IRDA

  • Ponzi schemes: Lawmakers quiz regulators, ministry officials September 18, 2014

    New Delhi: Lawmakers on Thursday quizzed officials of RBI, SEBI and the government about the steps being taken to avoid recurrence of fraudulent moneypooling activities like Saradha scam. The Parliamentary Standing Committee on Finance's meeting comes against the backdrop of CBI probing the Saradha scam in which thousands of crores or...
  • Digitise insurance policies, says Chidambaram September 16, 2013

    Finance Minister P Chidambaram on Monday inaugurated insurance sector regulator IRDA's insurance repositories and called for making digitisation of all policies mandatory. Chidambaram launched the insurance repository system, which will help policy holders keep insurance policies in electronic form and undertake modifications and revisions. He urged Insurance Regulatory Development Authority (IRDA) to...
  • Senior citizens welcome new health insurance rules June 7, 2012

    Kolkata: The Insurance Regulatory and Development Authority's (IRDA) new policies have brought much relief to the senior citizens with the age limit raised to 65 years. Retired two years ago, 57yearold Ambarish Banerjee spends the better part of his pension on medicines. It is vital for his survival as he's...
  • Provide health cover up to 65 yrs: IRDA guildelines June 1, 2012

    New Delhi: All health insurance companies will now have to provide health insurance to citizens upto the age of 65 and settle all claims within a month. According to the new regulations by the Insurance Regulatory and Development Authority (IRDA), there will be no exit age for policy renewals and all...
  • FM to meet financial sector regulators today February 18, 2012

    New Delhi: In a preBudget meeting on Saturday, Finance Minister Pranab Mukherjee is likely meet top economic regulators, including RBI Governor D Subbarao, SEBI Chairman UK Sinha and IRDA Chairman J Hari Narayan, to discuss the roadmap ahead for the financial sector. "All the regulators, who...
  • Now, separate norms for life and general insurers February 25, 2011

    New Delhi: The Economic Survey 201011 on Friday said there will be different set of norms for life and nonlife insurance companies for coming out with a public float. "It is proposed that the disclosure requirements for life and nonlife companies would be separately mandated given the nature of their respective...
  • Ins cos told to redress grievances in 14 days July 29, 2010

    New Delhi: Insurance regulator IRDA on Thursday asked the insurance companies to respond to the grievances of customers within two weeks or face penal action, a move aimed at protecting the interest of policy holders. "An insurer shall send a written acknowledgement to a complainant within three working days of the...
  • Deadlock on 'cashless' treatment refuses to end July 22, 2010

    Both the insurers and the private hospitals have failed to reach an agreement on the issue of 'cashless' treatment. ...
  • End of turf war: IRDA will regulate ULIPs June 19, 2010

    New Delhi: The government on Saturday ended a twomonth long turf war between insurance regulator IRDA and capital market watchdog SEBI, saying Unit Linked Insurance Products (ULIPs) will be regulated by the IRDA. "Life insurance business shall include any ULIP or any such instruments. This would set at rest all the...
  • All insurers barred from issuing new ULIPs April 16, 2010

    New DelhiL: Union Finance Ministry has stepped in the war between Securities and Exchange Board of India (SEBI) and Insurance Regulatory Development Authority (IRDA) over new unit linked insurance plans. Insurance companies cannot issue any fresh ULIP products until a court decision. The restriction is also applicable on the Life Corporation...
  • Regulators' fight leaves insurers worried April 11, 2010

    Chennai: The turf war between the Securities and Exchange Board of India (SEBI) and the Insurance Regulatory and Development Authority (IRDA) over regulating unit linked insurance policies (ULIPs) seems to have put life insurers between the proverbial devil and the deep sea. While SEBI on Friday night banned 14 life insurers...
  • IRDA tells insurance Cos to ignore SEBI ban April 11, 2010

    A day after market regulator SEBI banned the sale of unit linked insurance plans by 14 major life insurance companies; insurance regulator IRDA has told the insurance companies to ignore the SEBI ban. They have told them to carry on with business as usual. It said the SEBI order is...
  • LIC equity capital to be raised to Rs 100 crore October 31, 2008

    New Delhi: The Union Cabinet has cleared a bill to increase the share capital of Life Insurance Corporation (LIC) from Rs 5 crore to Rs 100 crore. The Cabinet also cleared a comprehensive insurance amendment bill to provide for, among other things, an enabling provision to raise the FDI from 26...
  • American insurer AIG under Indian scrutiny September 16, 2008

    Mumbai/ Hong Kong: India's insurance regulator is investigating whether American Insurance Group Inc's financial crisis will have any impact on its two Indian insurance joint ventures, a senior official said on Tuesday. AIG is the minority partner with India's Tata Group in two ventures, holding 26 per cent each in Tata...
  • Govt struggles to find an Insurance regulator June 9, 2008

    Mumbai: Insurance Regulatory and Development Authority (IRDA) chairman CS Rao retired a month ago and his replacement is yet to be found. The government seems to be struggling to find an Insurance Regulator. On May 15 this year, CS Rao retired as chairman of insurance regulatory and development authority or IRDA....
  • IRDA to ensure service by insurance agents December 26, 2007

    New Delhi: Ever wondered why your insurance agent is pretty much untraceable after the first year of your policy? Well, that's because of the subsequent drop in his commission to 7.5 per cent in the second year, compared to 30 per cent that he pockets in the first year. But...
  • No training, no test but you can sell insurance December 7, 2007

    Mumbai: Selling insurance requires expertise but people unqualified for the job may be working as agents because of fraud in training and exams, a CNNIBN investigation has found. The first clue in the investigation was an advertisement the unit manager of a leading private insurance company had placed in a newspaper...
  • IRDA softens stand, won't ban actuarial funded products August 22, 2007

    Mumbai: After announcing its decision to ban all actuarial funded products from the market, Insurance Regulatory and Development Authority (IRDA) has climbed down from its stand. The regulator, on Tuesday, issued a press release allowing Bajaj Allianz and Aviva Life permission to continue selling these products till they are able to...
  • 'Complicated' insurance schemes must go: IRDA August 16, 2007

    New Delhi: The insurance regulator IRDA is set to ban all those unit linked insurance products that are too complicated for the customers to understand. This ban may affect Bajaj Allianz Life's most popular products. Bajaj Allianz Life recorded a Rs 90 crore profit this year making it the second...
  • Foghit? Better deal next time December 28, 2006

    Hyderabad: Next year, you can expect a better deal from the airlines when you are stranded at an airport because of air traffic disruptions due to fog. After numerous foginduced flight disruptions this year, airlines and insurance companies have gone into a huddle to work out an insurance package that...
  • Car insurance bills to get heftier December 7, 2006

    Hyderabad: The Insurance Regulator and Development Authority (IRDA) has reversed a move to detariff third party motor insurance and instead, raise the cap on the premium. This means that you will have to pay at least a third more for your car insurance. The fresh rates for thirdparty motor insurance policies...
  • Insurance firm covers diabetics October 28, 2006

    Mumbai: If you are diabetic, chances are you have been turned away every time you wanted to buy a risk cover for yourself. Insurers have been reluctant to insure people struck by the disease that is known to attack various organs. All that could change because for millions of Indians...
  • Bring LIC on par with pvt firms: IRDA September 24, 2006

    New Delhi: Insurance regulator has recommended to the Government to create levelplaying field in the life insurance sector by amending the LIC Act to prohibit the staterun insurer from using policy holders fund in setting up subsidiaries in line with private players. Unlike provisions for private players in the insurance...
  • LIC's dubious agents print misleading ads August 21, 2006

    Hyderabad: Insurance regulator, IRDA, has come down hard on India's biggest life insurer, LIC. The regulator has received complaints that LIC agents have been printing and circulating misleading advertisements and flyers in some parts of India. IRDA has pulled up LIC for violating the ULIP guidelines after this discovery promising...