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Insurers will have to continue offering standard Covid-19 policies

MAS Team 12 May 2021
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The Insurance Regulator and Development Authority of India (IRDAI) has reiterated that all general and health insurers will have to mandatorily offer...

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IRDAI faces HC wrath after Insurer rejects mental health related claim

MAS Team 24 April 2021
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The Delhi High Court pulled up insurance regulator IRDAI for

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Health Insurers Cannot Deny Covid-19 Claims, says the Insurance Regulator

MAS Team 24 April 2021
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Finance Minister Nirmala Sitharaman has asked IRDAI chairman S C Kunthia to

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Health Insurers barred from widening cover if it leads to increase in premium

MAS Team 19 March 2021
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The Insurance Regulatory and Development Authority of India (Irdai) has said that insurers cannot make any significant changes in coverage of health...

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IRDAI announces standardised personal accident cover Saral Suraksha Bima

MAS Team 27 February 2021
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Insurance regulator IRDAI has come out with standardised personal accident cover named “Saral Suraksha Bima” which shall be offered by...

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Payment for vehicle and insurance premium should be separate, suggests IRDAI panel

MAS Team 29 January 2021
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Buyer of a new vehicle may have to pay cost of vehicle and insurance premium through separate cheques, if the recommendations of a committee to...

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Link Motor Insurance Premiums with Traffic Violations, suggests IRDAI committee

MAS Team 22 January 2021
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A committee appointed by insurance regulator IRDAI has recommended that traffic violations be linked with motor premiums to encourage better road...

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IRDAI may announce a standardised personal accident insurance cover

MAS Team 11 December 2020
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India’s insurance regulator has floated draft guidelines for a standardized personal accident cover aimed at simplifying the product...

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Flipkart, Bajaj Allianz launch Digital Suraksha insurance to cover cyber attacks and frauds

MAS Team 01 October 2020
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Flipkart and Bajaj Allianz General Insurance Company together will offer 'Digital Suraksha Group Insurance' for customers who want to cover...

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Irdai permits life, general insurers to conduct video-based KYC

MAS Team 26 September 2020
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Regulator Irdai has permitted life and general insurers to conduct KYC of prospective customers through Video Based Identification Process (VBIP), a...

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Changes in Our Business Model
 
 
Greetings from Moneylife Advisory Services
 
Between financial years 2019-21, SEBI has come up with extensive changes to investor advisor regulations. On Sep 23, 2020, SEBI had issued new additional guidelines. This comes just two months after extensive changes announced in July 2020. Earlier, in December 2019 there was an ad hoc circular
 
As a result of these changes, IAs, cannot accept fees through credit cards, will have to sign a 26-clause investor agreement, have to maintain physical record written & signed by client, telephone recording, emails, SMS messages and any other legally verifiable record for five years. IAs were already asked to record the suitability and rationale for every piece of advice given, sign them and store them for five years.
 
While these extensive and frequent changes, designed to strengthen the conduct of IAs are well-meaning, these have sharply increased compliance efforts and cost. We, being online advisors, find many of changes harder to implement, compared to advisors working in the physical space. We will have to have an army of advisors, administrative and tech staff to be compliant. If we do this, we will have to divert money to these areas and the cost of our service will double. We want to remain the least-cost service in the market to benefit more and more people. In the circumstances, we are forced to change our business model from “advisory” to “research”. This will mean the following:
 
What remains the same:
  • Recommendations on insurance, investment and Lion stocks, will continue as a part of the MAS premium subscription. Our strength has always been research and this will remain available to you through our recommendations.
  • The magazine and all textual content will remain as part of the service
  • The investools will have to be reworked and will offer model portfolios. We will have to suspend the restructuring tool.
 
What changes:
  • The interactions in Ask / Handholding will offer investment advice but not specific to your situation. It will offer information on investment products and also clarify your doubts about various financial products. It will be a forum for information, not for advice. This will be implemented with immediate effect and our guidelines in Ask, reflect this now.
 
Over the next few weeks our site and our communication to you will reflect these and other additional changes.
 
We feel this will not affect you much in terms of what really matters in investing: knowing what to buy and when to buy. This is our edge and it will still be available to you.
 
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Debashis Basu
Founder