Less than a month ago, IFFCO-Tokio General Insurance (ITGI) Company appointed Mr Yogesh Lohiya as their new Managing Director (MD) & Chief Executive Officer (CEO). However, Mr. Lohiya is yet to obtain a go-ahead from the government to take charge of the new office.

Prior to ITGI, Mr Lohiya was the Chairman and MD of India’s sole reinsurer ‘GIC Re’. He retired from GIC on 31st Dec 2011 on attaining the age of superannuation. As per norms, government officials are not allowed to join any private...  Read More »

The Insurance Regulatory & Development Authority (IRDA) successfully conducted its 3rd Annual Seminar on “Policyholder Protection and Welfare” in Kolkata on 2nd June 2012. This year, the aim of the Seminar was to discuss Consumer Education in Insurance, eliminating mis-selling in Life Insurance and concerns relating to Tying and Bundling of insurance with other goods and services.



During the seminar, Shri J.Hari Narayan who is the Chairman of IRDA launched the Consumer Education Website...  Read More »

In the last few months, the IRDA Chairman Mr. J Hari Narayan has expressed his great concern for bringing about significant improvements in the health insurance market. Citing the pressing need for a better health insurance product, the insurance regulator has finally put together and published all the proposed changes in health insurance regulations. The suggestions if implemented will be very favourable to the policyholders and in their genuine interest. Some of the proposed changes mentioned...  Read More »

After imposing a fine on Shriram Life Insurance earlier this month, IRDA has penalised another life insurance company on the observations made during an onsite inspection in 2010. ICICI Prudential Life Insurance Company, one of India’s leading life insurers has been asked to remit Rs.114 lacs as penalty to the Insurance Regulatory and Development Authority (IRDA).

IRDA observed that Insurer is in practice of paying non-compete fee apart from commission to the Corporate agents (CA). The report...  Read More »

Two years back, IRDA observed that a company by the name M/S Darwin Platform Life Insurance and Finance Company Ltd Financial Services based in Mumbai has been claiming to be a unit of Darwin Platform Group, Netherlands and is offering insurance to the public.

On 23rd March 2010, IRDA issued a public notice cautioning the general public not to deal with this entity or its representatives since it was not licensed or registered by the IRDA. Recently, IRDA also noticed that Darwin Platform via...  Read More »

The amount charged to a policyholder for surrendering his/her life insurance policy constitutes a good chunk of the profits of life insurance companies in India. When observed by IRDA, they were not too happy about the high surrender charge levied by the insurance companies on their policyholders.

Except the term plans, almost all the life insurance policies offer a surrender value. This means that if the policyholder doesn’t want to continue the policy and wants to exit in between the policy...  Read More »

Insurance regulatory and development authority (IRDA) has issued a circular listing standard instructions and guidelines applicable for approval/renewal of agents training institutes.

For the purpose of accreditation of private Agents Training Institute the proof of ownership/ tenancy of the premises (ATI registered office and branch) in the name of Agent Training Institute are sufficient for accreditation. In case of in-house Agents Training Institute where the training center is situated in...  Read More »

On 23rd May 2012, IRDA published the updated list of non-life insurance companies in India. In addition to Religare Health Insurance which was given a go-ahead last month, IRDA list contained the names of two new companies – Magma HDI General Insurance and Liberty Videocon General Insurance.

Magma HDI General Insurance is a joint venture between Magma Fincorp Limited and HDI-Gerling International Holding AG, Germany. Magma Fincorp and HDI-Gerling entered the joint venture agreement on 28 July...  Read More »

Insurance Information Bureau (IIB), the insurance data repository of IRDA announced the launch of its web-enabled facility to find out insurance policy details and track claim status of motor vehicles.
 
The Insurance Regulatory and Development Authority (IRDA) had engaged IIB in collecting, collating and compiling motor insurance data which will be useful to the insurance companies, policyholders and other related parties in claims management. This service will be available on a trial basis...  Read More »

Unit-linked insurance plans which were offering the guarantee of returns basis highest NAV of the term on maturity have been banned by the Insurance Regulatory and Development Authority (IRDA).

Around 2009-10 insurance companies could see a lot of customers becoming refusing to buy unit-linked insurance plans due to the high risk involved in such products. To make the proposition attractive and assure a certain guaranteed benefit, the insurance companies designed ULIP with a guaranteed...  Read More »