IRDA
Consumer forum directs LIC to pay Rs 2 lakh claim to widow of policyholder
A consumer commission in Mumbai has directed the Life Insurance Corporation of India (LIC) to pay a claim of Rs 2 lakh to the widow of a policyholder who was illiterate and unaware of the policy terms and conditions. The commission noted that guidelines from the Insurance Regulatory and Development Authority (IRDA) require all terms and conditions to be explained to the insured in a language known to them before taking their signature on the policy document.
Why has Quant Large Cap fund been an outperformer? Shweta Rajani answers
I will highlight two-three points over here. One is definitely a size advantage that a Quant would have, so I am talking about a thousand crore fund versus a 35,000 crore fund, so that helps in the agility of the fund manager to actively manage.
Improvement in tech, backend processes & team strength needed to achieve IRDA objective: Shweta Rajani
It is welcoming move what IRDA has done because it now means that one within three hours in a normal case the insurance company has to authorize the entire documentation and the claim approval has to go through, not only that they are also emphasising that there should be a 100% claim and any claim rejection by the insurance company would internally need internal explanations and approvals.
Govt planning new way to save you from bank and other financial scams
Amidst the surge in phone call scams, the Department of Telecom (DoT) has unveiled a new solution to differentiate between authentic calls and those orchestrated by fraudsters. As per reports from ToI, the DoT has designated a distinct 10-digit numbering series commencing with 160 for service and transactional calls originating from governmental bodies, regulatory agencies, and financial institutions.
Shriram General Insurance records Q4 net profit at Rs 121 crore; GWP rises 34%
Commenting on the financial performance, Shriram General Insurance Company Ltd MD and CEO Anil Aggarwal said, "The year gone by has been a milestone for our business as we recorded the highest ever growth since we began our operations in 2008. Our Gross Written Premium rose to 34 per cent exceeding the industry growth of 12.8 per cent."
Sanjiv Bajaj on right way to go in getting health insurance, rising premia & more
Sanjiv Bajaj elaborates on the factors contributing to premium increases, including health inflation and GST. He also provides insights on the health insurance porting process, emphasizing the importance of policy porting and health declarations.
Govt to talk with IRDA for review of 24-hour hospitalisation rule for mediclaim
The government has said that it will take up the matter with IRDAI to reevaluate the 24-hour hospitalization requirement for mediclaim policies. In response to concerns raised by the National Consumer Commission chief, Justice Amreshwar Prasap Sahi, the Consumer Affairs Ministry said that it aims to address the evolving nature of medical procedures.
How to insure the insurance industry
The insurance industry in India is facing allegations of tax evasion, with companies accused of evading GST amounting to ₹5,500 crore. Tax authorities have sent notices claiming dues of up to ₹30,000 crore. The allegations stem from excess commissions paid to corporate agents, such as banks and NBFCs, to push sales. These excess commissions are being recouped as input credit by claiming that services have been provided, when in fact they have not. Insurance companies are contesting the demands while depositing a part of the tax demand. The industry regulator, Irda, has imposed a 30% cap on overall expenses in response to the alleged evasion scam.
How to avoid disputes around insurance claims? Mahavir Chopra answers
" As a consumer, you need to become more aware. Obviously, the industry has to align it to the customer behaviour and make it very, very easy for the customer to be able to understand this stuff. It is a hand in hand thing that needs to be solved. Till it does not get solved, until the solution has not reached a level where you could say, okay, finally, we have reached a good solution, till then, there is no choice."
Supreme Court admits IRDA plea against SAT stay on Sahara Insurance transfer order
The bench led by Justice Abhay S Oka while seeking a response from Sahara India Life said, "Some solution has to be found to protect the interest of 3,300 people who have filed their claims." It also asked Sahara to submit details of the mechanism to find a solution and posted the matter for further hearing on July 10.
SC admits IRDA's appeal against SAT stay on Sahara insurance order
The Supreme Court on Monday admitted IRDA’s appeal against the Securities Appellate Tribunal's (SAT) decision staying the insurance regulator’s order directing Sahara India Life Insurance Company to transfer its life insurance business to SBI Life Insurance Company.
IRDA moves Supreme Court against SAT stay on Sahara insurance order
Seeking urgent hearing in the matter, Solicitor General Tushar Mehta, appearing for the Insurance Regulatory Development Authority of India (IRDAI), told a vacation bench led by Justice Surya Kant that the SAT stay may impact servicing of Sahara policyholders.
Govt approves listing of state-owned IREDA by selling part stake
DIPAM will drive the listing process for which the Centre had given initial approval in 2017.
Positioning of insurance products as wealth protector emerging as a big thing: Rakesh Jain, Reliance GI
I think third party by the definition of it, third party liability is meant to protect people who are on the roads. So, the people who drive the vehicles they carry the onus of also indemnifying anybody if they were to hit on the road while driving the vehicles, that is why the law in this country makes this insurance mandatory
Govt asks IRDA & insurance cos to address six major concerns to reduce pendency of consumer cases
The government on Wednesday flagged six major issues, including ambiguity in insurance contracts and inflexible policy terms, before regulator IRDAI and other stakeholders, and urged them to address those to reduce the huge pendency of consumer cases.
Does your insurance company have money to pay claims easily? Find out here
Solvency ratio of insurance companies: We buy insurance policies to financially secure the future of our loved ones in the time of unexpected and untimely events such as loss of life, loss of property, etc. Therefore, as a policyholder, it is important for you to know about the company’s overall financial health and capability to pay the claims. The solvency ratio is one of the key determinants that suggests whether an insurer can stay solvent in the long run or not. Let’s understand what it is and how it works.
Views sought on proposed changes to Insurance Act
The finance ministry noted that this is being done in view of the changing needs of the insurance sector, and the comptehensive review of the legislative framewotk goveming the sector has been done in consultation with IRDA and the industry. "
Tweaking insurance to widen its reach
The insurance industry can, at best, nudge hospitals into a price band. But it remains a chancy endeavour. On the other end of the spectrum, government-funded health insurance prices premiums at levels that do not justify the claims. There is poor interest among private insurers for this segment. With local partners unwilling to commit funds for growth, joint ventures with deep-pocketed foreign insurers are thus caught in a low equity trap.
IRDA directive to shun brokers for gilt trades baffles insurers
According to a new directive by IRDA that has sent all insurers into a tizzy, buying and selling of sovereign securities can only happen on the anonymous trading screen. IRDA has also laid down that while using intermediaries for trades in equities and corporate bonds, no broker should handle more than 5% of the total volume in secondary market transactions.
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