IRDAI imposes a fine of Rs.35 lakh on Bharti Axa General Insurance
The company was found to have violated IRDAI norms such as distribution of policies through unauthorized agents/entities and paying additional commission to its corporate agents.
by Team Cafemutual Aug 16, 2016
IRDAI to come out with final guidelines on commission structure by October
IRDAI Chairman T.S. Vijayan told Cafemutual that the insurance regulator will finalize the commission structure by October.
by Nishant Patnaik Aug 16, 2016
‘Compensation of agents should be lucrative enough’
IRDAI Chairman TS Vijayan has said that agents should be adequately remunerated as they put a lot of efforts to solicit insurance policies.
by Nishant Patnaik Aug 12, 2016
Rajan expresses concern over mis-selling of insurance policies in banks
We have sent mystery shoppers into banks and we find that there are issues about full information, said RBI Governor Raghuram Rajan in an interview with CNBC.
by Team Cafemutual Aug 11, 2016
IRDAI penalizes Bajaj Allianz and Shriram General for violating norms
While Bajaj Allianz was found to have paid additional amount to its corporate agents, Shriram General had sold policies through unlicensed persons and offered huge discounts on some of its policies.
by Team Cafemutual Aug 6, 2016
IRDAI caps salaries of top insurance officials at 1.50 crore
Insurance companies have been asked to pay from their own account in case annual payout of MDs and CEOs exceeds over Rs.1.50 crore.
by Nishant Patnaik Aug 6, 2016
Don’t force customers to buy insurance: IRDAI to banks
IRDAI found that many banks sell insurance policies in lieu of FDs on the pretext of better returns.
by Nishant Patnaik Aug 3, 2016
Health insurance policies offered by life insurers to be discontinued: IRDAI
Instead, the insurance regulator has asked life insurers to come out with benefits based health insurance policies in which insurers pay reinstatement value on hospitalization.
by Team Cafemutual Aug 1, 2016
No commission on portability of health insurance policies
IRDAI has mandated insurers not to pay commission to intermediaries on portability of health insurance policies.
by Nishant Patnaik Jul 30, 2016
Life insurers profit declines marginally in FY 2015-16
Life insurance industry has recorded net profit of Rs.7,375 crore in FY 2015-16 as against Rs. 7,527 crore in FY 2014-15, a decline of 2%.
by Team Cafemutual Jul 25, 2016
Claimants need not sign acknowledgment receipt at the time of claim settlement: IRDAI
Now, insurers cannot insist policyholders or claimants to sign on acknowledgement receipt during claim settlement.
by Nishant Patnaik Jul 20, 2016
Aditya Birla group to float health insurance business
The total number of standalone health insurers has gone up to six.
by Team Cafemutual Jul 18, 2016
15 new players gets IRDAI license for open architecture model in insurance distribution
In just three months, 15 new entities have received licenses from IRDAI to float Insurance Marketing Firm (IMF), taking total count of such players to 29.
by Team Cafemutual Jul 16, 2016
Now, agents can sell Pradhan Mantri Bima Suraksha Yojana through sales representatives
IRDAI has allowed Point of Sales Person (PoSPs) of intermediaries to distribute government approved insurance schemes.
by Nishant Patnaik Jul 15, 2016
IRDAI inducts two new members in Insurance Advisory Committee
Secretary of both Life Insurance Council and General Insurance Council have been inducted in the committee.
by Team Cafemutual Jul 12, 2016