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Insurance News on IRDA - Page 2

IRDA plans new mortality rates, Life Insurance to get cheaper in 2013

February 03, 2013 - 11:50 PM

The market regulator for the Insurance Industry in India, IRDA (Insurance Regulatory and Development Authority) has indicated its plan to release new mortality rates by starting of next financial year. This would affect all Life Insurance Policies, existing and new. Once this rate is put into practice the life insurance premium is expected to go down. The proposed new table for mortality rates, awaiting IRDA's approval would be finalized on the basis of the latest mortality experiences varying... Read More »

Posted in IRDA , Life Insurance | 482 Views | 1 Comments »

IRDA to introduce anti fraud policy

February 03, 2013 - 11:17 PM

In order to understand the character of the fraud and take steps to minimize the exposure of their act to fraud and to increase the faith and confidence of the customers and shareholders and to have a clear reflection of the insurance company and sector as a whole, market regulator - Insurance Regulatory and Development Authority (IRDA) have asked the insurance companies to define a process for monitoring and early finding of frauds.

IRDA is an independent legislative organization formed under... Read More »

Posted in IRDA , Others | 208 Views | Write a Comment »

Health Insurance to become more expensive

January 30, 2013 - 01:03 PM

In order to meeting the growing cost, market regulator Insurance Regulatory and Development Authority (I.R.D.A) is moving swiftly with a plan to augment the premium fee for health insurance. Once the regulator approves the proposal, Public sector non life insurance companies are set to raise the premium amount by 20 – 25%. The rates were last revised by I.R.D.A. 5 years ago and lastly public sector non life insurance companies are demanding rates revision from several months.

According to State... Read More »

Posted in Health Insurance , IRDA | 285 Views | Write a Comment »

IRDA proposes uniform clarification on pivotal terms in health insurance

January 18, 2013 - 04:04 PM

Market regulator Insurance Development and Regulatory Authority (IRDA) has come out with a standard definition of various key terms like critical illness with a view to bring in uniformity and promote health insurance. These standard terms will revoke ambiguity; capacitate all stakeholders to yield improved services. IRDA has defined 46 commonly used terms in health insurance and standardized the definition of 11 critical illnesses.

IRDA is an autonomous statutory body enacted under the act... Read More »

Posted in Health Insurance , IRDA | 334 Views | Write a Comment »

Auto insurers now to deduct depreciation on painting claims

January 13, 2013 - 10:54 AM

All motor insurance policies come with a depreciation clause, which stipulates that the insurer will deduct a sum at the specified rate on the components replaced or materials added at the time of repairs after an accident. "The depreciation quantum is dependent on the type of parts replaced or materials added, besides the age of the vehicle. However, at this moment, insurance companies don't deduct the depreciation element from the painting charges, and painting-related claims are fully... Read More »

Posted in Car Insurance , IRDA | 445 Views | Write a Comment »

IRDA and the Finance Ministry has agreed to disagree: this time over Online Sales

December 28, 2012 - 10:18 AM

In order to boost online sales of insurance policies, which is at present substantially low at 4.4% for life insurance and 0.7% for non life insurance, Finance Ministry has suggested that insurance firms need not take another approval for insurance products sold online. It also believes that cheaper plans available online helps to increase the sales of insurance products by way of quick and hassle free purchase of the policies.

Contrary to the above, market regulator IRDA expressed reservation... Read More »

Posted in IRDA , Insurance | 562 Views | Write a Comment »

Better claim payment ratio by LIC as compared to private players

December 28, 2012 - 10:14 AM

As per the annual report of IRDA, the Life Insurance Corporation of India (LIC) has better record of paying death claims than that of private life insurers even though it holds more than 70% of the industry volume and there are about 2 dozen private players in the Insurance Industry.

The Life Insurance Corporation of India (LIC) is the largest insurance group and investment company in India where the Government of India has 100% stake. They hold more than 80% of the Life Insurance Business... Read More »

Posted in LIC , IRDA | 1147 Views | Write a Comment »

1st Fall in Insurance Penetration in India since privatization

December 24, 2012 - 11:29 AM

First time in the history of the Insurance Industry in India since the private players have entered in 2001, there has been a fall in the Insurance Penetration according to the annual report of the IRDA in 2011. The exact figure is yet to be finalized but the penetration has fallen from from $55.7 (Rs 3,063 approximately) in 2010 to $49 (Rs 2,695) in 2011. According to the IRDA Annual Report for 2011-12, there has been an increase every successive year from 2001.

The development of the... Read More »

Posted in IRDA , Insurance | 951 Views | Write a Comment »

Motor Insurance Policy Tenure may rise to 2 Years soon: IRDA

December 19, 2012 - 08:29 AM

The Insurance Regulatory and Development Authority or IRDA is contemplating to provide for motor insurance policies having two years terms for both commercial and private vehicles. This will reduce their renewal hassles. At the same time it will augment the income through premiums for insurance providers.

IRDA is an autonomous statutory body enacted under the act of Parliament. It has a duty to promote and regulate insurance and reinsurance business and to protect the interest of and secure... Read More »

Posted in Motor Insurance , IRDA | 795 Views | Write a Comment »

Several applications pouring in for the post of IRDA Chairman

November 26, 2012 - 12:13 PM

The Government has invited applications for the position of Chairperson of the Insurance Regulatory and Development Authority (IRDA). Mr. Hari Narayan who is the existing Chairperson of IRDA, will be completing his 5-year tenure in February 2013. The position of the Chairman is being contested by several bureaucrats from all sections of the Finance Industry. So far, 30 applications have been received and some interviews have also been held.

The criteria for applying for the post of the IRDA... Read More »

Posted in IRDA | 850 Views | Write a Comment »

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