The Insurance Regulatory and Development Authority has tightened financial disclosure norms by asking general insurers to give details of the reserves maintained for claims that have been paid but not reported adequately in the books of accounts.
The cover will pay only for the construction cost of the building.
The rise in premiums could be in the range of 5-25 per cent, depending on the features that each insurance company adds on its products. Insurance firms have been given time till September 30 to include modifications mandated by the regulator.
NPCI calls bids to cover all e-payment transactions where consumer followed procedure; both state and private insurers show interest.
Did you know that your home insurance covers valuables in bank locker?
The CBI is probing whether the former IRDA chief J Hari Narayan had misused his discretionary powers to favour Reliance General Insurance Company, which has admitted that the extra amount collected by it way of premium was not Rs 1.07 crore, as originally believed, but 20 times as much, report Paranjoy Guha Thakurta and Pranati B Mehra.
The finance ministry has proposed to decriminalise a host of minor offences, including those relating to cheque bounce and repayment of loans, in as many as 19 legislations to help businesses tide over the crisis caused by the coronavirus outbreak. The 19 legislations include Negotiable Instruments Act (cheque bounce), SARFAESI Act (repayment of bank loans), LIC Act, PFRDA Act, RBI Act, NHB Act, Banking Regulation Act and Chit Funds Act.
About 70,000 employees of public sector general insurance companies would go on a one-day strike on December 21 in protest against the proposed increase in foreign direct investment cap, outsourcing of jobs and to press for early settlement of their
In addition to hospitalisation charges, it will cover expenses like transfer to hospital in of an accident.
'The government has realised that the finances of the government are in a precarious state.' 'We are borrowing to fund the ever-burgeoning revenue deficit.' 'Then you are paying interest on the fresh borrowing.' 'For the first time, the government has realised that this cannot go on.'
The scheme would cover incidents like robbery and dacoity.
ETFs function like a mutual fund scheme and have underlying assets of government-owned companies.
ICICI Lombard General Insurance Company Ltd will consider an initial public offering on reaching an overall market share of around 10 per cent even as ICICI Prudential Life Insurance plans to increase its capital base in the current fiscal.
New India Assurance has posted a robust 21 per cent growth in sales in October to regain the number one position in the general insurance industry toppling National Insurance Company, which had climbed to the top slot for the first time in September.
Life insurers need applicants to abstain from tobacco for up to five years.
India suffered a $3 billion loss to its economy from severe rainfall and flooding in November and early December.
Since no insurance companies share data on their claims with each other, the finance ministry and Irdai suspect that a lot of the resultant claims are duplicates.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
'Let us hope that this Budget delivers.' 'It needs 10 per cent plus real GDP growth in 2021-22, the rebound year,' notes Omkar Goswami.
Though costlier and fewer illnesses are covered, the breadwinner should have one with high sum assured.
In order to cut flab and improve efficiency, public sector general insurance companies are planning to offer a second round of voluntary retirement scheme to their employees.
Experts say Biyani will now become a contract manufacturer of fashion and FMCG products, with the Reliance group being one of his customers.
In Nov last year, L&T Finance Holdings had told BSE it was not eligible to be the sponsor of an insurance business, as it was a subsidiary of L&T under the Irda norms
Britain's largest insurance group Aviva Plc said on Tuesday it will build a new call centre and develop claims processing operations for its general insurance business in India.
Cut throat competition between public sector units and private companies may push up general insurance business by over 25 per cent to Rs 15,000 crore this fiscal.
Bike insurance? Car insurance? Health insurance? Roopam Asthana answers them all.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
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Prior RBI permission a hurdle, given its views; business interest needs to be clearer.
Sources said the Insurance Regulatory and Development Authority's vigilance department was looking into these complaints and had carried out inspections in this regard.
Diktat to four general insurance companies says 'avoid competition' in any corporate or group account
Not all change is good, but this one is, applauds Shekhar Gupta.
We are serious about setting up a bank and use the parent branding that is a household name in India, says Venugopal Dhoot.
The finance ministry has asked state-run general insurers to increase premiums on health insurance, motor and other policies, and refrain from undercutting each other to get new business.
Priya Nair tells you how you can use technology to invest better and maximise returns.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
ICICI Lombard is utilising the latest technology and forensic methods to verify insurance claims.
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