Insurance News on IRDA - Page 2

Insurance giant scraps its existing 14 policies to confirm to new regulations

26 Nov 2013, 06:32 PM  by   1216 Views | Write a Comment »

With regard to compliance of new regulations implemented by market regulator Insurance Regulatory and Development Authority (IRDA), which aims at making insurance policies more customers centric, insurance giant Life Insurance Corporation of India scrapped / will scrape 14 of its existing policies. These policies include Jeevan Mitra, Anmol Jeevan, Convertible Term Assurance Policies, Children Deferred Endowment Assurance, Jeevan Paramukh Plan, LIC’s Bima Account and Jeevan Nidhi. Other polices...  Read More »

Posted in LIC IRDA

IRDA issues caution notices to customers

14 Nov 2013, 03:37 PM  by   1083 Views | Write a Comment »
Insurance News

Market Regulator, IRDA (Insurance Regulatory and Development Authority) has issued a public alert on the fraud calls being made in the name of IRDA. IRDA has clarified that neither they nor any of their authorized representatives has contacted customers for selling insurance / financial products.

For the last few weeks, many policyholders were getting calls from the so-called IRDA representatives stating that “IRDA has noticed that your existing insurance policy is giving you poor returns. As...  Read More »

Posted in IRDA Insurance

Market regulator IRDA enhances investment limit under various category

07 Nov 2013, 11:26 AM  by   659 Views | Write a Comment »

Market regulator Insurance Regulatory and Development Authority today enhanced the investment limit under various categories. 

 
At present General Insurance Companies are allowed to invest upto 1.50% of its assets into liquid mutual funds under the approved investment category where the size of the fund is above Rs. 2,000 crores. As per the new guidelines, they will be allowed to invest an additional 1.50% or Rs. 3,500 crores. This decision to enhance the limit was taken based on the several...  Read More »

Posted in IRDA 2013 Highlights

IRDA expects insurance business to touch Rs. 4 lakh crores in current financial year

17 Oct 2013, 12:58 PM  by   606 Views | Write a Comment »

Mr. Vijayan, Chairman of Insurance Regulatory and Development Authority, today positively quoted that Insurance business (both general and life) in India is expected to touch a mark of Rs. 4 lakh crores by the year ending March 2014 as compared to Rs. 3.75 lakh crores for the corresponding period previous year.

 

At the time of addressing the convocation ceremony of the institute of Insurance and Risk Management, Mr. Vijayan said that that both general and life insurance business is doing well...  Read More »

Posted in Insurance IRDA

IRDA extends deadline for implementation of new norms to December 2013

30 Sep 2013, 06:25 PM  by   777 Views | Write a Comment »

A new ‘individual category’ sector norm which was supposed to be implemented from 1st October 2013 has received the extension of deadline from market regulator Insurance Regulatory and Development Authority. This deadline has been extended to 31st December 2013. The new model states that all existing products have to be withdrawn from the market from 01st October 2013 and that the decision to extend the deadline was taken due to the fact that insurance companies should not be left with any...  Read More »

Posted in IRDA 2013 Highlights

IRDA permits Nationalized Insurance Companies to sell crop insurance

16 Sep 2013, 01:30 PM  by   712 Views | Write a Comment »
Market regulator Insurance Regulatory and Development Authority (IRDA) today made changes in its regulation by allowing four nationalized General insurance companies viz: National Insurance, New India Assurance, Oriental Insurance and United India Insurance Company to sell products of the Agricultural Insurance Company Limited. The decision to permit the same was conveyed to all the top executives of these insurance companies and was also uploaded on the portal of the IRDA website.
 
According...  Read More »

Posted in General Insurance IRDA

Standard insurance products only to be sold by the banks acting as insurance broker

12 Sep 2013, 10:09 AM  by   615 Views | Write a Comment »

With regard to the broking license, allowing banks to sell products of multiple insurance companies, the Finance Ministry said that banks will be allowed to sell only standard or vanilla insurance products through their branches. This statement was made at the time of relaxing of brokerage norms by the market regulator Insurance Regulatory and Development Authority.

 
Justifying the move, the officials from finance ministry said that this move aims at ensuring that banks do not sell customized...  Read More »

Posted in Insurance IRDA

Insurance companies to comply with telemarketing rules

30 Aug 2013, 02:13 PM  by   666 Views | Write a Comment »

Market regulator Insurance Regulatory and Development Authority directed the insurance companies to comply with the telemarketing guidelines issued by the Telecom Regulatory Authority of India. In connection to this, IRDA has issued a notification to the Chief Executives of all Life and General Insurance companies. The circular states that, according to the Telecom Commercial Communications Customer Preference Regulations 2010 issued by TRAI and came into force from September 27, 2011, insurance...  Read More »

Posted in IRDA Others

Export Credit Guarantee Council introduces new insurance products for exporters

29 Aug 2013, 09:12 AM  by   604 Views | Write a Comment »

In order to benefit small exporters, micro exporters and exporters having a turnover of Rs. 10 crores to 100 crores, Export Credit Guarantee Corporation (ECGC) has planned to introduce three new insurance products. The proposal has already been sent to market regulator Insurance Regulatory and Development Authority, approval of which is pending to be received. 

 
Mr. N. Shankar, Chairman and Managing Director of ECGC, without elaborating much detail on the product, said that the approval from Read More »

Posted in 2013 Highlights IRDA

IRDA ties up with CSC to sell insurance policies

19 Aug 2013, 08:36 PM  by   706 Views | Write a Comment »
Much required boost for insurance penetration in India has received a nod from market regulator Insurance Regulatory and Development Authority. IRDA has approved Common Service Centre’s (CSC’s) at all India level to help insurance companies in selling their products. 
 
CSC is a vital cornerstone of the National e-Governance plan and is aimed at providing high quality and cost effective video, voice and data content and services in the areas relating to education, health tele-medicine...  Read More »

Posted in IRDA 2013 Highlights

« Previous Entries Next Entries »

MyInsuranceClub.com is Approved Web Aggregator

Save Tax and Protect your Family

Archive

Stay Connected!