The Bima Trinity comprises Bima Vistaar, Bima Vahak, and Bima Sugam
The task force is expected to submit the report within a period of 1 month from the issuance of the order
In case, the complaint is not resolved within two weeks or if you are not satisfied with their resolution, You can directly register your grievance on Bima Bharosa System
Private general insurers increased their combined market share to 53.58 per cent in gross direct premium underwritten in the first half of the current financial year from 50.81 per cent in the year-ago period. As many as 31 insurers from the non-life industry had underwritten gross direct premiums of Rs 1.43 lakh crore in the first half of the current financial year, according to data on segment-wise gross direct premiums up to September 2023 released by Insurance Regulatory and Development Authority of India (Irdai). Private insurers registered an annual increase of 14.86 per cent in gross direct premiums. The non-life industry had underwritten gross direct premium (GDP) of Rs 1,25,194 crore in the April-September period of 2022-23. "Private general insurers have a combined market share of 53.58 per cent YTD September 2023 with a growth rate of 21.13 per cent as compared to a market share of 50.81 per cent YTD September 2022 with a growth rate of 21.33 per cent," Irdai said. PSU
Our pick this week explains when you must say no to your relationship manager and what the best purifiers do
The exposure draft has upheld and continues to propose a 30 per cent and 35 per cent limit on EoM for general insurers and standalone health insurers, respectively
SLBC-like forum could be a useful step
In order to achieve this objective and considering the interest of the policyholder, Irdai has set up a taskforce to examine the bancassurance framework
At BS BFSI summit 2023, Panda expressed concern on rising cyber and climate-related risks and the need for insurance companies to develop policies that would address those
IRDAI's chairperson Debasish Panda said there is a need for regulators to embrace innovation and make consumer-centric policies
The regulator has observed several complaints from policyholders due to the asymmetry of information between insurers and the policyholders
Insurance companies will have to provide basic features of a policy like sum assured, what the policy covers as well as exclusions, and claim procedure, to policyholders in a prescribed format from January 1, for easy understanding of terms and conditions. The Insurance Regulatory and Development Authority of India (Irdai) has revised the existing customer information sheet so as to convey basic information about the policy purchased in a manner that is easily understood. "The revised customer information sheet (CIS) shall be implemented with effect from January 1, 2024," the regulators said in a circular to all insurance companies. Irdai said that it is important for a policyholder to understand the terms and conditions of the policy that has been purchased. "Since a policy document may be fraught with legalese, it is imperative to have a document that explains in simple words, the basic features with regards to the policy and provides necessary information," the circular said. I
This comes in the backdrop of the Irdai's observation that policyholders often find it difficult to understand the terms and conditions in insurance policy contracts
Following the amendment, the clause will only apply to commercial lines of business
IRDAI added that no additional premium will be charged until further directions are issued
Regulator Irdai on Wednesday said it has asked general insurers and standalone health insurance companies to ensure expeditious settlement of claims arising out of the havoc caused by the floods in Sikkim. The flash floods in the Teesta river, triggered by a cloudburst in the early hours of October 4, caused widespread devastation and 40 people were killed. Insurers have been asked to mobilise all resources to ensure immediate service response, including engaging the services of surveyors, loss adjustors and investigators, for "quick settlement of claims arising out of the havoc created by the floods", Irdai said in a release. "Insurers are advised to respond/assist the claimants through their 24x7 helplines, special claims desks at district level with delegated Claims Settlement Authorities for speedy processing and settlement of claims," Irdai said. Further, Insurance Regulatory and Development Authority of India (Irdai) said insurers have been advised to settle claim payments/on
In 2022, the company secured $2 million in funding from WaterBridge Ventures, Blume Ventures, Arali Ventures, and Eximius Ventures
The RBI-appointed Administrator of debt-ridden Reliance Capital (RCAP) has written to Hinduja Group firm IndusInd International Holdings Ltd (IIHL), the successful bidder for acquiring RCAP, raising questions on the source of funds and business plan, sources said. The letter went from the Administrator after Insurance Regulatory and Development Authority of India (Irdai) rejected IIHL's proposal to raise funds for the RCAP acquisition by creating a pledge over the shares of Reliance General Insurance (RGIC) and Reliance Nippon Life Insurance (RNLIC), sources said. RGIC and RNLIC are subsidiaries of the debt-ridden financial services firm. In a letter to IIHL, sources said, the Administrator has asked the successful resolution bidder IIHL to submit a fresh application along with the source of funds and the business plan which do not contemplate the creation of pledge over the shares of RGIC and RNLIC. The Administrator has written to IIHL that in their meeting with Irdai on October
The objective of Bima Vahak continues to be a women-centric, dedicated distribution channel that will ensure accessibility and availability of insurance in every nook and corner of the country
The new benefits incentivise 1.35 million agents to continue with LIC, India's largest life insurer, but raise the heat on smaller firms in an expanding but difficult business