Insurance

"In today's interconnected world, it is imperative for companies to have adequate security and data protection measures and top that protection through a cyber liability insurance policy,'' says M Ravichandran, president – insurance, TATA AIG General Insurance.

It's one of the ultimate travel nightmares: something happens in your trip that leaves your belongings lost, stolen, or damaged. It's even worse when the items that are lost or damaged happen to be the expensive ones. Travel insurance is one way to set your mind at ease, but is it possible that your claims can be rejected?

Experts say that while a delay in issuing final guidelines on the foreign investment cap hike in the insurance sector is hampering investments and growth within the industry, it will affect the ability of companies to offer a better and wider range of products at competitive prices.

The insurance regulator has proposed to put an end to the practice of paying additional commission to the agents of non-life and health insurance companies.

A few general insurance companies have been found to have settled claims by paying less coverage amount than what was insured.

The insurance regulator has imposed a fine of Rs.10 lakh on ICICI Lombard and Rs.5 lakh each on Reliance General and Reliance Life.

The insurance regulator has clarified that insurance intermediaries need not use the word ‘firm’ while getting themselves registered with RoC.

Insurance companies may have to pay from their own account in case annual payout of managing directors and chief executive officers exceeds over Rs.1.50 crore.

We did some crystal gazing on how seven key recommendations of the Finance Ministry committee can have far-reaching impact on the insurance industry.

However, such commission should be paid only on mortality charges.