Page 80 - Insurance News
Health Insurance TPA of India to begin business in April 2015
TPA licenses are valid for a period of three years from the date of issue/ renewal, unless renewed further
 "Health Insurance TPA of India to begin business in April 2015")
Ordinance mandating third-party motor cover worries industry
Industry players ask Irdai to increase premiums to contain losses
 "Ordinance mandating third-party motor cover worries industry")
Motor TP segment may see steeper premium hikes in 2015-16
Commercial vehicles to bear the burden as both private and public insurers have demanded the hike to cover losses
 "Motor TP segment may see steeper premium hikes in 2015-16")
Third-party auto insurance segment may see steeper premium hikes in 2015-16
Public general insurers and private general insurers seek hike in TP premiums for 2015-16 to make up for losses
 "Third-party auto insurance segment may see steeper premium hikes in 2015-16")
Reinsurance backup aids general insurers cut risk
Despite facing natural calamities in quick succession in the current year, the general insurance companies are not expected to be overly burdened by the premium loss as they all have reinsurance backu
Birla Sun Life Insurance signs IT outsourcing deal with IBM
BSLI will leverage mobility and cloud solutions developed by IBM Research
 "Birla Sun Life Insurance signs IT outsourcing deal with IBM")
Max Life sees 14% growth in new premiums
The company records new business premium of Rs 1,693 cr
 "Max Life sees 14% growth in new premiums")
New micro-insurance norms soon
Sum assured for such products may rise to Rs 2 lakh
 "New micro-insurance norms soon")
IRDAI to bring out host of new regulations to support insurance ordinance
New rules to support insurance ordinance
 "IRDAI to bring out host of new regulations to support insurance ordinance")
New rules by IRDAI have more safeguards
As per the proposed code of conduct agents will have to disclose information including commissions they receive if buyers ask for it. Or else buyers can complain to the insurance company
 "New rules by IRDAI have more safeguards")
Irdai to see top level exits in next few months
Whole-time members of non-life, finance & investment and distribution due to leave, retire
 "Irdai to see top level exits in next few months")
Government invites applications for membership at Irdai
Applications have been invited for the positions of member-life, member-non life and member-finance & Investment
 "Government invites applications for membership at Irdai")
If banks bite the broker bullet...
...it will bring in more transparency, provide multiple choices and reduce mis-selling
 "If banks bite the broker bullet...")
15 years of insurance industry after privatisation: The tech edge
While the industry saw a rise and then subsequent flat rate of growth in insurance penetration, the overall coverage levels are still low
 "Will life insurers be able to create magic in January-March peak season?")
Tata AIA tries to revamp brand
After new bancassurance partnership with Citi, Tata AIA is also redesigning products and hiring many more agents
 "Tata AIA tries to revamp brand")
Life insurers to move Irda against Section 45 on claims
Say they want some safeguard against fake claims
 "Life insurers to move Irda against Section 45 on claims")
Life insurers can't charge more than Rs 100 for change in nominee
For e-policies issued through an insurance repository, fee should not exceed Rs 50
 "Life insurers can't charge more than Rs 100 for change in nominee")
Reinsurance rates to remain flat in 2015, no hardening seen
Insurance officials say this is because no major catastrophic event impacted the books of the companies
 "Reinsurance rates to remain flat in 2015, no hardening seen")