There is some good news for insurance agents who have been in the field for more than five years. In a move that could provide additional income to these agents, the Insurance Regulatory and Development Authority plans a new set of agents — senior agents — to mentor junior agents, media reports say. In a [...]
The Indian government is discussing the listing of four public-sector General insurance companies on the stock market, media reports said. The listing of The New India Assurance Company, National Insurance Company, The Oriental Insurance Company and United India Insurance Company will be done over a period of time, they said quoting top government officials. Another [...]
Banks can sell multiple ins co. products: IRDA draft The Insurance Regulatory and Development Authority has proposed to open up the bancassurance distribution channel, by permitting banks to tie up with one set of insurance companies (Life, General and standalone Health) in one state. This would mean that, in a particular state, a bank would [...]
The Insurance Regulatory and Development Authority has prohibited product comparisons put up by insurance aggregators on their portals. “Web aggregators shall not display ratings, rankings, endorsements or bestsellers of insurance products on their website. The content of the websites of the web aggregators shall be unbiased and factual; they shall desist from commenting on insurers [...]
To make it possible for the over 1.5 lakh post offices to offer banking and insurance services, especially in rural and remote areas, the Government will soon make amendments to The Indian Post Office Act, 1898,” official sources were quoted as saying. ”The draft amendment bill to make necessary changes in the 1898 Act has [...]
A personal hearing was held for HDFC Standard Life Insurance Company on August 29, 2011, with regard to the show-cause notice issued based on a complaint by Ms Kunti Devi and subsequent investigation carried out by IRDA. Ms Devi had complained to the IRDA on April 14, 2009, regarding non-receipt of death claims. An IRDA [...]
Six years after anti-money laundering guidelines were introduced in the insurance sector, Insurance Regulatory and Development Authority (IRDA) has reviewed them to give “due consideration to threats posed by the money laundering/terrorist financing vulnerabilities in the insurance sector,” Mr R.K. Nair, Member (F&I), IRDA, has said in a circular. The new measures are: On the [...]
The Securities and Exchange Board of India (SEBI) has withdrawn a major irritant for Life insurance companies wanting to access the capital market with their initial public offers (IPOs). SEBI has removed the clause that a company going public should have shown profits for the preceding three financial years. However, insurance companies will have to [...]
The Insurance Regulatory and Development Authority (IRDA) has stipulated that insurers should allow policyholders to revive ULIPs within two years of the last premium paid, but not after the lock-in period has expired. So, if a policyholder has paid the premium only for a year after buying a ULIP, one can revive the policy in [...]
The Insurance Regulatory and Development Authority (IRDA) has made it mandatory for insurers to seek prior approval in case of stake transfer to domestic entities or financial institutions. As per a recent IRDA circular, the regulator will carry out the requisite due diligence of the proposed transferee or shareholder prior to grant of approval for [...]
