Irdai committee to examine Surety Bonds for road contracts

News: Insurance Regulatory and Development Authority(IRDAI) has formed a panel under G Srinivasan to assess the suitability of the Indian insurance industry or any other sector to offer Surety Bonds for road contracts in the country. Facts: Surety Bond: It is a three-party agreement that legally binds together a principal who needs the bond, an… Continue reading Irdai committee to examine Surety Bonds for road contracts

Annual report of the insurance sector

News:The annual report of the Insurance Regulatory and Development Authority of India (IRDAI) for 2018-19 has been released. Facts: Key terminologies: Insurance density is measured as the ratio of premium (in US dollars) to the total population. Insurance penetration is measured as the ratio of premium (in US$) to GDP(in US$). Insurance density and insurance… Continue reading Annual report of the insurance sector

Regulatory Sandbox

News:Insurance Regulatory and Development Authority of India (IRDAI) has launched the Regulatory Sandbox system for innovative technology-led entities. Facts: About Regulatory Sandbox: Regulatory sandbox(RS) is an infrastructure that helps financial technology (FinTech) players live test their products or solutions before getting the necessary regulatory approvals for a mass launch. IRDAI Regulatory sandbox: For the regulatory… Continue reading Regulatory Sandbox

IRDAI to give green signal to sandbox experiment soon

The Insurance Regulatory and Development Authority of India (IRDAI) will soon allow the use of regulatory sandbox(RS) to promote new, innovative products and processes in the industry. Regulatory sandbox is an infrastructure that helps fintech players live test their products or solutions before getting the necessary regulatory approvals for a mass launch, saving start-up time… Continue reading IRDAI to give green signal to sandbox experiment soon

Third party motor insurance premium to get pricier as IRDAI revises rate card

Insurance Regulatory and Development Authority of India(IRDAI) has released a draft notification on third-party motor insurance.Third-party insurance is the portion of an insurance policy that protects you if you’re held legally responsible for a physical injury or damage to someone else’s property. The notification proposes a 15% hike in third party (TP) motor insurance premium… Continue reading Third party motor insurance premium to get pricier as IRDAI revises rate card

After RBI, Sebi & IRDAI launch initiatives to boost startups

Securities and Exchange Board of India(SEBI) and the Insurance Regulatory and Development Authority of India(IRDAI) has announced sandbox initiative to encourage startups in their segments by making data and systems available to them. A sandbox is an enabling infrastructure or interface which is made available to an outside innovator or fintech by a bank so… Continue reading After RBI, Sebi & IRDAI launch initiatives to boost startups

IRDAI forms panel to review microinsurance framework

The Insurance Regulatory and Development Authority of India (IRDAI) has set up a committee under IRDAI Executive Director Suresh Mathur to review the regulatory framework on microinsurance. Microinsurance refers to products offering coverage to low-income households or to individuals who have little savings and is tailored specifically for lower valued assets and compensation for illness,… Continue reading IRDAI forms panel to review microinsurance framework

IRDAI moots public disclosure norm

The Insurance Regulatory and Development Authority of India (IRDAI) has issued a draft detailing the Public disclosure norms.The draft requires insurers to share details about their financials performance at specified intervals.These norms are proposed to be implemented from 2019-20. IRDAI has said that the objectives of the norms is to (a)ensure safety of policyholders (b)serve… Continue reading IRDAI moots public disclosure norm

IRDAI, NHA form joint working group on Ayushman Bharat

Insurance Regulatory and Development Authority of India (IRDAI) and National Health Agency (NHA) has decided to set up a joint working group for better implementation of Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB-PMJAY). The joint working group will be chaired by Dinesh Arora,Deputy CEO of NHA.It will have 10 members from both the organisations.The… Continue reading IRDAI, NHA form joint working group on Ayushman Bharat

Insurers must use judgment while investing, says IRDAI

Insurance regulatory Development Authority of India(IRDAI) has advised companies to not just rely on the credit ratings for their investments. The advice came after several insurers had invested in entities like IL&FS based on the credit ratings assigned to its debt instruments. The Insurance Regulatory and Development Authority of India (IRDAI) is an autonomous,statutory body… Continue reading Insurers must use judgment while investing, says IRDAI