Page 8 - Insurance Companies

Ombudsmen disposed of 32% more complaints against insurers in 2021-22

Complaints relating to health insurance made up a third of the total number cases disposed of in 2020-21, a period marked by the first wave of Covid-19

Regulator seeks to make insurers have clear policy for agents' commission

Boards will make written norms that will be reviewed annually, says draft IRDAI proposal

Govt hardens norms on Irdai, public insurer top brass' post-retirement jobs

This comes after the Centre had reportedly received complaints against two past Irdai chairpersons, Subhash Chandra Khuntia and T S Vijayan

New business premiums of life insurance companies jump 91% in July

This is thanks to strong premium growth by LIC

Irdai proposes single limit on expenses for non-life insurance firms

According to the exposure draft released by the regulator, non-life insurers cannot spend an amount exceeding 30 per cent of the gross premium written as company expense during a financial year

Irdai tightens anti-money laundering rules for insurance companies

The guidelines come as the regulator is preparing the ground for a larger exposure of foreign companies and a wider range of domestic financial sector companies to enter the sector

Irdai may offer more flexibility to insurers in corporate agency tie-ups

Insurance regulator's board proposes limit on expenses of management for general insurers

Compensation to blame: Amendments to strengthen law on industrial accidents

Proposed amendments to the Public Liability Insurance Act may end the high level of non-compliance among companies

Irdai carrying out series of reforms for ease of doing business: Minister

Irdai has also developed a mechanism to process applications filed for registration of new insurers and for grant of certificate of registration to commence the insurance business in India

Insurance companies made Rs 40,000 cr in 5 years under PMFYB scheme

The companies paid claims worth Rs 119,314 crore to farmers against the total premium collection of Rs 159,132 crore under PMFBY

Irdai gives indicative premium growth targets to non-life insurers

The regulator's aim is to increase non-life penetration to 2.5% from the current 1%

Irdai empowers insurers to empanel hospitals for cashless facility

Regulator asks companies to publish board-approved empanelment criteria on their websites periodically; insurers to focus on quality of healthcare services of hospitals being empanelled

ICICI Lombard's Q1 net up 80% to Rs 349 cr on strong premium income

The gross direct premium income by the insurer during the period was Rs 5,370 crore, up 28.2 per cent from the year-ago period

Irdai wants life insurance firms to eye 50% premium growth in 5 years

Irdai extended the "use & file" procedure to most life insurance products, barring individual savings, individual pensions, and annuity products

Irdai says no decision on mandatory disclosure of insurance commissions

Irdai said it regulator intends to hold discussions on the matter before a decision

Regulator allows insurance firms 'use & file' procedure for agri products

Companies can introduce a product in the market and then file with the Insurance Regulatory and Development Authority of India (Irdai) for approval

Life firms ask regulator to allow risk-based solvency regime for ULIPs

Life insurance companies will raise their solvency margin and free up capital that can be used for other purposes

FSIB recommends former Union Bank of India MD for post of NaBFID MD

The Centre, earlier this month, transformed the Banks Board Bureau into FSIB and expanded the headhunter's role to suggest appointments for PSU banks, insurance companies and financial institutions

Non-life insurance industry reports a 21% YoY growth in premiums in June

In the June quarter, the non-life insurance industry netted premiums to the tune of Rs 54,492 crore, up 23 per cent YoY

How and how often you drive to determine your car insurance premium soon

The concept of 'pay as you drive" stems from the fact that policyholders will be charged premiums based on vehicle usage