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Sources say, insurers may be fearing the possibility of customer grievances if refunds are delayed or denied, while actuarial teams face the challenge of recalculating projections for policies spanning across the transition period
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Seth, a 1987-batch IAS officer of Karnataka cadre, retired as the Secretary of the Department of Economic Affairs in June after a four-year-long stint
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A single safe account will make it easy to view, renew, and compare all your insurance policies with providers—here's how Bima Sugam is likely to work when launched.
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IRDAI's action dates back to June 2020 when it conducted a remote inspection of PolicyBazaar’s operations during its IWA tenure and found irregularities in how it managed the sales processes, disclosures, partnerships, and premium flows.
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IRDAI had inspected Policybazaar back in June 2020 and had issued a show-cause notice to PB Fintech in October 2024.
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The insurance regulator has released a draft framework to mandate internal ombudsmen within insurance companies, and is expected to finalise the regulations by Q3FY26. Moneycontrol explains everything you need to know.
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ripathy said that in the insurance broking space, there is a record level of activity in terms of mergers, acquisitions, and demergers in the distribution segment. “The regulator is witnessing increased activity in this area on a day-to-day basis,” he said.
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The appointment ends a four-month vacancy at the insurance regulator; Seth brings nearly four decades of public finance and policy experience to the role
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His appointment was confirmed through an official government notification, and he will hold the position for a tenure of three years.
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Despite the ongoing process, top candidates are reportedly declining the offer due to unwillingness to relocate to Hyderabad, where the IRDAI is headquartered in the Financial District of Nanakramguda, Gachibowli.
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This implementation is aimed at giving insurers time to build the necessary internal capacity for the model without disrupting day-to-day operations.
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Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs), which gather funds for property ownership and infrastructure projects, have become key long-term investment options
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In the absence of a full-time IRDAI chairman, the meeting will be held under the interim chairmanship of PK Arora, the senior-most member and actuary of the regulatory body, sources say
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Move aims to plug leakages in health insurance claims; FinMin finds hospitals are inflating bills based on policy limits
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The Centre has been nudging IRDAI to scale up inspections of insurance companies and penalise those flouting norms, particularly in the health insurance segment
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There is a need to curb insurance misselling and ensure that premiums in India are low so that coverage can increase, M Nagaraju said.
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IRDAI has, so far, inspected six to seven insurance companies, covering both public sector and private players, with further checks planned in the coming months
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Health insurance is going through a phase of structural stress—both for customers and insurers, says Goyal
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Prominent insurers such as Star Health and Allied Insurance, Niva Bupa Health Insurance, HDFC Life Insurance, Tata AIG General Insurance, and Life Insurance Corporation of India (LIC) have found themselves at the forefront of data breaches
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This development comes at a time when insurers have been reporting escalating loss ratios
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The Insurance Amendment Bill is expected to simplify the capital structures of companies by proposing key reforms including composite licenses and increasing the foreign direct investment (FDI) cap.
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A significant portion of India’s non-life insurance portfolio comes from health insurance, but it is currently grappling with two major headwinds - rising premiums and a slowdown in coverage.
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With Anuradha Thakur appointed as successor to Seth, he is seen as likely the frontrunner for the position.
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The GST Council may finalise relief on life and health insurance at its next meeting, with states showing consensus on the matter.
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This decision marks a major step toward fostering competition and diversification within the reinsurance landscape, a domain long dominated by the public sector, the regulator has said
