The IRDAI has proposed to increase the Motor Third Party (TP) premium rates for cars below 1000 cc to Rs 2,120 from the existing Rs 1,850 for the fiscal 2019-20.
The Insurance Development and Regulatory Authority of India (Irdai) had constituted a working group on the standardization of exclusions in health insurance contracts.
Under the new regulation, insurers are asked to regularly update applicants about the processing status. This will bring transparency to policies, where there is a medical underwriting or physical inspection involved.
ITI Re had set up operations in December 2016. However, since they did not do any business in the two year period till December 2018, their registration was liable to be cancelled.
The regulator said the insurers with exposure to Anil Ambani-run Reliance Capital's subsidiaries--Reliance Home Finance and Reliance Commercial Finance--will have to make provisions for debt of these companies which were downgraded by Care Ratings last month.
In January, another subsidiary Indiabulls Life Insurance Company had received R1 approval from Insurance Regulatory and Development Authority of India (Irdai).
All general insurers will cede 5 percent of premium for each policy sold.
IRDAI is of the view that the option of settlement of claims in installments will ensure that claimants have regular income for a reasonable period of time upon happening of a contingent event.
Policyholders can compare products based on the features offered by the insurer and no contact details will be required.
Sources told Moneycontrol that both public sector and private sector insurance executives have applied for the post.
The cumulative premium during April-February 2018-19 of the 34 insurers rose by 13.43 percent to Rs 1,52,097.04 crore as against Rs 1,34,084.94 crore.
Insurance Regulatory and Development Authority of India (IRDAI) stipulates that insurers are allowed to hold only up to 15 per cent stake in any listed entity. But LIC, with a special dispensation from IRDAI, holds more than the limit in some state-run banks.
The core sandbox committee would facilitate rollout of the experiments and seek to provide the ecosystem required for the experimentation.
The IRDAI officials during the inspection found three violations, of which two attracted fine.
IRDAI said that while initial permission will be granted for six months, it can be extended by another six months.
IRDAI Chairman Subhash Chandra Khuntia had clarified that insurers have to make adequate provisions for IL&FS-related exposures. He added that the exposure cannot be written off
At present, the permissible limit for an insurer to hold stake in any listed entity is 15 percent.
The IRDAI chief said insurance penetration in the country is about 3.7 percent of the GDP as against the world average which is 6.31 percent.
Uttaresh Venkateshwaran discusses the IRDAI working group's proposal with Moneycontrol's M Saraswathy.
“For certain ailments such as hypertension, diabetes, and cardiac problems, the waiting period will be reduced to 30 days.”
SV Ramanan said that the regulator may change rules to ensure that policies are only issued only through the insurance repository.
A framework will be prepared for holistic supervision by incorporating assessment mechanism into insurance supervision.
New regulations for the reinsurance business in India were finalised by the insurance regulator at its September 28 meeting and will apply to all segments of the insurance sector from March next year
The three-year third-party insurance will cost Rs 5,286 crore for cars with engine capacity of less than 1,000 cc, Rs 9,534 cr (1,000 - 1,500 cc) and Rs 24,305 for cars with engine capacity of 1,500 cc and more.
The Insurance Regulatory and Development Authority of India (IRDAI) had recently issued a circular directing insurers to cover mental illness, besides physical ailments.