Insurance Regulatory and Development Authority

IRDA in India 

EXPOSURE DRAFT ON INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY (Places of Business) REGULATIONS, 2012

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On reviewing the existing Regulatory procedure in vogue for according approvals to insurers for opening various places of Business in accordance to the provisions of Section 64 VC of Insurance Act, 1938, the Authority proposes to put in place regulations on the matter . Accordingly, an exposure draft on Insurance Regulatory and Development Authority (Places of Business) Regulations, 2012 is issued for deliberations on the subject. Read more

Insurance News 

LIC needs to have a policy for itself

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Is the government taking Life Insurance Corporation of India’s (LIC) motto, Yogakshemam Vahamyaham, too seriously? The phrase attributed to Lord Krishna in the Gita, roughly translates as “I will ensure universal well-being”; apt, one should say, for a company that insures lives. But can it be extended to mean that LIC also insures government finances? Read more

Insurance News 

IRDA expands definition of ‘infrastructure facility’

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Insurance Regulatory and Development Authority (IRDA) has expanded the definition of ‘infrastructure facility’ under its  Registration of Indian Insurance Companies Regulations. In a gazette notification, the insurance regulator passed an  amendment to the regulation wherein the term ‘infrastructure facility’ will be replaced by ‘harmonised master list of  infrastructure sub-sectors’, as specified by the Department of Economic Affairs, Ministry of Finance. Read more

Insurance News 

IRDA: Chaturvedi frontrunner for Insurance Regulatory and Development Authority post

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Girish Chandra Chaturvedi, secretary in the ministry of petroleum and natural gas, is seen as a frontrunner to succeed J Harinarayan, chairman, Insurance Regulatory and Development Authority (IRDA), whose term comes to an end on end-February 2013. Read more

Insurance News 

IRDA proposes modification in depreciation rates in motor segment

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Insurance Regulatory and Development Authority (IRDA) recently brought out a proposal to include paint material in the list of items which have depreciation rates. These rates apply for replacement of parts for partial loss claims in respect of vehicles and accessories and is covered by the General Regulation (9) of the erswhile India Motor Tariff. It is applicable for motor insurance claims under own damage (OD) category in motor insurance segment. Read more

Insurance Concepts: General Insurance 

Current trends of the general insurance market

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” Despite there being over 30 players, the market is still under penetrated. In the general insurance sector, the penetration level is just about 0.65%, Dr Amarnath Ananthanarayanan points out “

The coming year will assume a significant position in the history of Indian insurance industry. It denotes completion of a decade of open-market; ending of oligopoly and entry of private sector insurance companies; and the regime of a new development oriented regulatory authority—the IRDA (Insurance Regulatory and Development Authority). Read more

Life Insurance Plans 

Reliance Life to launch new pension plan next month

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Leading private insurer Reliance Life plans to launch a new pension plan as early as next month and has sought the sector regulator IRDA’s approval for the same, a top official said. Read more