Tag: IRDAI

IndusInd Bank slapped with ₹1 cr penalty by IRDAI for corporate agent norms violation

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IndusInd Bank slapped with ₹1 cr penalty by IRDAI for corporate agent norms violation

A man walks past a screen displaying the logo of IndusInd Bank at a metro station in New Delhi | Photo Credit: Reuters The Insurance Regulatory and Development Authority of India (IRDAI) has imposed a penalty of ₹1 crore on IndusInd Bank for violation of norms governing corporate agents. The corporate agent, IndusInd Bank, failed…

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11 insurers begin Ind AS transition from FY27; IRDAI tracks rest for FY28

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11 insurers begin Ind AS transition from FY27; IRDAI tracks rest for FY28

Insurers begin Ind AS transition | Photo Credit: The Hindu As many as 11 insurance companies have begun the transition to Indian Accounting Standards (Ind AS) from the current financial year (FY27), the Insurance Regulatory and Development Authority of India (IRDAI) said on Wednesday. Among these, SBI General Insurance, Niva Bupa Health Insurance and Star…

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IRDAI kick starts consultation for Public Insurance Registry

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IRDAI kick starts consultation for Public Insurance Registry

The Insurance Regulatory and Development Authority of India (IRDAI) on Tuesday released a consultation paper on the proposed Public Insurance Registry (PIR), describing it as a population-scale, interoperable and non-exclusionary digital public infrastructure (DPI). The objectives of the PIR are to facilitate growth and inclusion, building trust and transparency, and promoting affordability and financial sustainability….

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IRDAI bars life insurers Pramerica, Edelweiss from opening new branches for 6 months

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IRDAI bars life insurers Pramerica, Edelweiss from opening new branches for 6 months

Insurance regulator IRDAI has directed Edelweiss Life Insurance and Pramerica Life Insurance, in separate orders on August 20, not to open new place of business for six months for non-compliance with Expenses of Management (EoM) limits in 2024-25. “The [two life] insurers were warned for their failure to remain within the prescribed EoM limits and…

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IRDAI bars Acko General, Niva Bupa Health from opening new branches for exceeding EoM limits

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IRDAI bars Acko General, Niva Bupa Health from opening new branches for exceeding EoM limits

Insurance regulator IRDAI has barred Niva Bupa Health Insurance and Acko General Insurance from opening new branches for six months after finding that both insurers exceeded the permissible Expenses of Management (EoM) limits for 2024-25. They were “warned for failure to remain within prescribed EoM limits and directed not to open any new place of…

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IRDAI asks insurers to submit premium, claims, investment data for ISP

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IRDAI asks insurers to submit premium, claims, investment data for ISP

IRDAI | Photo Credit: The Hindu The Insurance Regulatory and Development Authority of India (IRDAI) has directed all insurers, except reinsurers, to submit information every month on their premium income, investment income and claims paid to the government for the purpose of Index of Service Production (ISP). The details are needed to facilitate data requirements…

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Submit documents promptly to Ombudsmen or face ex-parte orders, IRDAI tells insurers

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Submit documents promptly to Ombudsmen or face ex-parte orders, IRDAI tells insurers

The Insurance Regulatory and Development Authority of India (IRDAI) has set timelines for insurers to submit documents related to complaints before the Insurance Ombudsmen and warned that non-compliance could result in ex-parte orders. The regulator has directed all the insurers, except reinsurers, to submit the self-contained note (SCN), along with all supporting documents, within seven…

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IRDAI approves India AS framework for insurers from April 1

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IRDAI approves India AS framework for insurers from April 1

Insurance regulator IRDAI has approved amendments mandating insurers to prepare and present financial statements in accordance with applicable Indian Accounting Standards effective April 1, 2026. The implementation of Ind AS will be applicable to all categories of insurers — life, general, stand alone health insurers and reinsurers. The amendment sets out the regulatory framework governing…

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Ensure all calls are from 1600-series, else face action, IRDAI tells insurers

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Ensure all calls are from 1600-series, else face action, IRDAI tells insurers

Insurance regulator IRDAI has directed insurers to adopt the 1600-number series for all service and transactional voice calls made by them to consumers by February 15 or face action. Any complaint of unsolicited commercial communication (UCC) against IRDAI regulated entities not complying will attract action as per regulatory provisions of Telecom Regulatory Authority of India…

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