Recent Current Affairs related to IRDAI

The United Nations Development Programme (UNDP) and Generali Central Insurance Company Limited (formerly Future Generali India Insurance Company Ltd) have jointly launched an insurance innovation challenge to strengthen the resilience of the Micro, Small and Medium Enterprises (MSME) sector in India.

Under the initiative, a maximum of 3 winners will receive grants of up to $40,000 each.

Karur Vysya Bank has signed a bancassurance partnership with Zurich Kotak General Insurance Company (India) to sell the latter’s general insurance products via the bank’s branches. The partnership aims to enhance customer access to non-life insurance solutions.

Lavanya R Mundayur has been appointed as the CMD of the New India Assurance Company Ltd (NIACL). She succeeds Girija Subramanian. Her tenure will continue until her superannuation in May 2029.

Pramerica Life Insurance Ltd, a Joint Venture between DIL and Prudential International Insurance Holdings, Ltd (PIIH), has launched a new insurance product named “Poorna Rakshak”. It is a non-linked, non-participating individual savings life insurance plan.

ICICI Lombard General Insurance Company Ltd has launched a health insurance product named ‘VIBE’ specifically for the Gen Z demographic. The insurance plan is designed for young adults within the age group of 18 to 35 years.

Dinesh Pant and Girija Subramanian have been appointed as the Whole-Time Members of the Insurance Regulatory and Development Authority of India (IRDAI).

The Competition Commission of India (CCI) has approved the acquisition of equity share capital in IndiaFirst Life Insurance Company Ltd by the France-based BNP Paribas Cardif.

In other news, the CCI has authorised the indirect acquisition of a majority stake and voting rights in Everllence SE (including its subsidiaries) by funds managed or advised by Bain Capital Investors, LLC. This acquisition involves a share transfer from Volkswagen Aktiengesellschaft (Volkswagen) to the funds of Bain Capital Investors, LLC.

The name of ICICI Prudential Life Insurance Company Ltd has been officially changed to ICICI Life Insurance Limited, effective from September 22, 2026. The change follows approval from the Registrar of Companies (RoC), Central Processing Centre, Ministry of Corporate Affairs (MCA).

Dinesh Pant has been appointed as the Whole-Time Member (Actuary) of the Insurance Regulatory and Development Authority of India (IRDAI) for a period of 5 years.

He took voluntary retirement from the post of MD of the Life Insurance Corporation of India (LIC) to join the IRDAI.

InsuranceDekho (Girnar Insurance Brokers Pvt Ltd) and RenewBuy (D2C Insurance Broking Pvt Ltd) have merged to create the largest AI enabled insurance distribution platform in India.

The merged entity will operate under the InsuranceDekho brand and will be led by Ankit Agrawal as the CEO. It is to be noted that the scale of the platform is determined by the Point of Sales Person (POSP) driven premium generated in the FY26.

ICICI Bank Ltd has acquired an additional 2% stake in its life insurance subsidiary, ICICI Prudential Life Insurance, for ₹1,470 crore through the stock exchange. With this, the total shareholding of the bank in the insurance venture has increased from 50.84% to 52.8%.

LIC (Life Insurance Corporation of India) has launched two new non-linked, non-participating insurance plans named ‘LIC Bima Platinum’ (Plan 770) and ‘LIC Jeevan Raksha’ (Plan 894) on the occasion of the 70th anniversary of LIC in Mumbai.

It is to be noted that the ‘LIC Bima Platinum’ requires a minimum Basic Sum Assured (BSA) of ₹3 lakh with no upper limit. The ‘LIC Jeevan Raksha’ provides a BSA ranging from ₹5 lakh to ₹24 lakh.

Bajaj General Insurance Ltd has launched “My Family Complete”, which is the first health insurance policy in India to include pet dogs and cats as insured family members under a single integrated plan.

The policy provides comprehensive protection for adults (18 years and above), children (3 months to 30 years), and pets (from 3 months of age with no upper age limit).

Jammu & Kashmir (J&K) Bank has entered into a Corporate Agency Agreement (CAA) with HDFC Life Insurance Company Ltd (HDFC Life) to offer a range of customer-centric insurance products.

Bajaj General Insurance has signed an MoU with Swiss Re Corporate Solutions, the commercial insurance arm of the Swiss Re Group based in Zurich, Switzerland, to explore opportunities in the commercial insurance segment in India.

The Supreme Court of India (SCI) bench, comprising Justice Sanjay Karol and Justice Prashant Kumar Mishra, has extended the mandatory third-party insurance period for newly purchased vehicles by one year to strengthen compliance with the Motor Vehicles Act (MVA), 1988.

Under the revised mandate, new cars are now required to have 4 years of third-party insurance coverage, while two-wheelers are mandated to have 6 years of coverage.

SBI Life Insurance has signed a strategic corporate agency agreement with the Jammu & Kashmir Bank (J&K Bank) to distribute comprehensive life insurance products across India.

The partnership will offer solutions including protection, savings, retirement, and child plans through a network of over 1,000 J&K Bank branches. This collaboration aligns with the Insurance Regulatory and Development Authority of India (IRDAI) vision of ‘Insurance for All by 2047’.

The Insurance Regulatory and Development Authority of India (IRDAI) has approved the acquisition of Magma General Insurance from Sanoti Properties (owned by Adar Poonawalla) by Patanjali Ayurved and the DS Group for ₹4,500 crore. Under the share purchase agreement (SPA), Patanjali Ayurved will acquire a 73.56% stake, while the DS Group will acquire a 24.50% stake in the company.

Separately, the IRDAI has granted a licence to ProTec General Insurance, a joint venture (JV) between the M Pallonji Group and Divya Sehgal of True North.

Axis Max Life Insurance Ltd has launched a retirement-focused insurance product named 'Axis Max Life Smart Retirement Income with Sustained Earnings Plan' (Smart RISE). The plan integrates a Guaranteed Annuity with a Variable Annuity linked to the NIFTY 50 Index.

Policybazaar, an online insurance marketplace in India, has appointed veteran actor Amitabh Bachchan as its brand ambassador.

He will spearhead a nationwide awareness campaign titled "Parivaar Sabse Pehle" (Family Comes First), which was developed by MagicCircleon Communications.