"irdai"

Using technical clauses and fine print to deny legitimate claims raises serious questions about consumer protection

The Telecom Regulatory Authority of India (TRAI) met with representatives from the Reserve Bank of India (RBI), the Securities and Exchange Board of India (SEBI), the Insurance Regulatory and Development Authority of India (IRDAI), other financial institutions, and all telecom service providers (TSPs)

The GIC, constituted under section 64C of the Insurance Act, 1938 since 2001 by the IRDAI, will be working with insurance providers to make the initiative a success.

The public sector reported 800 per cent profit profit, while private insurers together registered an increase by 72.36 per cent in 2022-23.

This causes confusion among policyholders while purchasing an insurance policy, Irdai said in an office order on 'Committee for Plain Language for Policy Wordings'.

Currently cashless claim process is tiresome and insurers deduct 10 per cent or more from the total billing in the name of consumables and other heads.

Justice Singh observed that several general and health insurance companies, including four government insurance companies, have launched insurance products for persons with disabilities.

Last October, the Insurance Regulatory and Development Authority of India (IRDAI) had penalised Axis Bank Rs 2 crore for the share transactions which was done mainly to get excess remuneration as corporate agent of Max Life than permissible under the rules.

Irdai has asked insurers to settle claims in the states affected by cyclone Biparjoy in an expeditious manner

IRDAI has granted certificate of registration to Go Digit Life Insurance Limited to commence life insurance business in the country.

Candidates in the age group between 21 to 30 years as on May 10 are eligible to apply.

IRDAI Member Rajeswari, who was the Chief Guest, advised the insurers to strive towards customer satisfaction.

Hyderabad: With the rise of cyber fraud cases in India every year, it has become necessary for individuals and companies to opt for cyber insurance coverage. Cyber insurance policies, introduced by the Insurance Regulatory Development Authority of India (IRDAI), help people manage their cyber risks during unforeseen circumstances. It protects an individual or an organisation […]

By Seela Subba Rao Prior to 2003, banks were not allowed to take up ‘insurance’ as a permissible form of business. Subsequently, they were permitted to undertake referral activities such as insurance business. Consequent to the announcement by the then Finance Minister in the Budget speech 2013-14 to permit banks as insurance brokers, the Reserve […]

Hyderabad: Some insurance claims get rejected on technical grounds. There could also be cases of wrong products sold or other service-related issues. However, some consumers may find it difficult to get their grievances resolved. Technology platform Insurance Samadhan guides customers to deal with misselling, claim rejection, delay in claim processing, lapsed policies, policy rejection, and […]

Chennai: Is there a need for a Chairman for Insurance Regulatory and Development Authority of India (IRDAI) is the question that has started popping up. On Wednesday a reporter asked ICICI Lombard General Insurance Company Ltd’s officials at a press meet about the need for a Chairman to head IRDAI? The sectoral regulator has been […]

Chennai: Government owned Life Insurance Corporation of India (LIC) was far ahead of the 23-member private life insurer’s club in terms of the number of individual lives covered last month. On the other hand, the private insurers have insured about 1.81 crore individuals under their group insurance schemes. According to the Insurance Regulatory and Development […]

The broking licence will allow the company to venture into segments like claims assistance, offline services, and establish points of presence network.

IRDAI asked the respective insurers to ensure that their empanelled hospitals that have agreed to offer cashless claims honour that including for treatment of Covid cases

The Insurance Regulatory and Development Authority of India (IRDAI) had also issued various directions and advisories to Future Generali India on several regulatory violations.