The Finance Ministry has proposed that the insurance law be amended to allow composite licences to be granted to insurers to sell different financial products.
In 2021 weather and water-related hazards caused total damage of $35.6bn in Asia. These climatic events affected nearly 50m people in the continent. During the year India suffered economic losses up to $3.2bn due to flooding.
The Finance Ministry government is proposing to remove the minimum paid-up capital requirements for carrying out life, general and health insurance business in India as part of a significant revamp of its insurance framework.
Interest in travel insurance kindled by the pandemic has sustained and travellers, both for international and domestic destinations, consider travel insurance as an essential part of their travel arrangements.
The insurance regulator has given the green light to Go Digit General Insurance for a listing on stock markets.
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.