Page 11 - The Insurance Times September 2024

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gate of Rs. 2 crore for violation of pro-
IRDAI asks cos to make insurance affordable
visions of applicable IRDAI Regulations:
Insurance regulator Irdai has asked companies to come up with strategies Penalty of Rs.1 crore (Rupees One
for providing affordable insurance products to achieve the goal of insurance crore) with respect to certain aspects
for all by 2047. The move is significant given that high premiums in health pertaining to Protection of Policyhold-
insurance are causing many in the senior age group to drop out because of ers' Interest; Penalty of Rs.1 crore (Ru-
affordability. pees One crore) with respect to certain
The insurance councils hosted the "Insurance for All" vision meet on Friday aspects of Outsourcing of services un-
and Saturday in Mumbai to lay the groundwork for the vision of insurance dertaken by the Company and pay-
for all by 2047. ment of Commission or Remuneration

A major focus was on defining the insurance for all concept and developing or Reward for solicitation of insurance
mechanisms to measure and monitor progress. One of the ideas discussed business," said the company in its fil-
in the meeting was to increase the diversity of providers who, in turn, will ing with the exchange.
bring in a broad range of insurance products, thereby increasing competi- In addition to the financial penalties,
tion and reducing pricing. Another one was widening distribution channels IRDAI has issued further directions and
for insurance to make it more accessible, particularly in underserved areas. advisories to the insurance provider
Companies suggested that the use of Insurtech can streamline operations, HDFC Life. The company has been in-
reduce administrative costs, and improve efficiency. These savings can then structed to adhere to these guidelines
be passed on to consumers in the form of lower premiums. within a stipulated timeframe to rec-
tify the identified deficiencies and en-
Participants said that strengthening the state insurance plan is crucial for sure compliance with regulatory stan-
making insurance more affordable.
dards.

IRDAI imposes penalty of 2020, covering the financial years IRDAI Announces 49 Assis-
2017-18, 2018-19, and 2019-20.
Rs 2 Crore on HDFC Life for tant Manager Vacancies
The penalty of Rs 1 crore was levied
violating regulations for issues related to the protection of With Salaries Up To Rs.
IRDAI has imposed a penalty totalling policyholders' interests. Additionally, a 1.46 Lakh
Rs 2 crore on HDFC Life for violating penalty of Rs 1 crore was imposed for Recruitments have come out for many
various IRDAI regulations, the com- irregularities concerning the posts in the Insurance Regulatory and
pany informed the exchange in a filing. outsourcing of services by the com- Development Authority of India
pany.
According to the company, the penalty (IRDAI). Different posts have different
was levied after an onsite inspection "IRDAI issued an Order dated August salaries, but there are some posts in
conducted by IRDAI in September 01, 2024, levying a penalty in aggre- which the selected candidates will get

The Insurance Times September 2024 11