Thanks to the IGMS (integrated grievance management system) set up by the Insurance Regulatory and Development Authority in April, redress of grievances in the insurance sector is faster now. The average time to settle a complaint is just around 14 days, media reports quoted Mr J Hari Narayan, Chairman, IRDA, as saying. Ever since the [...]
Insurance Regulatory Development Authority (IRDA) is planning to introduce an electronic re-insurance platform for insurers and both Indian and foreign re-insurers. “The proposed platform will have to be mandatorily used by insurers and Indian reinsurers as well as foreign reinsurers operating in India,” Mr J Hari Narayan, IRDA Chairman, has said. IRDA had taken up [...]
Parliament has approved a Bill for increasing the paid-up capital to Rs 100 crore of the state-owned Life Insurance Corporation of India (LIC) after the Government faced some tense moments in the Rajya Sabha, where Left parties pressed for division of votes over an ‘amendment’. Though the upper House negated the ‘amendment’ moved by the [...]
Private insurers who have been operating for more than 10 years will be allowed to open branches and set up insurance joint ventures, including subsidiaries, outside India, according to Insurance Regulatory and Development Authority (IRDA). The norms would apply to all companies involved in Life, General, Health and reinsurance businesses. In a note issued to [...]
Insurance Regulatory and Development Authority (IRDA) has said unhealthy marketing practices such as massive discounts offered by General insurance companies, could lead to financial trouble for the companies. After the deregulation of rates, “the premium has come down to a level where questions arise about the health of the companies. If that trend continues, then [...]
Insurance Regulatory and Development Authority (IRDA) has said corporate agents of General insurance companies would also come under the guidelines for the minimum business requirements for other agents. “The Minimum Business Requirements (MBR) provision is now being extended to all corporate agents engaged with General insurance companies for soliciting business,” the regulator said in a [...]
A panel of the Indian parliament has rejected a proposal to raise the ceiling on foreign investment in insurance, which could hinder plans of various companies to enter the nation’s $41 billion insurance market. “In the present global economic scenario, any further hike in foreign direct investment at this juncture may not be in the [...]
In order to ensure adequate training and testing of agents selling insurance products, Insurance Regulatory and Development Authority has made available more than 220 online examination centres all over India. From now on, NSE-IT, on behalf of Insurance Institute of India, will be conducting all examinations for Life insurance agents under a new syllabus which [...]
The Insurance Regulatory and Development Authority’s circular which directs Life insurance companies to do away with the current 4.5 per cent guaranteed benefit clause, is expected to have wide impact on the way pension products are structured and operate in the country, industry sources believe. However, the companies have to declare a non-negative guarantee on [...]
A notification by the Insurance Regulatory and Development Authority on Initial Public Offer (IPO) norms for insurance companies is expected soon, as the Securities and Exchange Board of India (SEBI) has already finalised the guidelines framed by the IRDA. “We are awaiting publication of the gazette notification by the Government. It will happen very soon. [...]
