Insurance

However, in terms of duration of settlement of claims arising out of death of policyholders, majority of individual policies were settled after three months.

Max Bupa set to become one of the first to benefit from the hike in insurance FDI limit.

IRDA has constituted an 11-member committee to examine the framework of health insurance.

Also, the insurance regulator has proposed to set up citizen’s charter and a grievance redressal cell.

IRDA has proposed a host of measures relating to disclosure and selling practices among others to protect policyholder’s interests.

The regulator has imposed a fine of Rs. 55 lakh on Max Life Insurance and Rs. 31 lakh on Canara HSBC Oriental Bank of Commerce for violation of various norms.

Media reports say that the cabinet has approved ordinance on insurance bill to pave the way for FDI hike in insurance.

The select parliamentary committee which has given its nod to the much awaited insurance bill has recommended the government to provide flexibility to IRDA to review the commission structure.

The insurance regulator has allowed general insurers to distribute five more types of policies like personal accident insurance and farmer’s package policy through CSCs.

IRDA has mandated insurers to provide free look period of 15 days in health insurance policies having tenure of one year and above.

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IRDA found that the insurer has delayed claim settlement of over 3 lakh polices for more than three years.

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RBI has given approval to the bank to form a subsidiary to enter the general insurance business.

Insurance agents should be in a position to earn at least Rs. 10,000 per month from selling insurance products, says TS Vijayan, Chairman, IRDA.