General Insurance Policy

Budget 2024: Govt likely to introduce insurance laws amendment bill

The government is likely to introduce a bill seeking amendments to the Insurance Act, 1938, during the upcoming Budget session to achieve 'Insurance for All by 2047'. Some of the provisions, which could be part of the amendment bill, include composite license, differential capital, reduction in solvency norms, issuing captive license, change in investment regulations, one-time registration for intermediaries and allowing insurers to distribute other financial products, sources said. The move will enable the entry of differentiated insurance companies like in the banking sector. The banking sector is currently categorised as universal bank, small finance bank, and payments bank. The provision of composite licenses would allow life insurers to underwrite health insurance or general insurance policies. As per the provisions of the Insurance Act, 1938, life insurers can only offer life insurance covers, while general insurers can offer non-insurance products like health, motor, fire, .

ICICI Lombard Q2 net up 32% to Rs 591 cr on reversal of tax provision

Gross direct premium income up 17% to Rs 5,185 cr; combined ratio, which indicates underwriting discipline, stable at 105.1%

Non-life insurers not keen on paying obligatory cession to GIC Re

The obligatory cession was reduced from 5% to 4% for 2022-23. The impact of the reduction on GIC Re will be Rs 2,000 crore

Irdai maintains 5% obligatory cession to GIC Re in FY21, fixes commission

Obligatory cession is the part of the business, or premium, that general insurers are required to cede on every policy sold to GIC Re

Help policyholders get uninterrupted coverage: Irdai to general insurers

The non-life insurers decided to give a one-time relaxation to policyholders whose property has remained un-occupied and who are at risk of losing their coverage due to lockdown

Irdai rejects general insurers' call for blanket easing of solvency margins

However, it said specific cases would be considered on merit

A snapshot: Insurance sector has undergone a sea change, but issues remain

Business Standard brings you a snapshot of the Indian insurance industry

Numbers that help when buying general insurance

There are many critical parameters like claims settlement, repudiation and others that need to be studied carefully