Mr. Milind Kharat has been appointed as the new Chairman cum Managing Director (CMD) of the Chennai-based public sector insurer, United India Insurance Company Limited with effect 18th October 2012.



Mr. Kharat takes over from the outgoing CMD G.Srinivasan who is now the CMD of New India Assurance, another public sector general insurance company. Prior to this new role, Mr. Kharat served as the CMD of Agriculture Insurance Company of India Ltd. In the past, Mr. Kharat has worked as General...  Read More »

Mr. G Srinivasan, former Chairman cum Managing Director (CMD) of United India Insurance Company Ltd, will now take over as the CMD of New India Assurance. After the suspension of Mr. M Ramadoss in 2011, there was no chairman at New India Assurance for more than a year.

The government finally cleared the appointment process of Mr. Srinivasan as the head of New India Assurance. The government had suspended former chairman of New India, M Ramadoss as there were some serious allegations against...  Read More »

New India Assurance Company Ltd failed to comply with an IRDA circular because of which IRDA has levied a fine of Rs. Five lakh on New India.

IRDA has mandated every non-life insurer to submit information pertaining to Policies, premium, claims, agent and offices in prescribed formats within 21 days of the end of every quarter. Despite repeated reminders, New India did not submit the required information in time and therefore the regulator imposed a fine on New India.

The company submitted...  Read More »

Central District Consumer Disputes Redressal Forum has ordered New India Assurance, one of the biggest public sector general insurance companies, to pay around Rs.60,000 as compensation to its policyholder Shiv Kumar Gupta.

Delhi-based Shiv Kumar Gupta holds a mediclaim policy from New India and he filed a claim of Rs.45,252 towards medical expenses incurred for his son. Mr. Gupta informed the third party administrator (TPA) of New India and submitted the requisite documents to the TPA for...  Read More »

The Mumbai suburban district consumer disputes redressal forum passed a judgement ordering two insurance companies – New India Assurance and Chola MS to settle motor insurance claims of two vehicle owners, which were earlier rejected by them.

The first case involves Gunapal Shetty, who had taken a car insurance policy for his Tavera from New India Assurance Company. On June 26, 2009, the vehicle owner found his car missing from the spot where he had parked it in Chembur at night. He contacted...  Read More »

Worli-resident, Ria Alamchandani had taken a health insurance policy from New India Assurance Company. According to standard procedures, the customer submitted her photograph along with the policy form, listing her sex as female. The medical insurance policy was issued for Rs 2 lakhs.

In May, 2009, Ria was admitted to a hospital in Marine Lines and with Acute Appendicitis and had to undergo an emergency appendix operation. The hospital authorities sent a request to the third party...  Read More »