IRDAI directs insurers to put in place a board-approved policy on commission for agents
The Insurance Regulatory and Development Authority of India (IRDA) has directed all insurers to have a board-approved policy on commission structure for insurance agents to ensure fairness and reasonable payments. In the master circular on expenses of management, including commission, of insurers, 2024, the insurance regulatory said: “As the insurance agents, intermediaries or insurance intermediaries play a crucial role in the distribution of insurance products, it is essential for the insurers to have a clear and transparent board policy on their commission structure to ensure fairness, transparency, compliance, efficiency and industry reputation in the insurance distribution process.’‘

6 out of 10 consumers complain of insurance mis-selling, says survey
Indicating the rampant manipulative selling in the insurance sector, as many as six out of 10 consumers of online insurance sales and service platforms have experienced dark patterns like nagging, subscription trap and forced action, says a survey.

'Specific-event policies will shape future of insurers' business'

BimaPay raises $2 million funding to scale operations, enhance technology

BimaPay provides digital lending with real-time processes. The entire process is done without any manual intervention. Co-founded by Hanut Mehta and Mohit Gupta along with Kapil Garg who’s the MD of the Mufin Group, BimaPay aims to increase insurance penetration in the country using financial inclusion with the help of cutting-edge technology.

Two govt insurance schemes for fisherfolk to be merged from June
Sources have revealed that for the fishermen insurance scheme under the Pradhan Mantri Suraksha Bima Yojana (PMSBY) and the Group Accident Insurance Scheme (GAIS) will be converged to provide comprehensive insurance coverage of Rs 5 lakh for fishermen (Rs 3 lakh under GAIS for accidental death or permanent total disability and Rs 2 lakh under PMSBY).

Indian banking industry increases their cyber insurance cover in FY24
Source Credit: Aathira Varier, Business Standard

Mumbai: The increase in cyber related incidents, frequency of claims and enhanced regulatory focus is nudging banks to increase cyber insurance cover. The coverage by banks and financial institutions increased by nearly 8 per cent in 2023-24 as compared to the previous financial year, according to insurance brokers.
 

IPL washout spurs potential insurance claims of Rs 50-60 crore

IRDAI brings life, health insurance down to the grassroots level
In a move that can bring insurance down to the grassroots, the Insurance Regulatory and Development Authority of India (IRDAI) has mandated life and general insurers to extend cover to certain identified Gram Panchayats. Per the master circular issues by the regulator on rural, social and motor third party obligations, the Life Insurance Council, in consultation with the Ministry of Panchayat Raj, will indicate the minimum number of Gram Panchayats to each life insurer on mutually agreed parameters such as market share, or any other parameter. 

Hindujas get Irdai nod for buying Reliance Capital business; conditions apply

Irdai gives in-principle nod for Hinduja Group-led IIHL bid for Reliance Capital takeover

Irdai directs cos to meet social sector obligations

New Irdai rules aim to boost rural reach

Rising health insurance premium leaves buyers sore
New Delhi: With premiums going through the roof, people are anxious over health insurance burning a hole in their pockets. Industry insiders and consumers businessline spoke to want the government to expedite the setting up of a health regulator or reduce the GST rate from current 18 per cent to curb the surging cost of health insurance.

Hinduja Group seeks RBI nod on proposed corporate restructuring for RCap resolution
Mumbai: Hinduja Group’s IndusInd International Holdings (IIHL) has written to the Reserve Bank of India seeking its go-ahead for proposed changes in the corporate structure set up for the acquisition and resolution of Reliance Capital (RCap). The original resolution plan by IIHL, which was approved by the Mumbai bench of the NCLT in February 2024, had proposed two implementing entities — IIHL BFSI (India) Ltd and Aasia Enterprises LLP. Herein, RCap’s entire shareholding was to be transferred to IIHL BFSI (India) which was to be the holding company, and certain assets held by RCap were to be transferred to Aasia.

Good news for insurance agents! They can use this platform to track and receive commissions in real-time
For the first time in India, insurance Point of Sales Persons (PoSPs) will be able to see live brokerage against each quote option they generate and upon completing sale, they will receive their commission payment immediately.

Universal healthcare is a must for Viksit Bharat
Considering India is among the countries with the highest number of road accidents in the world, it’s welcome news that victims are on the Centre’s policy agenda for help. Too many lives are lost in such accidents. Prompt medical attention might have saved many of these lives. Those in dire need sometimes get turned away or face the danger of delayed treatment while hospitals figure out who will pick up their bills. Delays can harm even patients whose health is insured, as prior approvals for cashless procedures can take hours in a loop of claim checks. Given this backdrop, the government’s plan to facilitate cashless accident emergency care is thoughtful. On Monday, Mint reported that the ministry of road transport and highways has a scheme in the works that would provide up to ₹1.5 lakh of cashless treatment for every victim of a traffic mishap. This facility will be available to all without exception, regardless of whether they are covered by a health insurance policy or not, and will cover hospitalization for up to a week from the incident’s date at all facilities under the Ayushman Bharat plan. With payment assured, treatment refusals and delays should drop. The money so spent would be reimbursed through the Motor Vehicle Accident Fund, which was set up in January 2022 to compensate hit-and-run victims. The purpose of this fund will be enlarged accordingly.

IRDAI eyes sachetisation of insurance with Bima Vistaar plan

Insurance: Over 90% policyholders want companies to publish monthly claim settlement numbers on websites
Nearly 93 percent of general policy holders want each insurance company to publish the data of total claims received, rejected and approved. The surveyed policyholders want this data to be published every month on the websites of insurers, revealed LocalCircles survey findings.

Centre may push for 12% GST for health insurance; lower rate seen to widen cover
To make health insurance more affordable and attractive, the Centre may push for a lower GST tax rate to 12%, compared to 18% now, on health insurance premiums up to Rs 30,000.

Ready to conclude RCap deal post IRDAI approval: Ashok Hinduja

IIHL yet to get Irdai nod on RCAP deal, tied up Rs 7,500 cr from banks for acquisition: Ashok Hinduja

Hindujas eyes $50 billion BFSI valuation

Finance Ministry approves 17 per cent wage hike for LIC employees
 

Intense heat triggers rise in insurance claims for crop damage, cattle deaths

India needs to expand universal health coverage for rapidly ageing population, maintain growth: ADB report

Bima Vistaar priced at Rs 1,500: Life, health, property insurance bundled in one product | Know full features and benefits
The Insurance Regulatory and Development Authority of India (IRDAI) has reportedly fixed the pricing of ‘Bima Vistaar’ – a single insurance product that covers life, health, accidental damage and property. This all-in-one insurance product, designed for people living in rural areas of the country, is priced at Rs 1,500 per policy, various media reports suggest. These reports have cited industry officials who attended a two-day programme called ‘Bima Manthan’ held on April 25-26 in Hyderabad.

Insurers receptive to covering chronic ailments, declare PEDs honestly
The Insurance Regulatory and Development Authority of India (Irdai) recently issued the Irdai (Insurance Products) Regulations, 2024. This notification introduces several customer-friendly measures, including reducing the maximum waiting period for pre-existing diseases (PEDs), a shorter duration for conditions to qualify as PEDs, and a decreased moratorium period.

FinMin notifies LIC’s 17% wage revision for over 1.10 lakh employees
The Finance Ministry has notified the wage revision of LIC employees with effect from August 1, 2022, bringing relief to over 1.1 lakh employees of the Corporation. The move would lead to 17 per cent annual increase in wage bill for LIC.  This wage revision could see an annual implication of around ₹4,000 crore, taking LIC’s overall wage bill per year to about ₹29,000 crore.

IRDAI nod likely soon for IIHL's buyout of Reliance Capital's three insurance arms

IRDAI May Raise Special Surrender Value