In a bid to assure those affected by torrential rains in Maharashtra, insurance regulator IRDA on Thursday said public and private general insurers will not withdraw flood cover for homes and commercial establishments.
The Insurance Regulatory and Development Authority (Irda) has constituted a seven-member committee on health insurance for senior citizens.
According to the IRDA's data in 2007-08, the health insurance segment was estimated to be around Rs 5,152 crore, with only 2 per cent of the total population being covered. Realising the potential and advantages -- the segment has been growing at 37 per cent since 2002 -- both life and non-life insurers are offering health insurance products. Health insurance in 2007-08 accounted for 0.2 per cent of the individual regular premium for life insurance companies in India.
The incentive of the insurance advisor is definitely not in favour of the individual wanting an insurance policy.
The Insurance Regulatory and Development Authority, in a circular to insurance companies, said it had been receiving many complaints that claims were being rejected by the insurers on the ground of delayed intimation and submission of documents.
In what may translate into lower premium rates for traditional pension and annuity policyholders, the Insurance Regulatory Development Authority today said the capital requirement for these segments would be lowered from the end of this month.
The Insurance Regulatory Development Authority plans to introduce guidelines soon on transfer (also called assignment) of insurance policies after the Insurance Act is amended.
Insurance regulator IRDA on Thursday asked life insurers not to levy any charge on customers if they surrender their policies from fifth year.
Buying a cover at a late age is expensive; the benefits, too, are limited.
The Insurance Regulatory Development Authority (Irda) is planning to issue a notice to Life Insurance Corporation of India (LIC) to stop the latter from allowing policy holders to nominate "strangers" (those who are not close relatives) and religious institutions as beneficiaries of life policy claims.
The Insurance Regulatory Development Authority of India has clamped down on excessive discounts on fire
The premiums for third-party motor insurance may rise by 50-80 per cent this year.
Firm offers no-pain switch from company cover.
The Insurance Regulatory and Development Authority on Wednesday announced that it would lift pricing controls on motor insurance, along with other lines of business currently under tariff, with effect from January 1, 2007.
After its successful launch of telecom business, Reliance is likely to revive its plans to foray into yet another green-field area -- life insurance -- by March this year.
IRDA eased norms by allowing PSUs and private companies with a capital of Rs 0.1-3 crore to bargain for a special discount of 5% in exchange of agency commission or brokers remuneration, when they cover their risks directly with a general insurer.
Though exposure draft proposed 35-60% hike, Irda raised it only 19%.
Here's a quick look at the likely changes proposed for selling unit linked insurance plans from September 1, 2010 and how they will impact investors.
In a major clamp down on insurers promising high returns to lure consumers, the Insurance Regulatory and Development Authority has mandated that companies cannot project more than 10 per cent return on investments in their policies.
The sectoral regulator Irda on Wednesday said the initial public float guidelines for the insurance industry will be ready by early October.
Life insurers, at present, are allowed to invest 50 per cent of their funds in government securities, 15 per cent in infrastructure-related projects, and the balance 35 per cent in other-than-approved instruments for traditional policies.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
The Supreme Court has ruled that public sector insurance companies cannot refuse to provide medical cover policies to those suffering from pre-existing diseases and said such an action was arbitrary, illegal and unconstitutional.
Like dematerialisation of securities, it will offer dual benefits of cost-effectiveness and convenience.
IRDA said it wanted to seek a legal mandate jointly with Sebi, but the market regulator had reservations.
Insurance Regulatory and Development Authority has permitted Sahara Group to enter life-insurance segment, and issued 12 letters of intent to insurance broking entities, including three having foreign equity stake, to conduct business in India.
Sebi had in October last year given the go-ahead to insurance companies for coming out with IPOs.
Insurance policy document will become digital and paperless like shares in the coming year and the policyholders would be saved from preserving the physical copies of their insurance policies.
The increase in FDI limit in the insurance sector may attract Rs 30,000 crore that the industry requires over the next five years, Insurance Regulatory and Development Authority has said.
The insurance sector is making a strong comeback. Buoyed by a steep rise in sale of single premium policies, the industry clocked a 53.25 per cent rise in November.
The United States Agency for International Development will provide a $10 million technical aid for development of Indian insurance sector over the next four years.\n\n\n\n
Hari Narayan said the proposed IPO guidelines for non-life insurance firms were in the process of finalisation before they were sent to SCADA, a body constituted by Securities and Exchange Board of India, for approval followed by a final approval from the market regulator.
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