Insurance

IRDAI has issued a clarification on the remuneration structure payable to motor insurance service providers (MISPs).

IRDAI has increased the commission structure on own damage motor insurance policies to 17.5% of the premium.

Bombay Stock Exchange has partnered with American insurance exchange giant Ebix to set up an insurance distribution network in India.

The general insurance industry has collected Rs. 72,564 crore in six months.

DHFL General Insurance, Acko General Insurance and Go-Digit Insurance have received IRDAI’s go-ahead to enter the non-insurance space.

The insurance regulator has directed life insurance companies to segregate death claim settlement ratios of individual and group policies.

The insurance regulator is already in the process of creating a database of other insurance intermediaries like brokers, corporate agents and web–aggregators.

The life insurer had filed its draft red herring prospectus (DRHP) with SEBI on August 18, 2017.

While individual agents received Rs.480 crore from health insurance sales, banks received Rs.159 crore last fiscal.

IRDAI has asked insurance companies and intermediaries such as agents and brokers who sell insurance policies online through insurance self-network platforms to issue e-insurance account to their policyholders.

The company has received corporate agency license from IRDAI to distribute insurance policies.

Experts attribute this to induction of new agents, increasing demand of motor and health insurance policies and launch of crop insurance scheme.

Nilesh Sathe, Member (Life), IRDAI asserted that many agents end up getting only 10% of total premium as first year commission instead of 35%.

IRDAI has allowed insurance companies to appoint automobile dealers as intermediaries to distribute motor insurance policies.

Simply put, insurance agents can on board new clients through Aadhaar card.