Following a Supreme Court order, the insurance regulator IRDAI has introduced series of health insurance and motor insurance reforms and has asked all general insurance companies to offer guaranteed renewal health insura

Apart from the changes in the coverage, of late the IRDAI has introduced revision in the motor Third Party Premium rates. For new cars, except for below 1000 cc segment, premium for all other car owners has increased as mentioned below: Not exceeding 1000 cc: This segment stands to gain. Instead of ₹ 1,850 which totals 5,550 for 3 years, the new long-term TP rate will now be ₹ 5,286, a gain of about ₹ 264. Exceeding 1000 cc but not exceeding 1500 cc: This segment stands to lose. Instead of ₹ 2,863 which totals ₹ 8,589 for 3 years, the new long-term TP rate will now be ₹ 9, 534 (almost 3.33 times more), an extra amount of about ₹ 945. Exceeding 1500 cc: This segment stands to lose. Instead of ₹ 7,890 which totals ₹ 23,670 for 3 years, the new long-term TP rate will now be ₹ 24,305, an extra amount of about ₹ 635 The IRDAI has also increased the FDI limit from 26 percent to 49 percent for the foreign partners to bring in more capital as Insurance primarily in capital intensive sector. Reinsurance companies are now allowed to open their branches and operate in India. Many innovative distribution channels are coming up in the industry such as Point of Sales persons. Wen aggregators to support on-line sales. Insurance companies are also going digital and doing away with agents in between to encourage on-line purchase of policies.