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Insurance Regulatory and Development Authority News

Insurance Regulatory and Development Authority

09 Feb 2021

ATTENTION vehicle buyers! Know THIS about third party motor insurance

This will be a relief for the people who are planning to buy a new vehicle, as the effect of a long term premium is very high. Notably, the premiums were proposed to increase from 10% to 20% for FY20-21, but rates were not increased due to COVID-19 outbreak.

Life insurance premium

15 Jul 2019

Collective new premium of 24 life insurers jump 94% to Rs 32,241 crore in June

The April-June, 2019-20 collective new premium income of 24 life insurers jumped 65.09 percent to Rs 60637.22 from Rs 36729.80 as compared to the same quarter last year.

03 Dec 2018

'Black-box' in cars likely to study your driving, determine insurance premiums

The telematics will be used to monitor driving habits, vehicle usage and even distances covered, to ascertain the insurance premium of cars.

FDI in insurance

18 Mar 2016

Govt allows 49% FDI in insurance under automatic route

Seeking to attract more foreign investment, the government has relaxed FDI norms for insurance sector by permitting overseas companies to buy 49 percent stake in domestic insurers without prior approval.

06 Mar 2016

Motor insurance premium to be costly by 20% to 30% from April 1

28 Dec 2014

Clearly mention conditions, benefits of insurance products: IRDA

To help consumers guard against bogus claims being made by insurers, sector regulator IRDA has said the companies will have to clearly define conditions along with benefits and riders of products to customers.

Kotak Mahindra Bank

25 Nov 2014

Kotak Group enters general insurance space

Private-sector lender Kotak Mahindra Bank Tuesday announced its entry into the highly fragmented general insurance space, a week after buying out ING Vysya in one of the biggest deals in the country's banking space.

24 Aug 2014

'RBI just taking baby steps on customer rights'

Customers expected the Reserve Bank of India (RBI) to leap forward with a strong regulation for consumer protection than taking baby steps with its draft charter on customer rights, a consumer activist said.

22 Aug 2014

LIC launches pilot project with repositories for digitisation

The insurance behemoth LIC said here on Friday that it has launched a two-month pilot project in the city to digitise policies.

24 Jul 2014

Irda fines Sahara India Life Insurance for violating norms

Regulator Irda has imposed Rs 5 lakh penalty on Sahara India Life Insurance Company Ltd for non-compliance of social sector obligations in 2012-13.

Non-life insurers

08 Jun 2014

Non-life insurers premium income up 12% in March at Rs 77,541 crore

Among other categories, health insurance premium witnessed a rise of 13.5 per cent at Rs 17,623.91 crore in March 2014 and premium towards motor TP (third party) increased substantially by 25.7 per cent to Rs 15,682.85 crore.

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