irdai

For years, policyholders complained that insurers prioritised shareholders over customers. A new irdai framework seeks to change that by making customer experience a boardroom concern

Necessary To Determine Claims Ratio, Underwriting Profits

In a bid to enhance policyholder rights, insurance companies are required to resolve claims within 30 days, while investigations for health claims should conclude in 30-45 days, and for life policies, within 90 days. Failure to meet these deadlines results in interest penalties.

irdai, the insurance oversight body, is championing a revolutionary change by connecting CEO salaries to the happiness of customers, moving beyond traditional profit-centric models. This shift will likely introduce new guidelines governing executive pay and impose penalties on those who engage in misselling or deliver inadequate service.

Lawyers and consumer rights experts argue that procedural delays should not automatically extinguish a genuine claim, especially when the insurer does not otherwise dispute its validity or admissibility.

'Physical Delivery Of Commodities Needs GST Tweaks'

The central government has announced 100% Foreign Direct Investment (FDI) in insurance companies via the automatic route, enabling full foreign ownership. This move, aligning with the Sabka Bima Sabki Raksha Act, 2025, aims to boost foreign participation, with irdai approval required. LIC remains an exception with a 20% FDI limit.

Customisation is the buzzword in health insurance as add-ons offer flexibility, but it may also lead to confusion

irdai has released scorecards for shortlisted candidates of the Assistant Manager Phase 1 Exam 2024. Candidates can check and download their scorecards from the official website, irdai.gov.in. The examination was conducted on November 6, 2024. Candidates can check the direct link and other important details here.

The Insurance Regulatory and Development Authority of India (irdai) has released the irdai Assistant Manager Prelims Admit Card 2024. Candidates appearing for the Phase I online exam on November 6, 2024, can download their admit cards from the official website, irdai.gov.in, before November 6. The exam will be held in a single shift from 2 PM to 3:30 PM.

Mumbai, Jun 21 () Insurance regulator irdai wants increase in the retirement age of its members. The Hyderabad-based watchdog has written a letter to the Centre, urging it to raise the retirement age of its members to 65 years from the existing 62.

Mumbai, Oct 13 () Regulator irdai has received three applications for non-life business and two from reinsurance companies to start operations in India. Currently, there are 24 companies each in life and non-life insurance spaces.

irdai on Friday extended the 'use and file' procedure for the most of the life insurance products, thereby allowing insurers to launch new products without prior approval of the regulator.

The Insurance Regulatory and Development Authority of India (irdai) imposed a Rs 2 crore fine on HDFC Life. The penalties stemmed from irregularities found during a 2020 inspection covering 2017-2020. HDFC Life has been instructed to comply with additional guidelines within a specified timeline. irdai's primary objectives are to safeguard the interests of policyholders and facilitate the orderly expansion of the insurance industry in the country.