Revolutionizing Insurance in India with an All-in-One Policy Plan The Insurance Regulatory and Development Authority (IRDA) of India is spearheading a groundbreaking initiative to enhance insurance penetration in the country. Their ambitious goal involves the creation of an affordable, comprehensive insurance policy that encompasses health, life, property, and accident covers. With claim settlement within hours and valuable added services at the time of purchase, this bundled policy aims to revolutionize insurance accessibility for the Indian […]

IRDAI Board to Discuss Key Reforms on Commission, Bancassurance on Nov 25 Sources have revealed that the Insurance Regulatory and Development Authority of India (IRDAI) is due to discuss numerous key reforms relating to events including commission payouts, bancassurance tie-ups, expenses of management (EoM), and capital limits at its next board meeting scheduled for November 25th, 2021. Long-standing proposals submitted by the IRDAI’s Insurance Advisory Council will be the main focus of these discussions. According […]

Insurance Companies Can Appoint Agents without IRDA License The Insurance Regulatory and Development Authority of India (IRDA) announced that insurance companies will be allowed to appoint agents without IRDA license from the regulator, beginning on April 1. This change in policy means that the licensing system will be eliminated, and the appointment of agents will be given directly to the insurance companies, instead of being done through the IRDA’s licensing mechanism. Health Insurance: A Standalone […]

IRDA Limits Third Party Administrator Services to Insurers The Insurance Regulatory and Development Authority (IRDA) has implemented new regulations restricting the services of Third Party Administrators (TPAs) in the health insurance industry. TPAs are now only allowed to offer their services to insurance companies, and the IRDA has revoked the permission formerly granted to TPAs in 2005 to offer their services to other organizations, such as the Central and State governments. New Circular from IRDA […]

IRDA Introduces Credit Rating Norms for Selecting Foreign Reinsurers The Insurance Regulatory and Development Authority (IRDA) has instated new regulations to tighten the norms for reinsurers, creating a more level playing field for Indian firms. The IRDA (General Insurance – Reinsurance) Regulations 2013 have recently been noted in the Gazette, and they include placing heavy norms for selecting reinsurers outside India. Purpose of Reinsurance Programs Reinsurance is a business in which multiple insurance companies share […]