesting articles to help jump-start the day.

Moneycontrol Selects: Top stories this evening

Our specially curated package of the most interesting articles to help you stay at the top of your game.

Finance ministry mulls changes in insurance laws; considers easing entry level capital requirement

Insurance penetration in India increased from 3.76 per cent in 2019-20 to 4.20 per cent in 2020-21, registering a growth of 11.70 per cent.

Insurance claims can still be rejected after 3 years for fraud

After several rounds of discussion with the regulator where life insurers opposed this move, they have to come to an understanding that fraudulent claims will not be passed

Insurance agents to get higher fees from your policy premiums

The insurance regulator has made changes in the commission structure that will offer insurance agents remuneration at the rate of 40 percent of the first-year premium for pure risk policies.

Foreign reinsurers may repatriate profit: IRDAI report

The Insurance Laws (Amendment) Act, 2015, permitted foreign reinsurers to set up branch office in the country. Following the enactment of the new Act, it had become necessary to examine the issues related to opening of branch offices of foreign reinsurers.

Strengthening network key to insurance sector growth:Report

Insurers should embrace the digital space with a resilient cyber security framework to disrupt the traditional business structures, the report said, adding that cyber-security is a key risk area for insurance.

Insurance Bill in last leg; likely get parliament nod

The government has proposed to hike foreign direct investment from 26 percent to 49 percent in the insurance sector.