Page 23 - Insurance

Irdai issues exposure draft on EoM for insurers based on RRC suggestions

The exposure draft has upheld and continues to propose a 30 per cent and 35 per cent limit on EoM for general insurers and standalone health insurers, respectively

GIC wants to divert terror insurance money for oil and nuclear risks

India has Rs 15,000 cr in terror risk insurance: Money could be better used

Insurers must curb product mis-selling: Insurance Ombudsman Delhi

Insurance companies have to keep a check on incidents of mis-selling, Insurance Ombudsman Delhi region Sunita Sharma said on Monday. Stressing that customers are the king and insurers are in existence because of customers, she said companies should avoid mis-selling products. Sharma, a former LIC MD, said usually companies engage customers till the free look period and disappear after that as they cannot make a claim of mis-selling after that. Policyholders are allowed a period of at least 15 days (30 days in case of electronic policies and policies sourced through distance mode) from the date of receipt of the policy to review its terms and conditions and to return the same if not acceptable. Insurance Ombudsman is a quasi-judicial grievance redressal machinery to redress complaints of insured persons against life and non- life insurance companies. Observing that the Self Contained Note (SCN) does not come on time from insurers, she said it is advised that these should be sent to

Funding assisted fertility; planning holiday: Top personal finance stories

Our best stories this week are what couples must know about the financial impact of IVF and places to go for a Diwali break

Insurtech startup Bimaplan raises $3.5 mn in pre-series A funding round

Company will use the money to improve technology platform, expand distribution

Premiums of general insurance companies rise 13.65% in October 2023

In terms of the market share, the public sector general insurers stood at 31.60 per cent of the overall insurance industry in October 2023, down from 33.01 per cent in October 2022

Zurich Insurance to pick 51% stake in Kotak Gen Insurance for Rs 4,051 cr

Plans to increase stake to 70% within three years

Zurich Insurance to buy 51% stake in Kotak Mahindra General Insurance

Further, within three years from the initial acquisition, Zurich Insurance Company Ltd will buy an additional 19% stake in the Kotak Mahindra General Insurance Company Ltd

Best of BS Opinion: Grassroots insurance, India's research riddle & more

Here is the best of Business Standard's opinion pieces for today

BS BFSI Summit: Irdai considering SLBC-like body, says chairman Panda

At BS BFSI summit 2023, Panda expressed concern on rising cyber and climate-related risks and the need for insurance companies to develop policies that would address those

Equiniti India aims to hire 800 employees as part of expansion in India

Equiniti India, the offshore arm of Equiniti Group, currently has a total of about 1,500 employees in India across Chennai and Bengaluru

Insurers to provide details of basic features to customers from Jan 1

The regulator has observed several complaints from policyholders due to the asymmetry of information between insurers and the policyholders

Insurers to provide details of basic features to customers from Jan 1, 2024

Insurance companies will have to provide basic features of a policy like sum assured, what the policy covers as well as exclusions, and claim procedure, to policyholders in a prescribed format from January 1, for easy understanding of terms and conditions. The Insurance Regulatory and Development Authority of India (Irdai) has revised the existing customer information sheet so as to convey basic information about the policy purchased in a manner that is easily understood. "The revised customer information sheet (CIS) shall be implemented with effect from January 1, 2024," the regulators said in a circular to all insurance companies. Irdai said that it is important for a policyholder to understand the terms and conditions of the policy that has been purchased. "Since a policy document may be fraught with legalese, it is imperative to have a document that explains in simple words, the basic features with regards to the policy and provides necessary information," the circular said. I

Irdai sets up 12-member committee to simplify insurance policy wordings

This comes in the backdrop of the Irdai's observation that policyholders often find it difficult to understand the terms and conditions in insurance policy contracts

SBI Life Insurance Q2 net profit stays flat amid rise in expenses

The net premium income of the insurer jumped by 21.68 per cent to Rs 20,049.66 crore from Rs 16,477.26 crore, as compared to the corresponding period last year

General insurance will grow by 18-24% in FY24: Kishore Kumar Poludasu

SBI General Insurance is a multi-product and multi-channel distribution network, said Poludasu

Motor Vehicles Act: DFS asks pvt insurance companies for compliance drive

The insurance companies were asked to encourage adoption of property/parametric covers to mitigate financial losses due to natural catastrophes

ICICI Prudential Life Q2 results: Net profit rises 23% despite lower income

ICICI Prudential Life Insurance Company on Tuesday reported a 23 per cent increase in its net profit at Rs 244 crore in the quarter ended in September 2023 despite lower income. The company's net profit in the same quarter a year ago stood at Rs 199 crore. However, total income decreased by 2.4 per cent to Rs 174.36 crore from Rs 226.42 crore in the year-ago period, mainly because of fall in investment income. The net premium earned by the private sector insurer during July-September was up at Rs 100.22 crore as against Rs 95.82 crore in the same period a year ago, ICICI Pru Life said in a regulatory filing. The assets under management of the company grew by 11.3 per cent from Rs 2,44,279 crore as on September 30 last year to Rs 2,71,903 crore as on September 30, 2023. The company had a debt-equity mix of 54:46 as on September 30, 2023 and 96.4 per cent of the fixed income investments were in sovereign or AAA-rated instruments. The solvency ratio was 199.4 per cent as on Septembe

'Prior export proceeds realisation must for refund on export of services'

If you want to re-import the exported goods under the notification 158/95-Cus dated 14th November 1995 that would not be possible as the one year time limit is already over

BimaKavach receives IRDAI's approval for direct insurance broking

In 2022, the company secured $2 million in funding from WaterBridge Ventures, Blume Ventures, Arali Ventures, and Eximius Ventures