Bima Sugam: A Step Towards a Digital Insurance Ecosystem The Indian government has introduced a new initiative, Bima Sugam, which aims to streamline the insurance sector and create a more efficient and transparent digital ecosystem. This platform is designed to bring together insurance companies, distributors, and customers under one unified system, simplifying the buying and…
Freo Secures IRDAI License to Expand Insurance Offerings Freo, a prominent fintech company, has made headlines recently by securing a license from the Insurance Regulatory and Development Authority of India (IRDAI) to expand its insurance offerings. This strategic move marks a significant milestone in Freo’s journey to diversify its financial services and cater to a…
IRDAI Fines HDFC Life Rs. 2 Crore for Violations Introduction In a recent regulatory action, the Insurance Regulatory and Development Authority of India (IRDAI) has imposed a significant penalty of Rs. 2 crore on HDFC Life Insurance Company. This fine is a result of the company’s violations of several insurance regulations. The IRDAI’s decision underscores…
IRDAI Mandates Shorter Audit Tenures to Boost Governance in Insurance Sector The Insurance Regulatory and Development Authority of India (IRDAI) has introduced new regulations mandating shorter audit tenures for insurance companies. This significant move aims to enhance governance, accountability, and transparency within the insurance sector. New Audit Tenure Regulations Under the new guidelines, IRDAI has…
IRDAI Approves Appointment of Keki Mistry as Chairman of HDFC Life The Insurance Regulatory and Development Authority of India (IRDAI) has given its nod to the appointment of Keki Mistry as the Chairman of HDFC Life. The decision comes as a significant development in the insurance sector, as Mistry brings a wealth of experience and…
LIC Granted Extension Till 2032 to Achieve 25% Public Shareholding The Insurance Regulatory and Development Authority of India (IRDAI) has recently granted an extension to Life Insurance Corporation of India (LIC) to reach the mandated 25% public shareholding target. This move extends the timeline for LIC’s compliance with the regulatory requirement from the earlier deadline…
