Insurance

IRDA has directed insurers to appoint new agents for servicing orphaned policies.

General insurance players have reported a stable increase in the last ten months.

Life insurance players are facing a tough time in increasing their business. They are eager to ramp up their distribution network by empanelling CFPs.

Big insurers face difficulty in increasing individual premiums, say industry experts.

Insurers feel it will take minimum five month to report a rise in recruitment figures.

At the 14th Global Conference of Actuaries J Hari Narayan, IRDA Chairman reportedly stated that IRDA feels that certain provisions in the Direct Tax Code (DTC) are not in the best interest of the industry.

Life insurance players report 20 percent increase in sale through these channels.

The forum would facilitate evolution of regulation in the health insurance industry.

The regulator has issued a discussion paper on tying and bundling of products with insurance policies

Policyholders can make advance payments only 15 days prior in case of monthly payments and 30 days prior in non-monthly payments.

Industry official relates the increase to awareness about health insurance among customers.

Life and general insurers have to provide insurance to HIV/AIDS patients under health insurance policies.

As a step to curb mis-selling of insurance policies, IRDA proposes a ‘Prospect Product Mix’ tool for the industry.

IRDA wants to kick-start the service with 23 life insurance companies.

Industry experts claim that the dip is mainly due to the reform in regulations: most of the agents are exiting from the industry.