New Insurance Surrender Value Rules Effective April 1: A Closer Look Quick Overview The Team provided insights on pivotal changes forthcoming in life insurance policy surrender values. As the Insurance Regulatory and Development Authority (IRDAI) implements these new guidelines from April 1, 2024, policyholders and the insurance industry brace for impact. Let’s unpack these modifications to understand their significance. Unveiling the New Surrender Value Guidelines Insurance surrender value rules are set for a game change […]

Insurance Advertisements and Disclosure for ( IRDA Intermediaries like Insurance Broker ) Insurance Advertisements and Disclosure As per F. No. IRDAI / Reg / 2 / 174 / 2021 – In exercise of the powers conferred by clause (zd) of sub-section 2 of section 114A of Insurance Act,1938 read with Sections 14 and 26 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999) “Short Title and Commencement” Key Points: Title: The regulations […]

  The Significance of Claim Settlement Ratio in Life Insurance When you delve into the world of life insurance, one vital statistic stands out as a beacon guiding your decision-making process – the Claim Settlement Ratio (CSR). The CSR embodies more than mere figures; it’s a yardstick measuring an insurer’s reliability, a compass that points to the level of trust you can place in a company when the unforeseeable happens. Throughout this discussion, we repeatedly […]

Health Insurance May Get a New Regulator India stands on the brink of a pivotal transformation in its insurance landscape as the interim budget on February 1st may unveil a new era for health insurance regulation. The authorities are considering a composite license for life and general insurance, which will potentially reshape the Indian insurance industry, facilitating ‘Insurance For All By 2047.’ This ambitious vision necessitates not only a separate regulator for health insurance but […]

Forging Policy Dynamism: IRDAI Chairman Sets Path for a Revamping Insurance Industry At the remarkable 16th Annual Banking, Financial Services and Insurance (BFSI) Summit and Awards 2024, Debasish Panda, the chairman of the Insurance Regulatory and Development Authority of India (IRDAI), made a significant announcement. He discussed plans to revamp the governing regulations in the insurance industry, catering more effectively to the evolving demands of the dynamic economic landscape. The Three-Year Sunset Clause: A Catalyst […]