Grievance Redressal Mechanism For Policyholders

On May 14, 2015

In case you are unhappy with your insurer you need to know how to handle grievances. As policyholder you need to understand how grievance redress works and what resources are available for policyholders. The entire process is governed by Insurance Regulatory and Development Authority (Irda) Protection of Policyholders Interests (PPHI)…

Key Take Aways Of Insurance Bill

On March 13, 2015

Hopes are mounting after much-awaited Insurance Laws (Amendment) Bill, 2015 has been finally cleared by the parliament. Apart from hike in the FDI cap, there are 110 more clauses in the bill; hence, it has become essential to understand implications that this new legislation is going to have on different…

IRDA Against Scrapping Of Declined Risk Pool

On December 26, 2014

The Insurance Regulatory and Development Authority (IRDA) has rejected general insurer’s demands to scrap declined risk pool and free pricing for third party motor insurance. Insurers have been demanding to scrap declined risk pool as they say that supply side constraints have been taken care of. They also say that…

IRDA In Favour To Give Free Hand To Insurers To Remunerate Agents

On November 25, 2014

The Insurance Regulatory and Development Authority (IRDA) is in favour of giving insurers a free hand in paying out agency commission to make it more remunerative to individual agents. IRDA Chairman T S Vijayan has said that insurance companies have to protect agents by fixing minimum wages for them and…

ULIPs Back In Traction

On November 25, 2014

Boom in stock markets and improvement in the overall economy has made unit-linked insurance plans (ULIPs) to regain their traction once again. After 2010, when the Insurance Regulatory and Development Authority (IRDA) revamped ULIP norms, private life insurers shifted their focus to traditional products. This led to massive fall in…

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GIC Re Proposed To Set Up Natural Catastrophe Pool

On November 24, 2014

Country’s sole reinsurer, General Insurance Corporation of India (GIC Re) has proposed to set up a natural catastrophe disaster fund to cover the country’s entire population for a minimum specified amount in the event of natural calamities. This means, insurance industry is getting ready to launch standalone catastrophic cover, which…

IRDA Asked Life Insurers To Submit Data For Last 4 Years

On November 24, 2014

The Insurance Regulatory and Development Authority (IRDA) has asked life insurance companies to submit data for the last four years to the Insurance Information Bureau (IIB). The data should be submitted in the prescribed format from the financial year FY’11 to FY’14 before December 15, 2014. In addition, insurers would…

Heavy Discounts On Group Insurance May Go Away

On November 13, 2014

Heavy discounts in group insurance are likely to go away, as premium for group insurance may increase. The Insurance Regulatory and Development Authority (IRDA) has crack-down on general insurance companies offering heavy discounts in the group insurance portfolio to attract and retain corporate clients. The IRDA, in its guidelines on…

IRDA To Tighten Management Expenses

On November 10, 2014

The Insurance Regulatory and Development Authority (IRDA) is tightening rules regarding expenses of management in life insurance companies. This could bring down premiums of participating products, since higher expenses would not be allowed in the participating product segment. IRDA has asked insurers to opt for the lower of either the…

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Insurers Seeking Limited Liability On Third Party Claims

On November 10, 2014

General insurers have sought a cap of Rs 10 lakh on liability for third party claims arising from road accidents. Insurers have sought this cap due to high losses arising from third party motor insurance claims. As per estimates, these claims are in excess of Rs 12,000 crores. At present,…