IRDAI Current Affairs - 2019

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Suresh Mathur Committee to review MicroInsurance Framework

The Insurance Regulatory and Development Authority of India (IRDAI) set up Suresh Mathur Committee to review regulatory framework on micro insurance, and to recommend measures to increase demand for such products. It was formed because of less than desired offtake of micro insurance products despite of their inherent benefits in the country. India was seen Read More…

Month:  Categories: Business, Economy & BankingUPSC

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Government to set-up a Unified Authority for Regulating Entities in IFSC

The Union Cabinet headed by Prime Minister Narendra Modi has approved setting up of a unified authority for regulating all financial services in international financial services centres (IFSCs) in the country. The government has approved a bill to set up a unified regulator. Fact Box The first IFSC in India was set up at GIFT City in Gandhinagar, Gujarat. Promoting the Ease Read More…

Month:  Categories: Constitution & LawUPSC

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Insurers to cover mental illness under medical insurance policy: IRDAI

Insurance Regulatory and Development Authority (IRDAI) has asked insurers to cover mental illness under medical insurance policy from immediate effect, treating it at par with physical illness. At present, insurers exclude mental illness from ambit of medical insurance policies. Key Facts IRDAI’s directive follows Mental Healthcare Act, 2017 enacted by Parliament and came into force Read More…

Month:  Categories: Business, Economy & Banking

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IRDAI constitutes Suresh Mathur committee to review norms related to Insurance Marketing Firms

The Insurance Regulatory and Development Authority (IRDAI) has set up 10-member committee to review norms related to Insurance Marketing Firms (IMF) with an aim to increase insurance penetration in the country. The committee will be headed by Suresh Mathur (ED-IMF, IRDAI). Terms of Reference The committee has been asked to revisit IRDAI (Registration of Insurance Read More…

Month:  Categories: Business, Economy & Banking

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Government appoints Subhash Chandra Khuntia as new chairman of IRDAI

The Appointments Committee of Cabinet (ACC) has appointed former chief secretary of Karnataka, Subhash Chandra Khuntia as new chairman of Insurance Regulatory and Development Authority of India (IRDAI). He will succeed TS Vijayan whose five-year term ended in February 2018. He will have tenure of period of three years from the date of joining. Subhash Read More…

Month:  Categories: Persons in News

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Cabinet approves IRDAI’s admission as a signatory to IAIS, MMoU

The Union Cabinet approved Insurance Regulatory and Development Authority’s (IRDAI) admission as a signatory to International Association of Insurance Supervisors (IAIS), Multilateral Memorandum of Understanding (MMoU). The IAIS is a global framework for cooperation and information exchange between insurance supervisors. The IAIS-MMoU is a statement of its signatories’ intent to cooperate in the field of Read More…

Month:  Categories: Governance & Politics

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IRDAI allows Banks to tie up with insurers

The Insurance Regulatory and Development Authority of India (IRDAI) has allowed banks to tie up with insurers. This decision was taken as part of the IRDAI’s new Bancassurance model guidelines which will be notified soon. Prior to this decision, banks were not allowed to  have insurance agency tie-ups with more than one insurer. As per new Read More…

Month:  Categories: Business, Economy & Banking

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