The Securities and Exchange Board of India (SEBI) has asked intermediaries to upload KYC (know your client) details of existing customers to a centralised database maintained by KYC registration agencies (KRAs). SEBI said this would remove duplication in the process of collecting KYC details. All intermediaries – KRAs, brokers through stock exchanges, depository participants, mutual [...]
Insurance policies will soon be available in dematerialised form too, if the customer so chooses. Mr J Hari Narayan, Chairman, The Insurance Regulatory and Development Authority (IRDA), said technical verifications on data-repositories would begin soon. Five of the data repositories, including National Securities Depository Ltd and Karvy, have been shortlisted for the purpose. Insurance repositories [...]
The Insurance Regulatory and Development Authority (IRDA) is fully backing a Government-backed Health insurance policy aimed at providing Health cover to a large segment of the population. Stating that it could be along the lines of the existing Rashtriya Swasthya Bima Yojana, Mr J Hari Narayan, Chairman, IRDA, said there were risks involved in [...]
The Insurance Regulatory and Development Authority (IRDA) will come out with a comprehensive Health insurance regulation “after factoring in issues of non-standardisation of procedures, coverage of patients with HIV/AIDS and mental illnesses and the prospect of the bringing Ayush (alternative medical systems) into Health insurance”. “We will bring the regulation after the Health Forum takes [...]
Insurance Regulatory and Development Authority (IRDA) has circulated among Life insurance companies an Exposure Draft containing guidelines on servicing of orphan policies. It wants to allow new agents to service such polices in the wake of large numbers of agents discontinuing services with a given insurance company before completing the minimum service prescribed. As such [...]
The Insurance Regulatory and Development Authority (IRDA) has announced appointment of Mr M Rama Prasad, a member (non-Life) of IRDA, as Chairman of the newly formed Health Insurance Forum (HIF) that would eventually become a self-regulatory body to help promote Health insurance. The HIF, which will help evolve “policies and processes for the sector”, will [...]
Insurance Regulatory and Development Authority (IRDA) has warned The New India Assurance Company to strictly adhere to file and use guidelines. Acting on a complaint by one policyholder with regard to excess premium charged in a Mediclaim policy, IRDA said the company had violated norms by not charging the premium as per the product/premium filed [...]
Insurance Regulatory and Development Authority (IRDA) is taking a close look at the bancassurance agreement between Punjab National Bank (PNB) and private Life insurer MetLife Insurance as “the deal is not consistent with the Indian Accounting Standards,” according to Mr J. Hari Narayan, Chairman, IRDA. “Under these Standards, self-generated assets can’t be valued. Brand is [...]
Punjab National Bank, the country’s second largest lender, which wants to buy a 30 per cent stake in MetLife Insurance for just Rs 1, seems to have rubbed the insurance regulator the wrong way. The Insurance Regulatory and Development Authority (IRDA) is taking a close look at the deal, especially the “valuation part”, though the [...]
IRDA is circulating a discussion paper among all insurance companies on bundling of insurance products. The paper covers such issues as bundling of insurance products with goods, fresh codes of conduct for agents and brokers on disclosure and transparency, laying down a framework to prevent forced selling and mis-selling, professional training and skills pertaining to [...]
