Market regulator Insurance Regulatory and Development Authority (IRDA) is taking its step forward towards ‘go green’ initiative. It is planning to set up depository like NSDL and CSDL, wherein customers can hold their insurance policies in electronic form, in the same manner as investors holding shares in the dematerialized form.

On the above, Mr. Sudhin Roy Chowdhury, IRDA member, in the Insurance sumit, told the press that the proposal of having an insurance depository and holding of...  Read More »

With regard to the sting operation carried out by Cobrapost on the alleged money laundering activities carried out by HDFC, ICICI and Axis bank, where market regulator Insurance Regulatory and Development Authority had called for the relevant records from these banks for further investigation, Mr. T. S. Vijayan, Chairman IRDA said that they have assessed the matter internally and the report of the same is expected by the coming week.

He further added that action is taken against the guilty...  Read More »

The Insurance Regulatory and Development Authority (IRDA) is intending to set up a credit bureau for the insurance sector, for which Credit Information Bureau (India) Limited has approached IRDA for possible joint venture. Under this, the insurance companies will take into account the credit history, claims knowledge, financial habits and past premium payment history for charging of premium.

This proposed move by IRDA is widely accepted by Insurance companies as it will not only help them to...  Read More »