Health, General Insurers Can Sell Products Without Prior Permission: IRDAI
The Insurance Regulatory and Development Authority of India (IRDAI) approved the "Use and File" procedure for all health insurance products and practically all general insurance products on June 1. The Use and File approach implies that insurers can launch their products to the market after filing with the regulator. This prevents excessive wait times in providing new insurance solutions to consumers in order to assist meet the changing… read-more
Tags: IRDAI, Health insurers, Use and File, health products, insurers
Courtesy: Zee News
Govt Likely To Defer LIC's IPO For Next Financial Year
The government may defer the announcement of Life Insurance Corporation's (LIC) initial public offering (IPO) in the current financial year ending March 2022. Reportedly, there are lots of preparatory work pending and the valuation of the state-owned life insurer will also take more time. Following the valuation, regulatory processes will start so it is unlikely that the IPO will take before the year ends, reported Business Today… read-more
Tags: LIC, IPO, FY22, SEBI, IRDAI
Courtesy: Business Today
IRDAI Urges Insurers To Be Transparent In Health Insurance Claims
The insurance regulator IRDAI has instructed insurance companies to be more transparent and furnishes details in cases of denied claims. Laying stress on the policyholders of life insurance schemes, the regulator, under the new circular on 'Health Insurance Claim Settlement,' urged the companies to provide updates about cashless claims when needed. Besides, asking companies to avoid rejecting claims based on "presumptions and conjectures", … read-more
Tags: Life insurance, India, health care, Insurance, IRDAI
Courtesy: The Economic Times
'Pollution Under Control' Certificate Mandatory for Renewing Vehicle Insurance
The Insurance Regulatory and Development Authority of India (IRDAI) has made a valid Pollution Under Control (PUC) certificate mandatory for renewing and claiming vehicle insurance. Besides, the circular issued stated regarding "special focus on compliance in Delhi-NCR". The decision was announced after the Central Pollution Control Board (CPCB) raised issues that the Supreme Court’s directive stating non-renewal of insurance without valid … read-more
Tags: PUC, IRDAI, Supreme Court, Delhi-NCR
Courtesy: News18