Page 39 - Insurance

Preference to GIC likely to continue in reinsurance business in India

As a rule, GIC Re is given preferential treatment in taking reinsurance risk.

MetLife agrees to pay $10 mn fine over how it decided clients were dead

The settlement follows a probe by the SEC into the company's failure to pay some workers' pensions, which MetLife disclosed in December 2017

IRDA gets close to 170 applications under sandbox, approvals by end of FY20

In May this year, the insurance regulator had come out with draft regulations for the creation of a regulatory sandbox in the insurance sector

Japan Post probe uncovers 9,000 cases of improperly sold insurance: Report

A Japan Post Insurance spokesman said the company was not the source of the report, and that the date to release the final report was not yet decided

Standalone products can offer more comprehensive coverage than bundled ones

Sometimes, the free personal accident cover makes a payout only in case of death due to accident and not in case of a permanent disability. This significantly reduces its usefulness

New India Assurance vs ICICI Lombard: Size fails to beat profitability

With segments such as motor, health, fire and crop insurance being the stronghold of both players, they have nearly the same product profile

When insurance covers IVF, more women are willing to use it: Study

When the University of Michigan began to cover IVF in 2015, Dupree and his colleagues saw an opportunity to study how big of an impact insurance coverage might make

Is compensation paid by employer taxable? The devil is in the detail

In the absence of any regulation, a demand can be raised even in case of accidents or partial disability

Risk-based premium for deposit insurance: Time right, but tough to follow

If RBP kicks in, there will be a shakeout among urban-cooperative banks

Make sure insurance ads are clear, fair and not misleading: Irdai to firms

The Irdai in a circular on 'insurance advertisements' has prescribed dos and don'ts for insurance companies to comply with.

When should one buy a life insurance term plan? Expert answers all queries

It is best to purchase a term plan early in life when one is young and in good health

Slowdown woes: Trade credit insurance claims rise 38%, premiums jump 14%

The insurers feel that various initiatives taken by the government such as recapitalisation of PSBs and their mergers will boost the liquidity situation in the market

How to prepare yourself financially when you know layoffs are coming

As soon as you detect straws in the wind-peers receiving the pink slip, projects getting shelved, etc.-start preparing for the worst

Life insurance: Don't depend blindly on the agent, look at your needs

Ensure that you have a life and medical policy in place. This will safeguard your family against any eventuality and cover liabilities

Joyride is not a risky activity

The forum observed that a joyride under a trained pilot is neither banned nor illegal. It said the exclusion clause had been wrongly invoked

Banks, national distributors skip mutual funds for insurance, PMS

Move follows regulatory diktat to reduce total expense ratio, shift to trail commissions

Annuity plans take care of longevity risk, but their rate of return is low

The key attraction of an annuity is the promise of a fixed and regular income after retirement

Insurer has to prove pre-existing disease

A mere allegation by the insurer would not suffice to oust the claim, and the allegation would have to be substantiated by furnishing evidence

Relaxing FDI limit in insurance intermediaries to boost distribution: Fitch

The Budget proposal of relaxing foreign investment limit in insurance intermediaries will strengthen distribution capabilities and increase international involvement, particularly from developed markets, Fitch Ratings said Monday. The Budget 2019-20 tabled in Parliament on July 5, permitted foreign companies to own up to 100 per cent in insurance intermediaries, including insurance agents, brokers, loss assessors and surveyors, from the 49 per cent, to attract more foreign direct investment into the industry. "India's proposed removal of the foreign-ownership cap on insurance intermediaries is likely to increase competition, strengthen distribution capabilities to enhance insurance penetration and boost M&A in the medium to long term," Fitch Ratings said in a statement. The proposed change is only applicable to insurance intermediaries while the cap on foreign ownership in insurance companies will remain at 49 per cent. Still, the government has indicated that it may take further .

Reader's corner: Is the car insurance policy transferable to the new buyer?

NCB benefits are not transferable to the new owner, since NCB is specific to the policyholder and not to the vehicle