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New IRDAI norms aim to create fair commission structures for insurance agents, leading to competitive premiums and enhanced transparency.
When the probability of risk is high, insurers may not issue new policies as part of prudent underwriting norms. However, under the current situation, factoring in contingencies into premiums is a major challenge for insurance companies.
This regulatory overhaul strategically positions India as a vital global reinsurance hub.
IRDAI greenlights amendments to boost Indian reinsurance; reduces FRBs Capital to Rs 50 Crore - implications unveiled, , IRDAI, reinsurance market, Foreign Reinsurance Branches (FRBs), International Financial Services Centre Insurance Offices, Universal Sompo General Insurance
Uniindia: Mumbai, Dec 13 (UNI) Universal Sompo General Insurance, a joint venture of Indian Bank, Indian Overseas Bank, Karnataka Bank, Dabur Investment Corp and Japanese general insurer Sompo Japan Insurance Inc, has partnered with Zopper, India’s largest insurance infrastructure API platform, to roll out a special integrated offering for customers.