IRDAI

India’s insurance regulator has raised fresh concerns over persistent mis-selling practices, warning that the issue continues to undermine consumer trust and long-term market growth. A recent regulatory assessment highlights gaps in disclosure, aggressive sales incentives and inadequate grievance redressal as key contributors to policyholder dissatisfaction. The Insurance Regulatory and Development Authority of India (IRDAI) has indicated that corrective measures, including stricter supervision and enhanced accountability for insurers and intermediaries, are under consideration.

In a significant enforcement action, the Insurance Regulatory and Development Authority of India (IRDAI) has imposed a monetary penalty of Rs. 5 crore on Policybazaar, citing multiple regulatory lapses. The fine stems from violations related to business conduct, compliance procedures, and governance frameworks that the watchdog deemed inconsistent with established norms for insurance intermediaries. This move underscores the regulator’s firm stance on accountability and consumer protection in the rapidly expanding digital insurance landscape.

The Insurance Regulatory and Development Authority of India (IRDAI) has imposed a Rs. 3.39 crore penalty on Star Health and Allied Insurance for serious lapses in cybersecurity compliance. The enforcement action follows the company’s failure to promptly report a data breach and to uphold key regulatory standards related to information security and risk governance. The fine highlights the regulator’s heightened focus on digital risk management in the insurance sector and signals that violations involving customer data will invite swift and stringent penalties.

India’s insurance regulator, the Insurance Regulatory and Development Authority of India (IRDAI), is reportedly evaluating a proposal to restrict Kiwi Insurance’s expansion into the health insurance segment. The move stems from regulatory concerns surrounding the company's underwriting practices, solvency margins, and product complexity. While Kiwi Insurance has been aggressively positioning itself within the retail health insurance space, IRDAI is seeking to ensure policyholder protection, financial discipline, and market stability.

The tragic crash of Air India Flight 171, which resulted in the loss of 270 lives—including 241 on board and 29 on the ground—has presented an unprecedented dilemma for India’s insurance sector. In several cases, both the policyholder and their designated nominee perished, leaving insurers to identify legal heirs in the absence of direct beneficiaries.