In a move aimed at curbing the mis-selling of financial products, the Reserve Bank of India (RBI) has proposed banning incentives paid to bank staffers by third parties such as insurance companies and mutual fund houses for selling their products and services. It has also proposed that banks must ensure their user interfaces do not deploy "dark patterns" to lure customers.
Third party claims are adjudicated by the constituted tribunals.
The Finance Ministry is considering to make it mandatory for all private general insurance companies to provide third party motor insurance, which is presently optional for them.
Wedding insurance goes far beyond protecting against cancellations.
'The slowdown in motor insurance premium growth is due to slower growth in vehicle sales. Also, there has been minimal hike in third-party rates in the past three years which is affecting the growth rate of third-party premiums.'
'We hope we will be able to at least end crashes that involve collisions with stationary vehicles as there will be an automatic warning.'
The claims will include three kinds of liabilities: Damage to the aircraft; loss of lives who were aboard the aircraft; including the crew members; and third-party liability because of loss of lives where the aircraft crashed; and cargo liability.
The premiums for third-party motor insurance may rise by 50-80 per cent this year.
Covering your own damage, especially if the vehicle is old, is very important
'The impact will be minimal and it will only increase compliance cost on consent, data flows, localisation timelines, internal audits, data mapping, and new tooling.'
'The retail industry is still growing in double digits.'
'We've not seen a crypto exchange come back after about 45 per cent of the value on the platform was impacted.'
The third party premium has been increased from the current Rs 700 to Rs 2,500, a 257 per cent hike for private cars, where the cubic capacity of the vehicle exceeds 1,500 cc.
The only case where there could be a change in insurance payout is if Air India's management were found to be aware of the accident and the accident was deliberate.
Diversified conglomerate ITC Ltd on Thursday reported a 2.6 per cent year-on-year rise in consolidated net profit to Rs 5,187 crore for the second quarter of the 2025-26 fiscal (FY'26) as compared to Rs 5,054 crore in the same period last year. However, the current quarter's figures exclude the hotels business, which was demerged into ITC Hotels Ltd effective from January 2025 and is no longer part of the company's continuing operations.
The initial public offering of non-banking financial company Tata Capital Ltd got fully subscribed on the final day of bidding on Wednesday. The company's Rs 15,512 crore share sale received bids for 45,84,78,044 shares against 33,34,36,996 shares on offer, translating into 1.38 times subscription, according to NSE data till 13:36 hours.
In an age where personal data is a valuable commodity, investing in cyber insurance is not just a prudent choice; it is becoming a necessity for individuals and families alike, says T A Ramalingam.
Purchase health insurance early while you are disease-free. 'It might become very difficult to get a comprehensive health cover for someone who has already had cancer.'
Do not get repair work started without informing the insurer as the latter like to carry out end-to-end verification of damages and documents before approving a claim.
Non-banking financial company (NBFC) Tata Capital is set to launch its much-anticipated $2 billion (Rs 17,200 crore) initial public offering (IPO) in the week beginning September 22, market sources familiar with the matter said on Sunday. The issue is expected to value the company around $11 billion, they added. Tata Capital is likely to make its stock market debut by September 30.
The nationality of the passengers onboard will define the minimum liability applicable to the airline operator as per the Montreal Convention, Prudent Insurance Brokers vice president (aviation & specialty lines) Hitesh Girotra said.
'Marathwada is the suicide capital of Maharashtra.' 'To stop such man-made disasters, the government should immediately come up with a rightful package, not this charitable approach to compensation.'
It is essential to have a comprehensive motor policy, and not just a third-party cover, as the latter does not protect your own vehicle.
In the past 10 years, over 500 PSB officers have died by suicide. When targets are overwhelming, senior management and customers are both impatient, and there is constant fear, not every banker has the resilience to survive and thrive, warns Tamal Bandyopadhyay.
'The PAYD model adjusts the premium based on your driving habits. If you drive less, you pay less.'
More than one million cybersecurity incidents were flagged within 10 days.
Prime Minister Narendra Modi and Chinese President Xi Jinping held bilateral talks focusing on economic ties and global stability amid trade tensions and the aftermath of the Ladakh border row.
Follow these steps to avoid last-minute surprises while claiming your mediclaim -- via cashless or reimbursement method, says P V Subramanyam
Payments can be made till April 21; for motor the relaxation is only for third-party insurance.
Tax evaders, BEWARE! The Income Tax department is using AI data analytics to bust fake deductions, flag HRA fraud, and trace digital footprints.
The resilience of the economy and strength of domestic demand will continue to make India an engine of growth amid the rapidly evolving global trade landscape as a result of US tariffs, Finance Minister Nirmala Sitharaman said in London on Tuesday.
Advait Rao Palepu reports how a recent Supreme Court order will impact motor vehicles insurance policies.
The draft digital personal data protection (DPDP) rules, which require banks to obtain explicit consent from their customers before using their data for purposes beyond the original intent, although is being followed in spirit, leaves no room for regulatory arbitrage, experts said. They said that the potential business impact is difficult to assess at this stage, but the formalisation of these rules will mean banks now need to establish clear data processing agreements with third-party entities to ensure compliance.
In Debasish Panda's last board meeting as chairperson of the Insurance Regulatory and Development Authority of India (Irdai), the regulator approved the "R2" licence for Kamlesh Goyal and Prem Watsa-backed Value Attics Reinsurance, making it the first private-sector Indian reinsurer after GIC Re, the public-sector reinsurer. "The authority reviewed and approved the R2 application of Value Attics Reinsurance, making it the first private-sector reinsurer after GIC Re, the public-sector reinsurer.
Here's all you want to know about insuring your priced possession!
Neeraj Prakash, MD, Shriram General Insurance, explains how new measures proposed in the Motor Vehicles Act can smoothen the lives of the insured and insurer and how the government plans to make more vehicles owners buy insurance.
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.
In 2024, the National Payments Corporation of India (NPCI) approved 20 third-party Unified Payments Interface (UPI) applications, a record since UPI's launch in 2016. This surge reflects growing interest from financial technology (fintech) companies, driven by the integration of credit products like UPI-linked credit cards and pre-approved credit lines.
If the court order is implemented, it will lead to an increase in the insurance outgo for car owners by a minimum Rs 50,000 for car and a minimum of Rs 7,000 for two-wheeler owners.
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