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Reduce Focus On Profits, Improve Transparency, Curb Misselling’Irdai has sought to link insurance company CEO salaries to customer outcomes, introduce clawbacks and increase transparency. This follows a study by the regulator which showed that CEO salaries were all over the place with key management at times accounting for a big chunk of the wage cost….
Mis-selling continues to be a key concern in the insurance sector, with the regulator asking insurers to dig deeper into the root causes behind such practices, according to the latest annual report of the Insurance Regulatory and Development Authority of India (Irdai).While the total number of grievances against life insurers remained largely unchanged at 1,20,429…
MUMBAI: The Irdai on Friday, fined Reliance General Insurance Rs 1 crore in Hyderabad for routing unauthorised payouts through marketing and awareness expenses that amounted to disguised commissions. The penalty follows Irdai’s examination of transactions across FY19, FY20 and FY21. According to the regulator, the insurer channeled payments to brokers, agents, corporate agents and unlicensed…
MUMBAI: Insurance regulations to prevent mis-selling are set to tighten with the Insurance Regulatory and Development Authority of India (Irdai) set to frame stricter norms on commission disclosure and conflicts of interest, enabled by amendments cleared in the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Bill, 2025.The amendments give the regulator explicit powers to…
MUMBAI : The Insurance Regulatory and Development Authority of India (IRDAI) is closely examining the shortfall in the settlement of health insurance claims, even as more than half of the complaints received under the insurance ombudsman system relate to health policies.Speaking at the Bima Lokpal Day event on Tuesday, IRDAI chairman said that while the…
