Insurance

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.

The Insurance Amendment Bill has done away with a provision in which insurers were mandated to pay commission to insurance agents who left distribution after 5 years of service.

IFAs are buying professional indemnity insurance to protect themselves from client litigations.

The company claimed that it is the number one player in health insurance business in India.

Hemant G Contractor, Chairman, PFRDA said that the pension fund regulator has already sought clarification on this matter.

IRDAI has improved disclosure norms, restricted usage of awards & ratings and prohibited marketing of products which show tax benefits of policies without stating that such benefits are subject to changes in the tax laws.

The discretion to pay first year commission has been left to insurance companies.

Only 4-5 players (individuals and entities) have approached IRDAI to float Insurance Marketing Firms.