Page 27 - Insurance

Digital engineering taking lead in engineering R&D in India: Report

NASSCOM and Deloitte study calls for improving the ease of doing business and addressing concerns about patents

Insurance laws amendments should not change their basic structure: Experts

Low penetration of insurance in India cannot be linked to statutory capital and solvency norms as they are entirely different, the experts added

NPS exit form to be treated as proposal to purchase annuity products: Irdai

Regulator eases rule for senior citizens taking annuity products from proceeds of National Pension Scheme

Irdai mulls SFIO-like independent agency to probe cases of insurance fraud

Insurance Fraud Investigation Agency proposed via Insurance Act amendment

FinMin mulls changes in insurance laws to boost penetration: Report

The finance ministry is contemplating changes in insurance laws, including reduction in minimum capital requirement, with a view to increasing the insurance penetration in the country. Insurance penetration in India increased from 3.76 per cent in 2019-20 to 4.20 per cent in 2020-21, registering a growth of 11.70 per cent. Insurance penetration measured as the percentage of insurance premium to GDP witnessed handsome growth during the year, mainly due to the outbreak of COVID-19. The ministry is doing a comprehensive review of the Insurance Act, 1938 and also looking at making relevant changes to help push growth of the sector, sources said, adding the process is at a preliminary stage. One of the provisions being considered is lowering the minimum capital requirement of Rs 100 crore for setting up an insurance business, the sources said. Easing capital requirement would allow entry of differentiated insurance companies like in the banking sector, which has categories like universa

Irdai set to meet insurance CEOs on dematerialisation of policies

This initiative was started by insurance regulator a few years ago, but did not take off as the operational challenges and associated cost for insurers outweighed customer convenience

Insurance claims independent of human errors, say industry players

The death of former Tata group chairman Cyrus Mistry in a road accident has ignited a debate over the eligibility of insurance claims in accident cases but industry players say the very purpose of buying insurance is to hedge against risk, whether due to human error or otherwise. Human error or violation of rules is unlikely to vitiate an insurance policy and accidental death claims will continue to be honoured albeit in exceptional cases the compensation amount may be lowered. Insurance documents per se do not list out acts, such as not wearing a seat belt, that could impact payment of compensation in case of death of occupants other than the driver, they said. However, most policies mention "any accidental loss or damage suffered whilst the insured or any person driving the vehicle with the knowledge and consent of the insured is under the influence of intoxicating liquor or drugs", the compensation amount may be limited and would vary from car make and the kind of policy taken.

Fake invoices can lead to insurance claim repudiation, shows a recent order

Aristo Texcon, a private limited company, had its factory in Kolkata's Tangra Industrial Estate. A massive fire occurred on February 19, 2012. Here's what happened when they approached their insurer.

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

Use technology to make insurance affordable, says Irdai chairman Panda

Panda also nudged the industry to come out with solutions that are pocket-friendly

New ODI regulations: Govt allows investment in financial services abroad

Holding less than 10% in an overseas entity not considered 'control'

Manipal Cigna seeks 30% growth in health insurance: CEO Prasun Sikdar

High claims for Covid-19 a challenge for the industry, says the senior executive

How to plan your finances before you take the leap into entrepreneurship

Creating an adequate reserve, reduce the risk in your investment portfolio, and buy sufficient life and health insurance

Irdai proposes limits on expenses of management of life insurers

Insurance regulator releases exposure draft aiming to provide greater flexibility to insurers as far as their corporate agency tie-ups are concerned

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

How to choose a health insurance plan for senior citizens

In an interview with Business Standard's Sanjay Kumar Singh, Dr Bhabatosh Mishra, Director, Underwriting, Products and Claims, Niva Bupa Health Insurance offers tips on policy for senior citizens

Planning to buy an insurance policy? Here is what you need to know

There are three main components of an insurance policy: premium, sum assured and deductibles

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

Surveyor cannot apply deductions arbitrarily

The National Commission held the insurer liable to settle the claim in accordance with the original computation of loss jointly signed by the surveyor and insured