Insurance regulation: GK, Current Affairs, Questions, Trivia and News

RBI permits Reinsurance brokers to open Foreign Currency accounts

RBI has permitted Reinsurance brokers to open non interest bearing foreign currency accounts with banks for undertaking transactions. Earlier, the Insurance Regulatory and Development Authority of India (IRDAI) had issued notification and then RBI issued Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) Regulations, 2015 – Opening of Foreign Currency Accounts by ..

Suresh Mathur head of IRDA panel to study feasibility of paying claims in installments

The Insurance Regulatory and Development Authority of India (IRDAI) has formed a panel to examine the feasibility of payment of general and health insurance claims in instalments. It will be headed by Suresh Mathur, ED (Health) in IRDAI. The panel will look into the need for allowing settlement of personal accident and benefit-based health insurance ..

IRDAI constitutes P J Joseph committee to review third party motor cover costs

The Insurance Regulatory and Development Authority of India (IRDAI) has constituted a 16-member committee to examine motor third party insurance pricing aspects and make recommendations on the premium rates for 2019-20. Apart from examining the third party cover pricing aspects, including data related ones; the committee has been tasked to revisit the classification of vehicles, ..

IRDAI constitutes Suresh Mathur Committee to review regulations governing Insurance Marketing Firms (IMF)

The Insurance Regulatory and Development Authority (IRDAI) has set up a 10-member committee to review norms related to Insurance Marketing Firms (IMF) with an aim to increase insurance penetration in the country. The committee, headed by Suresh Mathur (ED-IMF, IRDAI), has been asked to revisit the IRDAI (Registration of Insurance Marketing Firms) Regulations, 2015. The ..

Subhash Chandra Khuntia appointed as new Chairman of Insurance Regulatory and Development Authority of India (IRDAI)

Subhash Chandra Khuntia, a 1981-batch Indian Administrative Services (IAS) officer, has been appointed as Chairman of Insurance Regulatory and Development Authority of India (IRDAI). The Appointments Committee of the Cabinet (ACC) has approved Khuntia’s appointment for a period of 3 years. The post was vacant for more than two months after TS Vijayan’s tenure came ..

Ravi Mittal appointed as part-time member of board of Insurance Regulatory and Development Authority of India (IRDA)

Ravi Mittal, additional secretary in the Ministry of Finance, has been appointed as the part-time member of the board of Insurance Regulatory and Development Authority of India (IRDA). He succeeded N S Rao at IRDAI, who is a joint secretary level officer. Former finance secretary Sushma Nath is another part-time member on the IRDAI board. ..

19 insurers remained profitable in 2015-16

IRDAI’s annual report has stated that out of 24 life insurance companies, only 19 insurers remained profitable in 2015-16. The life insurance industry has reported a profit of 7,415 crore rupees in 2015-16. The inflation-adjusted insurance premium in India increased by 7.8% and the non-life insurance sector has seen a growth of 8.1% during 2015. ..