Policyholders
Latest news, explainers and analysis on Policyholders. Tracking 13 stories on Arth Vani.
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Latest on Policyholders
BreakingIRDAI Reviewing Over 650 Responses on Insurance Agent Commissions
India's insurance regulator, IRDAI, is currently examining more than 650 responses it received regarding proposed changes to insurance agent commissions. This extensive review is a crucial step in potentially reforming how insurance agents are compensated, which could impact policy pricing and transparency for customers.
Life Insurers Request Extended Timeline for New IRDAI Regulations
Leading life insurance companies in India are calling on the Insurance Regulatory and Development Authority of India (IRDAI) to provide a longer transition period for implementing its proposed new norms. Industry executives believe a more extended 'glide path' is essential for a smooth and effective adoption of these upcoming regulations.
BreakingIRDAI Extends Insurance Distribution Reform Feedback Deadline to October 31 After 650+ Comments
The Insurance Regulatory and Development Authority of India (IRDAI) has extended the deadline for receiving feedback on its proposed insurance distribution reforms to October 31, 2023. This extension comes after the regulator already received over 650 comments from various stakeholders, highlighting significant interest in the potential changes to how insurance products are sold and serviced in India.
IRDAI Extends Deadline for Insurance Distribution Reform Feedback to October 31
The Insurance Regulatory and Development Authority of India (IRDAI) has extended the deadline for stakeholders to submit feedback on proposed reforms to insurance distribution. The new deadline for comments is October 31, 2024, providing more time for industry participants to review and respond to the draft regulations.
BreakingIRDAI Chief: New Commission Norms Won't Disrupt Insurance Business Models
The Insurance Regulatory and Development Authority of India (IRDAI) chief has stated that upcoming commission norms are not intended to disrupt the existing business models of insurance companies. This reassurance aims to allay concerns within the industry regarding potential changes to agent incentives and product pricing structures.
Insurance Commission Caps Could Hike Premiums, Hurt Policyholders: Expert
Proposed caps on insurance agent commissions could lead to higher policy premiums and reduce savings for policyholders, according to Thomas Devasia, a former IRDAI member. This move might also impact the availability of quality advice for consumers.
BreakingIRDAI May Allow Transition Period for New Insurance Expense Cap
India's insurance regulator, IRDAI, is reportedly considering allowing a transition period for new regulations related to the cap on insurance company expenses. This move would give insurers time to adapt to changes in how much they can spend on operations and commissions, potentially leading to more gradual adjustments in product offerings and pricing for policyholders.
Breaking70% Indian Insurance Buyers Back Proposed Commission Caps for Intermediaries
A significant majority, nearly 70%, of Indian insurance policyholders support proposed caps on commissions paid to intermediaries, according to a report by Asia Insurance Review. This strong consumer sentiment highlights a growing demand for greater transparency and potentially lower costs in the Indian insurance sector. The finding underscores the importance of policyholder value in the evolving market.
IRDAI Considering New Rules for Insurance Agent Commissions
India's insurance regulator, IRDAI, is reportedly mulling changes to the commission rules for agents and distributors. While specific details are yet to be disclosed, these revisions could significantly impact agent earnings, policy pricing, and distribution strategies across the sector.
BreakingHigh Upfront Commissions Fuel Insurance Mis-selling, Says IRDAI Chairman Ajay Seth
Ajay Seth, Chairman of the Insurance Regulatory and Development Authority of India (IRDAI), has identified high upfront commissions paid to agents as a key driver behind insurance mis-selling. This statement highlights a significant concern for policyholders, as such practices can lead individuals to purchase unsuitable or unnecessary insurance products.
BreakingInsurance Commission Caps: What They Could Mean for Your Policy and Agent Service
Discussions around capping insurance agent commissions aim to enhance transparency and potentially lower policy costs for consumers. However, these changes could also influence how agents operate and the level of service policyholders receive.
Ayurveda Cover: What Health Insurance Policyholders Need to Know
Many health insurance policies in India now cover hospitalisation expenses for Ayurvedic treatments. Policyholders should understand the specific conditions and sub-limits applicable to these claims to ensure smooth reimbursement.
BreakingIRDAI Directs Insurers to Fast-Track Assam Flood Claims; Special Desks, Helplines Setup
India's insurance regulator, IRDAI, has instructed all insurance companies to expedite the settlement of flood claims for policyholders affected by the recent deluge in Assam. This directive mandates immediate deployment of surveyors, establishment of dedicated district-level claims desks, and 24x7 helplines to streamline the process. The move follows extensive flooding and heavy rainfall across Assam, which began on July 19.
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