“India needs atleast 1000 qualified actuaries in the near future”, IRDAI Chairman

Addressing the inaugural session of the 21st Global Conference of Actuaries (GCA), Chief Guest Dr. Subhash Chandra Khuntia, Chairman Insurance Read more

IRDA norms give TPAs less room

It’s going to be a new ball game, albeit limited, for third party administrators (TPAs), entities that act as an intermediary between insurers and policyholders in processing insurance claims. Under the new set of health regulations laid down by the Insurance Regulatory and Development Authority (IRDA), the functions and roles of TPAs have been clearly defined, which on the face of it look more restrictive than earlier. Read more

Car, truck insurance premiums set to go up

Your car/truck insurance bills are set to go up. This could happen as insurance companies may hike premiums by as much as 40 per cent for commercial vehicles and 10 per cent for two-wheelers and personal cars to compensate for high claims in the motor insurance business. Read more

IRDA revises norms for life insurance products

The Insurance Regulatory and Development Authority (IRDA) has revised the norms for traditional life insurance products at its board meeting held here.

When contacted, IRDA Chairman J. Hari Narayan, told Business Line that the insurance products would now have mandatory minimum death benefit and minimum surrender value. Read more

Insurance Regulatory and Development Authority chief differs with finance ministry over new post

There is a difference of opinion between the chairman of the Insurance Regulatory and Development Authority (IRDA) and the finance ministry over the creation of a new post in the regulatory body. IRDA chief J Hari Narayan chose to stay away from a meeting to fill the new position even as the panel comprising bureaucrats shortlisted two candidates. Read more

Life insurance industry’s profit doubles to Rs 5,974 cr

Even as premium income fell, the life insurance industry’s net profit more than doubled during 2011-12, at Rs 5,974 crore, against Rs 2,657 crore the previous year. Of the 24 life insurers in business during the last financial year, 14 reported profits, according to the Insurance Regulatory and Development Authority’s annual report for 2011-12. Read more