Insurance

The insurance regulator is working with associations like life insurance council (LIC) and general insurance council (GIC) to ascertain how GST will impact the insurance industry.

The success of PMJJBY teaches the life insurance industry how insurance products are designed, marketed and distributed among the masses.

The company was found to have violated IRDAI norms such as distribution of policies through unauthorized agents/entities and paying additional commission to its corporate agents.

IRDAI Chairman T.S. Vijayan told Cafemutual that the insurance regulator will finalize the commission structure by October.

IRDAI Chairman TS Vijayan has said that agents should be adequately remunerated as they put a lot of efforts to solicit insurance policies.

We have sent mystery shoppers into banks and we find that there are issues about full information, said RBI Governor Raghuram Rajan in an interview with CNBC.

While Bajaj Allianz was found to have paid additional amount to its corporate agents, Shriram General had sold policies through unlicensed persons and offered huge discounts on some of its policies.

Insurance companies have been asked to pay from their own account in case annual payout of MDs and CEOs exceeds over Rs.1.50 crore.

IRDAI found that many banks sell insurance policies in lieu of FDs on the pretext of better returns.

Instead, the insurance regulator has asked life insurers to come out with benefits based health insurance policies in which insurers pay reinstatement value on hospitalization.

IRDAI has mandated insurers not to pay commission to intermediaries on portability of health insurance policies.

Life insurance industry has recorded net profit of Rs.7,375 crore in FY 2015-16 as against Rs. 7,527 crore in FY 2014-15, a decline of 2%.

Now, insurers cannot insist policyholders or claimants to sign on acknowledgement receipt during claim settlement.

The total number of standalone health insurers has gone up to six.

In just three months, 15 new entities have received licenses from IRDAI to float Insurance Marketing Firm (IMF), taking total count of such players to 29.