IRDA News: Life insurer’s premium mop-up drop 3.45 pc in Apr-Oct

Premium collected by life insurance companies dropped 3.45 per cent in the April-October period due to various factors that are influencing the financial sector as a whole.

As per the data released by the Insurance Regulatory and Development Authority of India (IRDA), premiums collected by 23 private sector companies and lone state-owned LIC totalled Rs 53,814.09 crore during the period. Read more

IRDA NEWS: IRDA draft on paint material may bring down motor premium

The exposure draft of IRDA (Insurance Regulatory and Development Authority) has proposed to include paint material in the list of items which have depreciation rates. The move is aimed at having a uniform practice across the country and across all the non-life insurance companies. Read more

IRDA News: Increase in agents commissions & reduction in surrender value

The Insurance Regulatory and Development Authority (IRDA)—in its draft norms for traditional products—has proposed an increase in  agents’ commissions and a reduction in surrender value of policies. Surrender value the amount the policyholder will get from the life  insurance company if he decides to exit the policy before maturity. Read more

IRDA News: Insurance FDI may lure Rs 30k cr: IRDA

The increase in FDI limit in the insurance sector may attract Rs 30,000 crore that  the industry requires over the next five years, Insurance Regulatory and  Development Authority (IRDA) has said.

A day after the Centre announced its decision to allow up to 49 per cent Foreign  Direct Investment (FDI) in insurance, IRDA Chairman J Hari Narayan said the move  was essential as inflows are necessary for the sector to grow at 11 to 12 per cent. Read more