The Hinduja group, Oaktree, Torrent, and Piramal group with Cosmea Financial and UV ARC submitted their final bids for Reliance Capital (RCap). The deadline for final offers for the assets of the bankrupt group closed on 28 November 2022.
The IRDAI has revised an exposure draft on reinsurance business to harmonise the provisions of various regulations applicable to Indian insurers and Indian reinsurers including foreign reinsurance branches (FRBs) and Lloyd's India, and to enhance the ease of doing business.
The IRDAI is introducing reforms to create a progressive, supportive, facilitative and forward-looking regulatory architecture to promote "Insurance for All" by 2047.
The IRDAI has advised all general and health insurers to obtain the identification details of healthcare professionals on the healthcare professional registry (HPR), to validate and authenticate medical practitioners when the insurers issue or renew under professional Indemnity cover.
The IRDAI, following consultations with the insurance industry, has issued an exposure draft that reverses an earlier proposal to place a ceiling on commissions to agents and intermediaries.
IRDAI chairman Debasish Panda met CEOs of several general insurers, including health insurers, in Mumbai last week to review the performance of the industry and seek ideas from the industry leaders to improve insurance penetration in the country.
The IRDAI has asked insurance companies to to put in place a policy approved by their board of directors on the scrapping or disposal of out-of-date computer operating systems and equipment.
The life insurance market in Advanced Asia Pacific is expected to see premiums decline by 6% in real terms in 2022, according to Swiss Re Institute (SRI).
ICICI Prudential Life Insurance has launched a long-term savings scheme called "ICICI Pru Sukh Samruddhi," which provides customers with benefits of guaranteed income, potential bonuses, and life cover for the policy duration.
The IRDAI has issued guidelines to life, general and health insurers as well as insurance repositories on how they can share information with account aggregators (AA).