Online resource centre on insurance for magazine, books, training, articles and news on insurance
Refusal to honour a claim has cost an insurance company dear, with the Maharashtra State Consumer forum slapping a hefty fine of Rs 24.3 lakh over and above the claim of Rs 29 lakh on the company. Read more
Insurance companies are lingering on settlement of claims and using the money legally entitled to the insured for as long as they can, amounting to unfair trade practices, a consumer forum has held, reports PTI. Read more
The Bombay High Court  said the Insurance Regulation and Development Authority (IRDA) can go ahead with the process of finalising regulations for settling insurance claims and for the role of Third Party Administrators (TPAs) and powers of Ombudsmen. Read more
Max  Life Insurance Company been ordered by a consumer forum here to pay Rs 20,000 as compensation to the grandfather of a policy holder for issuing a policy with terms and conditions different from what was told to him. Read more
The Supreme Court ruled last week that an insurance policy of a motor vehicle did not cover employees of a person who hired the vehicle to carry goods. “Someone who travels, not being an authorised agent in place of the owner of goods, and claims to be an employee of the owner of goods, cannot be covered by the statutory policy,†the court stated in the judgment, Sanjeev Kumar vs National Insurance Company. The dispute arose when a person hired a vehicle to carry his goods and took along with him two employees. All of them died in a road accident. The Himachal Pradesh High Court, modifying the order of the accident claims tribunal, asked the insurance company to pay compensation and allowed it to recover from the owner of the vehicle. Therefore, the owner appealed to the Supreme Court. The appeal was dismissed. Read more
A sacked divisional manager of a state insurance firm and three others have been sentenced to varying jail terms for clearing bogus insurance claim and duping the firm of Rs 1,61,500. Read more
Oriental Insurance Company Ltd has been asked by the Delhi State Consumer Commission to pay Rs 11.63 lakh to the owner of Liberty Cinema hall here as balance of reimbursement of expenses on repairs of the theatre after a bomb blast on May 22, 2005. Read more
The Chhattisgarh state consumer dispute redressal commission (CSCDRC) has modified the order passed by district forum directing LIC to pay Rs 1,40,000 to the nominee of an insured resident of Korba, who died due to hypertension. The commission reduced the amount to Rs 70,000. Read more
United India Insurance Co Ltd has been directed by the apex consumer commission to pay Rs 5.1 lakh to the son of a policy holder who had died of a poisonous insect bite while working in the fields. The National Consumer Disputes Redressal Commission gave the order dismissing the insurance firm’s plea against the Rajasthan State Consumer Commission’s direction to it to pay the policy holder’s son the assured amount of Rs five lakh and Rs 10,000 as litigation cost. Read more
National Journalist Welfare Board for the first time has made provisions of pension for journalists above 65 years and health insurance for all accredited journalists in Odisha. The pension for the year 2011 was given to senior scribes at a function marking observation of the National Press Day here. Read more