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By Seela Subba Rao Prior to 2003, banks were not allowed to take up ‘insurance’ as a permissible form of business. Subsequently, they were permitted to undertake referral activities such as insurance business. Consequent to the announcement by the then Finance Minister in the Budget speech 2013-14 to permit banks as insurance brokers, the Reserve […]
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Hyderabad: Some insurance claims get rejected on technical grounds. There could also be cases of wrong products sold or other service-related issues. However, some consumers may find it difficult to get their grievances resolved. Technology platform Insurance Samadhan guides customers to deal with misselling, claim rejection, delay in claim processing, lapsed policies, policy rejection, and […]
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Chennai: Is there a need for a Chairman for Insurance Regulatory and Development Authority of India (IRDAI) is the question that has started popping up. On Wednesday a reporter asked ICICI Lombard General Insurance Company Ltd’s officials at a press meet about the need for a Chairman to head IRDAI? The sectoral regulator has been […]
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Chennai: Government owned Life Insurance Corporation of India (LIC) was far ahead of the 23-member private life insurer’s club in terms of the number of individual lives covered last month. On the other hand, the private insurers have insured about 1.81 crore individuals under their group insurance schemes. According to the Insurance Regulatory and Development […]
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The broking licence will allow the company to venture into segments like claims assistance, offline services, and establish points of presence network.
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IRDAI asked the respective insurers to ensure that their empanelled hospitals that have agreed to offer cashless claims honour that including for treatment of Covid cases
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The Insurance Regulatory and Development Authority of India (IRDAI) had also issued various directions and advisories to Future Generali India on several regulatory violations.
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The FDI limit in the insurance sector, the minister said, has increased significantly after the government decided to raise the cap from 26 per cent to 49 per cent in 2015.
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It it essential that all insurers establish procedures to let policyholders get clear and transparent communication at various stages of claim process, Irdai said in a circular.
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The status report for 2020-21 should be filed by September 30, 2021, as per the regulator.
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The applicant should not be below the rank of a Chief General Manager of the Reserve Bank of India or equivalent thereto in other financial institutions or regulatory bodies, it said.
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Irdai said the product should have a minimum sum assured of Rs 2.5 lakh and the maximum sum assured can be Rs 1 crore
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24 life insurers underwrote a total fresh premium of Rs.22,776.03 crore up from Rs 17,271.86 crore earned during Oct, 2019
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The 34 non-life insurance companies had garnered a premium income of Rs 24,111.78 crore in the same month of previous fiscal year 2019-20
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The working group, set up by the Insurance Regulatory and Development Authority of India (IRDAI) in June to recommend suitable insurance products for drones, suggested various procedures to be followed and the documentation required in the event of a claim
