New Delhi, July 25 (IANS) Insurance Regulatory and Development Authority of India (IRDAI) Chairman Ajay Seth on Saturday called for the complete removal of dark patterns from the insurance sector, saying transparent digital practices are essential to building consumer confidence and expanding insurance penetration in the country.Speaking at an event here, Seth said insurers should critically examine their digital platforms and customer journeys instead of treating compliance as a mere procedural…
Latest IRDAI News & Updates
New Delhi, July 10 (IANS) The government on Friday issued clarifications on certain media reports regarding functioning of designated 1600 series and 140 series, which could potentially lead to misinformation or misinterpretation of operation of these designated series.According to the TRAI, the 1600 series numbers are mandated for service and transaction calls by regulated entities of BFSI sector.These calls are for entities regulated by RBI, SEBI, IRDAI and PFRDA to their existing customers an…
Mumbai, June 30 (IANS) Insurance Regulatory and Development Authority of India (IRDAI) Chairperson Ajay Seth on Tuesday said that the regulator will soon issue fresh guidelines for banks to stop miss-selling of insurance products.Addressing the media at an event here, IRDAI chief stated that the ‘Bima Sugam’ platform is likely to be launched by September this year covering motor, health and term insurance. The website will kickstart with motor insurance, then move on to health and eventually…
Kochi, June 24 (IANS) Arguing that India’s small businesses need protection from increasingly volatile global economic shocks, the Institute of Small Enterprises and Development (ISED) has proposed a new policy framework that seeks to move MSME support beyond subsidies and promotional schemes towards a comprehensive de-risking strategy. The proposal forms the centrepiece of the India MSME Report 2026, released here on Wednesday by Mercy Epao, Joint Secretary in the Ministry of MSME.At the heart …
New Delhi, May 26 (IANS) Insurance Regulatory and Development Authority of India (IRDAI) has tightened rules on top executive remuneration, linking their bonuses and incentives to measurable customer outcomes, financial health and transparency disclosures. IRDAI said remuneration of Key Management Personnel (KMPs) including chief executives must be aligned with defined performance parameters such as claims settlement speed, grievance redressal and product performance.Cost efficiency, policy rete…
New Delhi, May 5 (IANS) The policies of the companies should be oriented towards increasing overall insurance penetration and density, while ensuring retention of market share, said M. Nagaraju, Secretary, Department of Financial Services (DFS).He underscored the need to expand insurance coverage to a wider segment of the population, advising that companies should prioritise inclusion of more individuals under the ambit of insurance rather than concentrating predominantly on big-ticket policies….
Mumbai, May 4 (IANS) The Reserve Bank of India (RBI) and the Insurance Regulatory and Development Authority of India (IRDAI) are not in favour of allowing banks and insurance companies to participate in the commodity derivatives market, Securities and Exchange Board of India (SEBI) Chairman Tuhin Kanta Pandey said on Monday.Speaking on the sidelines of the IMC Capital Markets Conference at the NSE, Pandey said both regulators have a “valid rationale” behind their stance and are not favourabl…
New Delhi, May 2 (IANS) The Union government notified 100 per cent foreign direct investment (FDI) in the insurance sector under the automatic route, paving the way for greater participation by overseas investors, according to a report released on Saturday.NDTV Profit has reported that foreign investment in insurance companies will be subject to compliance with provisions of the Insurance Act, 1938, and mandatory approval from the Insurance Regulatory and Development Authority of India (IRDAI) f…
Mumbai, April 28 (IANS) “Regulations have become highly micro in nature in India. Instead, we need to have the kind of ecosystem that rewards innovation, encourages you to scale fast and fail fast, that you can get up again and try again,” said Arundhati Bhattacharya, Chairperson & CEO, Salesforce – South Asia and Former Chairman, State Bank of India.She was speaking during the discussions at the Release of the Report on ‘Regulatory Governance: The Scope, 2026’, in Mumbai.“Regulators n…
New Delhi, March 26 (IANS) India’s health insurance sector has recorded strong growth, with total premiums crossing Rs 1.2 lakh crore in 2024-25, the government said on Thursday.India’s health insurance sector continues to expand steadily, growing at around 9 per cent annually, driven by increasing awareness, better access to healthcare financing and a rising need for financial protection against medical expenses.To improve efficiency and ensure faster support to policyholders, the Insurance…