Insurance

IRDAI has allowed sales representatives to sell health insurance policies having sum assured of up to Rs. 5 lakh.

While the demonetisation exercise attracted new business premium in the life insurance industry in the initial months, it has not increased subsequently.

The total agency force stood at 20.99 lakh as on September 2017.

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.