Insurance News on IRDA

IRDA is really upset with the bogus callers and has released a public notice with sample audio

08 Sep 2014, 10:30 AM  by   614 Views | Write a Comment »

The entire insurance industry is upset with the increasing number of bogus calls by fraudsters claiming to be insurance companies or IRDA officials. To caution members of public, IRDA (Insurance Regulatory and Development Authority of India) has released another press release, this time with a sample audio.

IRDA had issued a public notice on January 29, 2014 cautioning members of public to not fall prey to such offers. Then, IRDA has issued another public notice sharing new patterns on August...  Read More »

Posted in IRDA

Insurance companies now allowed to be a member of Stock Exchanges

15 Jul 2014, 11:41 AM  by   1478 Views | Write a Comment »

With effect from January 16, 2014, Ministry of Finance had amended the Securities Contract Regulations Rules 1957 allowing all insurance companies to become member of SEBI approved stock exchanges.

In a circular dated 10th July 2014, industry regulator Insurance Regulatory and Development Authority (IRDA) issued a circular allowing insurance companies to become a proprietary trading member of a Security Exchange Board of India (SEBI) approved stock exchange for carrying out trades in the debt...  Read More »

Posted in IRDA

IRDA now has a regional office in Delhi

27 Jan 2014, 02:37 PM  by   2047 Views | Write a Comment »

Insurance Regulatory and Development Authority (IRDA) upgraded the existing office at Delhi to the Regional Office of IRDA on 24th January 2014. The current IRDA Chairman Mr. T. S. Vijayan inaugurated the new regional office. This office will be headed by a Joint Director with 10 officers and employees.

The location of the new regional office is:
Jeevan Tara Building,
Parliament Street,
New Delhi – 110001

Some of the functions of Consumer Affairs Department, Inspection Department and...  Read More »

Posted in IRDA

Synopsis of Changes in the Insurance Industry from 1 January 2014

05 Jan 2014, 05:57 PM  by   2527 Views | Write a Comment »
Insurance News

The insurance sector in India opened the New Year with a wide range of largely customer-friendly changes. Originally slated to take effect from 1 October 2013, the Insurance Regulatory and Development Authority (IRDA) provided a three-month extension, making the new effective date 1 January 2014. Now that the new rules are in place, let us examine some of the big changes taking root in the insurance industry this year.

  1. Read More »

Posted in IRDA

Annual Report 2012-13 of Indian Insurance Industry

03 Jan 2014, 11:06 AM  by   2662 Views | Write a Comment »

The potential and performance of the insurance sector is universally assessed with reference to 2 parameters – insurance penetration and insurance density.

Insurance Penetration and Density in India

The insurance density of life insurance business has gone up from USD 9.1 in 2001 to reach the peak at USD 55.7 in 2010. During 2012-13, the level of life insurance density was only USD 42.7. Similarly, the life insurance penetration surged from 2.15% in 2001 to 4.6% in 2009. Since then it has exhibited a declining trend reaching...  Read More »

Posted in 2013 Highlights IRDA

Customer Forms should have Standard Font and Minimum Size 7 says IRDA

12 Dec 2013, 12:36 PM  by   1881 Views | Write a Comment »

IRDA LogoInsurance Regulatory and Development Authority (IRDA) issued a draft circular on policy servicing forms. The two main stipulations that IRDA has focused on are - (1) Availability in Languages recognized under Constitution of India (2) Minimum Font Size of “Times New Roman 7”


(1) Availability in Languages recognized under Constitution of India

While the existing regulations specify that all print material, used in the pre-sales and sales process, shall be made available in multiple languages,...  Read More »

Posted in IRDA

IRDA imposes fine on India Infoline Insurance Brokers

09 Dec 2013, 01:45 PM  by   1683 Views | Write a Comment »

India Infoline Insurance Brokers Limited has been fined Rs. 35.30 lacs for violating various rules as specified by market regulator IRDA. Among others, major charges that were pressed by the IRDA include:

 

  1. Non compliance with Guidelines on Distance Marketing of insurance products – fine of Rs. 25 lacs levied. The company had employed around 99 employees who were not provided with requisite training to do distant marketing.
  2. Penalty of Rs. 5 lacs for free distribution of insurance...  Read More »

Posted in IRDA 2013 Highlights

Reliance Life joins hands with five insurance repositories

28 Nov 2013, 05:48 PM  by   1074 Views | Write a Comment »

Mr. Anup Rau, Chief Executive Officer at Reliance Life Insurance Company Limited, today said that his company has entered into an agreement will all the five Insurance Regulatory and Development Authority approved insurance repositories to provide insurance policies to its customers in dematerialized form.

 

This step, which is in line with IRDA circular where an insurance company can enter into agreements with one or more repositories with an objective of providing policy holders the facility...  Read More »

Posted in Reliance Life IRDA

Combination product for lower income group launched by New India Assurance

28 Nov 2013, 05:45 PM  by   885 Views | Write a Comment »

Mr. G. Srinivasan, Chairman and Managing Director at New India Assurance, announced the launch of a combination product, “a product for lower income group”. This product for lower income group will have life, medical and accidental covers in addition to other things.

 

Elaborating further, on the above, Mr. Srinivasan told that this product is launched for the lower income population like domestic servants etc and the annual premium amount will be around Rs. 800 per annum. This plan will insure...  Read More »

Posted in New India Assurance IRDA

IRDA plans to give Unique Identification Number to hospitals

26 Nov 2013, 06:34 PM  by   824 Views | Write a Comment »

IRDA LogoWith an aim to provide better understanding on the rules and cost standards market regulator Insurance Regulatory and Development Authority (IRDA) plans to issue a unique identity numbers to hospitals to determine pricing patterns for a range of ailments. For this, IRDA is working with hospitals of the national accreditation agencies to identity the system feasibility and the beta version of the same is expected to be released by the current weekend. This unique identification numbers will be...  Read More »

Posted in IRDA Health Insurance

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