In a significant milestone, the Insurance Regulatory and Development Authority of India (IRDAI) has awarded Valueattics Reinsurance, backed by Prem Watsa and Kamesh Goyal, the inaugural private reinsurance license in India. This development is a game-changer for the reinsurance sector, breaking GIC Re’s monopoly that has been in place since 1972. The approval was given… Read More »
The Insurance Regulatory and Development Authority of India (IRDAI) has introduced an innovative initiative called Bima Trinity during the 9th Bima Manthan, which took place on February 13-14, 2025. This program aims to revolutionize India’s insurance sector by making insurance more accessible, affordable, and efficient. The initiative employs a three-pronged strategy to tackle significant gaps… Read More »
irdai chairman, debasish panda has announced that irdai has been eased the registration process of new companies by reducing the time taken to process new applications from 8 to 2 months. The regulator has created a facilitation cell consisting of two officers for handholding the applicants so that the entity gets its approval to start its operations. According to irdai data, the insurance penetration… Read More »
Insurance Regulatory and Development Authority of India has organized its first hackathon named “Bima Manthan 2022”. Theme: Innovation in Insurance Aim: To identify and develop solutions that have the potential to make the insurance available to every individual. Problem areas: Automated Death Claim settlement, miss-selling of Insurance products, identify uninsured motor vehicles, distribution of insurance products, Fraud prevention in… Read More »
The Insurance Regulatory and Development Authority of India (Irdai) has increased the investment ceiling for insurance companies in the banking, financial services, and insurance (BFSI) sector to 30% from 25% of their investment corpus. The existing sectoral investment cap of 25% has been fully utilised by most insurance firms. This will help insurance companies to take a higher exposure in the BFSI sector. IRDAI… Read More »
The Appointments Committee of the Cabinet has approved the appointment of former DFS Secretary Debasish Panda, a retired IAS officer, as the Chairperson of the Insurance Regulatory and Development Authority of India (IRDAI), which is the insurance regulator. Debasish Panda is a former financial services secretary. The post of Chairman of IRDAI was lying vacant… Read More »