Irda asks insurance companies to increase risk cover from July 1
'In life insurance, it is about creating distribution capacity and solutions for customers. We are constantly working on that.'
There is discrimination against women in insurance cover. As a flood of insurance companies tap the capital markets with public issues, there is however, hardly any reference to this asymmetry. Subhomoy Bhattacharjee reports
Finance Secretary Ashok Chawla, in an impromptu chat with reporters, sided with Sebi, while Planning Commission Deputy Chairman Montek Singh Ahluwalia cited the spat to make a case for setting up a Financial Development and Stability Council (FSDC).
Market-linked products have been driving the growth of private insurers for some time now. But, the market volatility has forced the companies to re-think their strategies, reports Subrata Panda.
The Insurance Regulatory and Development Authority (Irda) has stuck to its guns on returns from unit-linked pension plans. Despite several representations from the industry, the regulator has decided that insurers will have to provide guaranteed returns of 4.5 per cent on gross premiums until March 11, 2011.
India has received nearly Rs 30,000 crore worth of FDI in the private sector insurance firms since 2015, when the government had increased FDI limit from 26 per cent to 49 per cent. Investment under the automatic route does not require prior approval from the government.
The Financial Stability and Development Council members include heads of regulatory bodies like RBI, Sebi and Insurance Regulatory Development Authority.
The GST to be implemented from April 1, 2016, will increase the premiums.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
After the Delhi high court's ruling, blanket exclusion of genetic disorders from coverage is likely to become a thing of the past.
'If you are investing in a Ulip for returns, go for a type I Ulip.' 'If you are investing for insurance cover as well, type II is better.'
Insurance regulator Irdai on Monday said health insurance policies that cover Covid treatment costs will also cover expenses for treating infections due to Omicron. "All health insurance policies issued by all general and health insurance companies that cover treatment costs of Covid-19 also cover the costs of treatment towards Omicron variant of Covid-19 as per terms and conditions of policy contract," the Insurance Regulatory and Development Authority of India (IRDAI) said in a release. The regulator has issued the directive to general and health insurers in view of the growing number of cases of the Omicron variant.
Financial conglomerates neither have group-wide oversight mechanisms nor do they follow enterprise-wide risk management practices, according to the findings of a monitoring exercise by the Reserve Bank of India (RBI), Securities and Exchange Board of India (Sebi) and Insurance Regulatory and Development Authority (Irda).
'Online aggregators offer discounts of 70% to 75%.' 'At a car dealership, the discount is usually in the range of 30% to 35%.'
Insurers say they will have to study the available data to work out by how much premiums will have to go up to be able to cover mental illnesses as well
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
Insurance Regulatory and Development Authority is consulting market watchdog Securities and Exchange Board of India before allowing insurers to invest in derivative products while planning to introduce a system of risk-based capital assessment by 200
Life Insurance Corporation of India has asked the Insurance Regulatory & Development Authority to allow it a shareholding of up to 20 per cent in a company.
The Reserve Bank will soon rope in other regulators Securities and Exchange Board of India and Insurance Regulatory and Development Authority to set up a working group in a bid to strengthen the regulatory mechanism for preventing the potential "c
General, life insurers with 8 & 10 yrs in biz, respectively, may have to list
India and the US on Thursday said they are looking forward to the reconvening of the India-US Trade Policy Forum later this year to further enhance trade relationship and identify new areas for engagement.
IRDA seems to be sleeping. It is bothered about the well-being of the insurance companies and not about the man on the street who is buying costly Ulips.
Insurance of vehicle, including cars and bikes, will become costlier from April 1 as insurance regulator Irdai has decided to increase premiums by up to 40 per cent from the next fiscal.
Irdai had introduced two Covid specific products in the market - Corona Kavach and Corona Rakshak - that saw huge acceptance among the consumers as these products had lower premiums.
Till June-end alone, insurance regulator is expected to bring about more than half a dozen reforms that will have a significant impact on the customer.
Irdai has proposed to increase the Motor Third Party premium rates for cars below 1000 cc to Rs 2,120 from the existing Rs 1,850 for the fiscal 2019-20.
The NSE Nifty is at 5,340 down 22 points. Inspite of two big negative news looming in the market, the index lost around 100 points,owing to the huge FII inflow which kept the sentiments positive.
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.
The pool was formed by non-life insurance cos in India in Apr '02.
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