Insurance

While life insurers saw a 2% decline in new business premium collection, general insurers record a marginal growth of 3% in 2020.

IRDAI committee has submitted recommendations on standard professional indemnity policy for insurance intermediaries – corporate agents, brokers, insurance marketing firms and web aggregators.

NPS subscribers can partially withdraw 25% of funds after 3 years for specific needs.

While banks and brokers have received close to 10000 complaints each related to unfair business practices and mis-selling, there were 5730 such complaints against individual agents.

Here are the key events of 2020 that had a major impact on the insurance industry.

The standard personal accident insurance policy will be available from April 1, 2020.

The market regulator has asked insurance agents, intermediaries and companies to submit their timelines to comply with the norms within 15 days.

Earlier, IRDAI has allowed general insurance and standalone health insurers to hike premium rates by up to 5%.

In addition, the insurance regulator has asked agents and insurance intermediaries to maintain receipts of all kind of payment received separately - commission, rewards, bonus or any other payment.

These records will help IRDAI to carry out inspection and investigation.

HDFC Life has combined its term insurance with HDFC Ergo’s Corona Kavach policy.

Agents can now onboard clients online through the LIC digital tool’ ‘ANANDA’.

IRDAI has issued an FAQ for agents on how to switch their agency license.