The Insurance Regulatory and Development Authority of India (IRDAI) has approved eight principle-based regulations, including Bima Sugam – an online marketplace for insurance policies, surrender charges regulations, and policyholder protection regulations. These regulations aim to ensure fair treatment of prospects, protect policyholders’ interests, boost insurance penetration, and establish an online marketplace for insurance-related activities. In addition, a new health insurer, Galaxy Health and Allied Insurance, has been granted a certificate of registration.
Max Financial Services has received approval from IRDAI for a capital infusion of Rs 1,612 crore by Axis Bank into its material subsidiary, Max Life Insurance. As part of the deal, Axis Bank will invest in Max Life Insurance by acquiring equity shares.
