The Ministry of Corporate Affairs is looking at making relevant changes to the Insolvency and Bankruptcy Code (IBC) to classify insurers as financial creditors in case of default of infrastructure projects, to grow the surety bond business.
Insurance regulator IRDAI has asked the Committee on Common Empanelment Process of Hospitals to submit a report on implementing fully cashless medical insurance settlement in hospitals across the country.
The surety insurance bond market is yet to take off in India due to unaddressed risks and the absence of market makers, according to The Infravision Foundation (TIF), an independent think-tank.
Based on information of fraud obtained through AI and ML anti-fraud initiative, India's government run health insurance scheme Ayushman Bharat-Pradhan Mantri Jan Arogya Yojana (AB-PMJAY) has collected a penalty amount of INR95m ($1.15m) while 0.53m Ayushman cards have been disabled and 210 hospitals de-empanelled.
The IRDAI has reportedly set up a steering panel to act as the apex decision-making body for the development of its ambitious platform, Bima Sugam. The launch of the platform has now been rescheduled for June 2024.
A study by private life insurer SBI Life and Deloitte has revealed that 71% of uninsured Indians feel insurance is a critical lever for building financial immunity
Iowa-headquartered American Equity Investment Life Holding has formed a strategic partnership with Fintech Blue Solutions, a technology company that enables insurance distribution, and Agam Capital, a company that offers a global platform for insurance analytics, to launch a next-generation life insurance company in India.
The IRDAI has set up a standing committee on cyber security to review regularly the risks inherent in existing and emerging technologies in the sector.
About 47% of individuals either surrendered their life insurance policies or failed to renew them over the past five years, highlighting a significant gap in financial preparedness in the country, according to SBI Life's Financial Immunity Report.
The General Insurance Council has set up a committee that will vet the hospitals and decide on a panel of medical centres that non-life insurers can partner with, according to a senior industry official who spoke on the condition of anonymity.