Page 11 - The Insurance Times September 2025

conflict of interest and another Rs. 1 step in the insurer's registration pro-
crore for biased online promotion cess. Attention Subscribers
practices that misled consumers and Please renew your Subscription of The
skewed visibility toward select insurers. Only four private insurers Insurance Times Journal to receive
IRDAI also noted excess commission reach 74% FDI cap: Govt copy of the journal uninterruptedly.
payments and insufficient background You can now pay by GPAY, Phonepe,
checks on staff holding insurance informs Lok Sabha
Paytm, Amazon, ICICI Pay, BHIM UPI
agency licences. The government has informed the Lok
Policybazaar has been given 45 days to Sabha that out of 38 private insurance
remit the penalty and has the right to firms, only four have utilised the full 74
appeal the order before the Securities per cent foreign direct investment
Appellate Tribunal. The regulator's (FDI) limit permitted under current
laws. In a written reply, Finance Min-
strong action underscores its growing
ister Nirmala Sitharaman named the
emphasis on consumer transparency,
four companies-Ageas Federal Life In-
governance, and fair digital insurance
surance, Aviva Life Insurance, Credit
distribution practices.
Access Life Insurance, and Future
Generali Life Insurance-as those having
IRDAI forms enforcement reached the maximum FDI threshold.
panels to address regula- No general or standalone health in-
tory violations surer has done so.
Sitharaman said the decision to raise
The Insurance Regulatory and Devel-
FDI in individual companies lies with
opment Authority of India (IRDAI) has
promoters and depends on capital
constituted special panels comprising
Whole-Time Members to examine needs, solvency, and future plans. She
emphasised that raising the overall FDI
regulatory breaches by insurers and in-
cap is an enabling provision to help in-
termediaries. This move is expected to
lead to stricter enforcement actions surers unlock their potential.
amid rising complaints of mis-selling, It is also aimed at easing foreign entry
especially via bancassurance channels, by eliminating the requirement for In-
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The Insurance Times September 2025 11