Insurance Regulatory and Development Authority (IRDA) has been working on norms to make a Health insurance policy transferable from one insurance company to another without the policyholder losing accrued benefits and coverage. This is to help the policyholder who shifts residence from one region to another who finds that his insurance company is unable to [...]
Selling insurance is all about persistence, persistence, persistence. How many times have you heard your favourite trainer say this? Now IRDA is also saying it! It has released performance norms for insurance agents effective July 1, 2011, applicable to agents of both Life and Non-Life insurance companies. According to these, from financial year 2014-15 insurance [...]
The Insurance Regulatory and Development Authority (IRDA) has given an unofficial nod for the merger of Reliance General Insurance Company (Reliance Gen) and Royal Sundaram Alliance Insurance Company (RSA), media reports said, quoting sources. The official nod for the merger is expected soon. RSA is a joint venture between Royal and SunAlliance of the UK [...]
September 1, 2010 was the deadline for Life insurance companies to ensure that their Unit-Linked insurance policies (ULIPs) are compliant with the new norms announced by the regulator, Insurance Regulatory and Development Authority (IRDA).
The new policy structure includes limitation on margin, a five year lock in period, Life cover of at least seven to 10 times the value of the First Year Premium on the policy, a 4.5 per cent guaranteed return in the case of a Pension policy, lower discontinuance charges, among others. Over 60 new ULIPs have been cleared by IRDA and slowly companies are launching them.
In order to make insurance products transparent and to ensure fair treatment to policyholders, Insurance Regulatory and Development Authority (IRDA) has proposed that insurance companies should create a ‘Key Feature Document’ for each policy. This is being proposed as an amendment to IRDA (Protection of Policyholders Interests) Regulations, 2002 An exposure draft for comments from [...]
First Insurance World Broking Services Pvt Ltd, an insurance broker registered with Insurance Regulatory and Development Authority (IRDA) has launched an insurance buying portal www.insuranzone.com which enables the public to compare and buy policies of any General insurance company online. Brand named Green Insurance and Any Time Motor (ATM) Insurance, Mr. Mathews Prabhakaran , Director [...]
United India Premium Grows 22% United India Insurance Company Limited, (UIIC) the Chennai headquartered public sector General insurance company has finished the financial year 2009-10 with a gross premium of Rs 5,239.05 crore, up 22.4 per cent from the Rs 4,277.77 crores collected in the year 2008-09. Announcing the financial results of the company at [...]
utual Fund vs ULIP Where are the Earnings? Since August 2009 when Securities Exchange Board of India (SEBI) barred entry loads on mutual fund products, there has been concern among AMFI certified agents about their earnings through selling mutual funds. Meanwhile in September 2009 came the discussion paper of the Swarup committee which argued that [...]
SEBI vs IRDA The Turf War over ULIPs In January, when Securities Exchange Board of India (SEBI) sent show cause notices to Life insurance companies demanding to know how they launched unit linked insurance policies without its approval, the insurance industry was totally taken aback. SEBI’s stand was that ULIPs were collective investment schemes and [...]
When insurance companies merge K Nitya Kalyani In the last week of March there were two news developments relating to insurance companies’ ownership stakes. News reports, unconfirmed, said that both Reliance Life Insurance Company and Reliance General Insurance Company were talking to investors from abroad for selling them a stake. The point of interest here [...]
