File and Use procedure for Insurance schemes sponsored by Governments
All the insurers are required to comply with the File and Use procedure for each product that is being offered in the market. Read more
Month: February 2011
Exposure Draft on Amalgamation of Non Life Insurance Co.
Section 35 of the Insurance Act, 1938 lays down the framework for amalgamation and transfer of life insurance companies. However, a similar provision is not available in case of non-life insurance companies. This anomaly is proposed to be rectified in the Insurance Amendment Bill, 2008. Read more
UNITED INDIA INSURANCE RECEIVES SKOTCH FINANCIAL INCLUSION AWARD 2011
Shri G.Srinivasan,CMD,United India Insurance Company received “SKOCH Financial Inclusion Award 2011†from Shri K C Chakrabarty, Deputy Governor, Reserve Bank of India.
Read moreCMD, UNITED INDIA INSURANCE GETS ICON OF THE YEAR AWARD
The Institute Of Cost And Works Accountants Of India (ICWAI) presented the Icon Of The Year award to Shri G Srinivasan, CMD, United India Insurance for his
Read moreUnited India Insurance adopts village for financial inclusion
United India Insurance Company has taken various initiatives and the latest is “ADOPTION OF VILLAGE FOR FINANCIAL INCLUSIONâ€. Read more
Is Actual ignition requisite for a spontaneous combustion loss
Spontaneous Combustion is nitpicky issue in Fire insurance. It is a matter of great concern for industries that deal with substances that are prone to spontaneous combustion like Read more
Committee on electronic issuance of insurance policies
Reference is invited to Clause No.12 of the Guidelines on “Outsourcing of Activities by Insurance Companies” issued vide Ref:IRDA/LIFE/CI R/GLD/013/02/2011 dated 15t February,2011, wherein it is stated that the guidelines for electronic issuance of insurance policies will be issued separately. Read more
LIC unveils New Variable Insurance Plans Bima Account I and Bima Account II
LIC has launched two new Non linked plans Bima Account I and Bima Account II. These are the first Variable Insurance Plans under the new IRDA regime. Read more
Guidelines on Outsourcing of Activities by Insurance Companies
INTRODUCTION
Insurers in India are increasingly using outsourcing, as a means of both reducing cost and accessing expertise, not available internally and achieving strategic aims. ‘Outsourcing’ may be defined as “Insurer’s use of a third party (either an affiliated entity within a corporate group or an entity that is external to the corporate Read more
Creation of Reserve for Unexpired Risk (URR) by the Non-life Insurance Companies for Health Segment
IRDA CIRCULAR: Authority vide Circular No. IRDA/F&A/CIR/49/Mar-09 dated March 24, 2009 had relaxed the requirement of Section 64(1)(ii)(b) of the Act for computation of Reserve for Unexpired Risk for Health segment for the year 2008-09 and had permitted to compute Reserve for Unexpired Risk on 1/365 days method basis. The said relaxation was extended to the financial year 2009-10 vide Circular No. IRDA/F&I/CIR/F&A/081/12/2009 dated 17th December, 2009. Read more