Insurance company or broker may need to pay penalty, compensation for mental harassment of policy holder
New Delhi: Aggrieved policyholder may get up to ₹1 lakh for mental harassment and penalty up to ₹20 lakh from insurance company or insurance broker. Also, the insurance ombudsman will register every complaint within one working day from the receipt. These are some changes being proposed in the draft for Insurance Ombudsman (Amendment) rules proposed by the Finance Ministry. Post stakeholder consultation, the draft will be notified by the Ministry. The original rules were first notified in 2017. Changes have been proposed in grievance redressal as well as appointment and functioning of the Insurance Ombudsman.

IRDAI Chief Ajay Seth tells insurers to improve quality, timeliness of complaint resolution
Hyderabad: The Chairman of Insurance Regulatory and Development Authority of India (IRDAI), Ajay Seth has expressed concern over the rising number of complaints and asked the insurers to significantly improve the quality and timeliness of resolutions. In a meeting with Chief Compliance Officers (CCOs) and Grievance Redressal Officers (GROs) of all insurers held on Wednesday, the IRDAI Chief emphasised the centrality of trust in insurance and the critical role played by compliance and grievance redressal functions in upholding that trust. Insurers were advised to develop a clear and standardised operating procedure for classifying consumer references into complaints and service requests.  Ajay Seth also directed the insurers to adopt a more proactive, policyholder-centric approach and to strengthen their internal systems to ensure strict compliance with prescribed timelines. 

Irdai asks insurers for customer-centricity, stricter grievance compliance
 

There is still room for us to reduce commission: Bajaj Life Insurance MD

Tarun Chugh, managing director and chief executive officer (MD & CEO), Bajaj Life Insurance, in an online interview with Aathira Varier and Subrata Panda, speaks about how the company has navigated challenges related to withdrawal of input tax credit (ITC) and life after Allianz’s exit from the joint venture, among others things.

Edited excerpts:

Non-par products gain ground in listed life insurers' product mix in H1FY26
 

5 Reasons why one should opt SBI General Insurance''s Health Alpha
Mumbai: With medical inflation rising steadily and healthcare needs changing as one ages, consumers are looking at options outside the standard one-size-fits-all health policies. They are keen on plans that offer long-term value, deeper protection, and the flexibility to adapt to sudden changes. This is driving demand for sharp, focused health insurance solutions that offer meaningful customisation, continuity benefits, and greater control over coverage.

SEBI weighs overhaul of promoter definition for IPO disclosures
 

Canada Pension Plan: New payments rollout today, check all release dates here
Fresh payments under the Canada Pension Plan will be rolled out on Wednesday. These monthly benefits give steady financial support to millions of Canadians and remain an important part of the country’s social safety system.

Why HDFC AMC’s 50% plunge isn’t a crash: Bonus Issue explained – Why investors don’t need to worry
HDFC Asset Management Company (HDFC AMC) began its Wednesday trade with a sharp 50% cut on the screens, making it seem like something had gone wrong overnight.

Smallcap funds pare core exposure as market valuation worries remain
The exposure of smallcap funds dedicated to ‘smallcap’ stocks has come down over the past one year as the broader market valuations remain elevated. The average allocation to ‘smallcaps’ for top 10 schemes by size — which stood at 76.4 per cent in October 2024 — is down to 74.4 per cent this October. Smallcap schemes are mandated to invest at least 65 per cent of their corpus in smallcap stocks.

Motilal Oswal Alternates enters private credit with ₹3,000 cr fund
Mumbai: Motilal Oswal Alternates has made its entry into private credit with a ₹3,000 crore fund, that will be invested over the next 3-4 years across growth capital, dislocated credits and performing credit situations.

Rate-cut expectations lift benchmark equity indices to near peak levels
 

SEBI steps in to fortify bond markets
At a time, when retail participation in the bond market has been rising at a fast clip, the Securities and Exchange Board of India’s (Sebi) latest release, cautioning against unregistered online bond platform providers (OBPPs) is expected to serve as a wake-up call and put pressure on unregulated players to seek registration.