IRDA’s proposed application form may be difficult for consumers

Life insurers said that the seven pages draft application form proposed by IRDA (Insurance Regulatory and Development Authority) to facilitate need-based selling is too complex, according to media reports.

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Life insurers’ premium collection rises 2.3%

The premium collections of life insurers stood almost flat with just a 2.3 cent rise in October at Rs 6,851 crore, compared to the corresponding month last year, according to data from Insurance Regulatory and Development Authority (IRDA). While the new business premiums of private life insurers were marginally down with a one per cent drop in October, compared to October 2011, Life Insurance Corporation of India (LIC) saw a four per cent rise.

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IRDA panels to make insurance crystal clear

Welcome relief for life insurers and policyholders. There was a time when only the Life Insurance Council, the industry body representing life insurers, was the sole agency dealing with regulatory knots and consumer issues. In a week’s time, the Insurance Regulatory and Development Authority (IRDA) will set up product-specific committees which will complement the Life Insurance Council.

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Insurance News: Cooperative model leads to inclusive growth

In a first ever move by the finance ministry to seek life insurers’ view on taxation issues, it has invited suggestions from life  insurance companies for making changes in direct and indirect taxes for the sector, to be considered in the Union Budget 2013-14.  In a letter to the Life Insurance Council, the ministry has called for suggestions and views for changes in the duty structure, rates  and broadening of tax base, giving economic justification for the same.

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