LIC hopes next set of insurance reforms will get Parliament nod
LIC is hopeful that the next set of proposed reforms to the insurance sector will soon go through Parliament, fuelling Read more
INSURANCE ACT
DFS firms up Insurance Act amendment proposals
The much anticipated fresh round of insurance reforms may be round the corner with the Department of Financial Services (DFS) Read more
Cabinet approves amendment of Insurance Act, paves way for 74% FDI limit
The Union cabinet has recently approved amendments to the Insurance Act for increasing the Foreign Direct Investment (FDI) limit to Read more
Insurance Court must record reasons for waiving condition of pre-deposit under Sec 75(2)(B) ESI Act: Kerala HC
The Kerala High Court has set aside an order passed by an Insurance Court on the ground that the procedure Read more
Celebrating 75 Years of the Indian Actuarial Profession
Institute of Actuaries of India (IAI) celebrated the platinum jubilee of the Indian Actuarial Profession. The celebration was attended by Read more
What constitutes the commission structure applicable for life insurance companies
One of the major changes in insurance rules effected by the Insurance Laws Amendment Ordinance is scrapping of section 40A Read more
New amendments makes rejections to claims tight: LIC Chief
Life insurance companies will find it almost impossible to reject claims in future because of an amendment to Section Read more
IRDA Circular: Directions under Section 34 of the Insurance Act, 1938 In the matter of M/s SBI Life Insurance Company Limited
Whereas Clause C-4 of Guidelines on Group Insurance Policies given in Circular No. 015/IRDA/Life/Circular/GI Guidelines/2005 dated 14th July 2005prescribes that there shall be no other payment whether as management expenses or documentation expenses or profit commission or bulk discount or payment of any description, to the agent or corporate agent or group organizer or group manager. Read more
Insurance Act 1938
To regulate the activities of these Insurance Companies, and prevent them from becoming speculative, and force them to act on sound Actuarial principles, the Life Insurance Companies Act was passed in 1912. But this Act discriminated between Indian Companies and the foreign Companies. Read more