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 »

A verdict of the Supreme Court in a matter involving United India Assurance states that even if the premium cheque of the policyholder bounces, the insurance company will still compensate the third party claim. The judgment in bold letters reads - Premium cheque dishonoured – Cancellation after accident – Insurer liable

Insurance companies issue motor insurance policies instantly after collecting the payment from the policyholder. In cases where payment mode is cash or credit card, there is no...  Read More »

After a ban of around two years by the insurance regulator, Maruti Suzuki India Limited is back in the distribution of car insurance policies. Maruti Suzuki has sought a broking license from IRDA and formed a company by the name Maruti Insurance Broking Private Limited.

The insurance broking company will be headed by Mayank Pareek who has over 15 years of experience in the automobile industry, as the Managing Executive Officer. Mayank who heads Marketing & Sales, joined Maruti Suzuki in...  Read More »

On Wednesday, 28th March 2012, The Insurance Regulatory and Development Authority (IRDA) released an order to revise the premium rates for motor third party insurance liability cover. The regulator issued this order in follow up to its draft notification dated 15th April 2011.

The actuarial team of IRDA carried out a review of the premium rates for motor third party liability only cover for the financial years 2007-08 till 2010-11 across different categories of motor vehicles. The data...  Read More »

The capital of general (non-life) insurance companies both public-sector and private has gone down due to heavy losses in the motor insurance portfolio.

The Insurance Regulatory and Development Authority (IRDA) of India has therefore asked the general insurance companies to boost their capital by infusing additional Rs.8,000 crores within the next two years. The required capital will be approximately Rs.4000 crores from public sector and another Rs.4,000 crores from the private insurer.

The...  Read More »

Insurance companies have been knocking on the doors of the regulator for scrapping the third party motor pool, which was set-up by all general insurers in India to collectively service commercial vehicle third party insurance business.

J Hari Narayan, IRDA Chairman said that the industry has been demanding it for some time.

Private insurance companies have been opposing the pool and allege that they are being forced to contribute disproportionately to the corpus.

Motor pool has been...  Read More »

New India Assurance Company, Oriental Insurance Company, United India Insurance Company and National Insurance Company have more than 10 lakh motor accident cases pending against them. In an effort to lower these pending cases and to settle claims, the four public sector insurance companies have launched a motor third party claims settlement centre in Kochi.

These state owned insurance companies further plan to open 50 such centres across various locations in India. Earlier in March this...  Read More »

ICICI Lombard General Insurance, which offers motor insurance to vehicles, has announced that it will charge 15% more premium to cover diesel cars over petrol cars.

Amitabh Jain, Vice President (motor), ICICI Lombard, told reporters that diesel cars are mostly used for commercial purposes and the exposure to risk is higher for these vehicles. He added that 15% additional amount will be charged over the basic premium so as to cover the expenses of maintaining and securing the business.

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