Insurance Information Bureau (IIB) was formed in October 2009 with the objective of facilitating in the efficient functioning of the insurance sector as well as for the protection of the interests of the policyholders by providing reliable, timely and accurate information on the industry. Read more

Surveyors & loss assessors recent initiatives of IRDA

Surveyors and Loss Assessors (S&LAs) play an important role in assessment of losses arising out of a contingency insured under a policy of general insurance. Further, SLAs are necessary under Section 64UM of the Insurance Act, 1938, which requires that a duly licensed SLA has to submit a report in respect of any claim where the loss is over Rs.20,000 in value, on a policy issued by any of the non-life insurers registered with IRDA.

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Productivity of the tied insurance agents in life insurance in India

The tied distribution channels play the prime role in the sale of life insurance business. Therefore, use of mix of different distribution channels generally helps in spreading the business, developing the product and framing marketing strategy of the insurer. Read more

Formation of Indian Motor Third Party Declined Risk Insurance Pool

The independent review conducted by the IRDA through various agencies revealed that the current framework of the Pool is severely affecting the financial viability of the non-life insurance segment due to its alarming capital depletion.

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Financial literacy and consumer education on insurance in India

The IRDA along with other stakeholders of the industry, has a responsibility of improving financial literacy in the country as well as to impart consumer education in insurance. Towards this end, IRDA has been working on and has implemented various initiatives.

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Initiatives of IRDA on the development of health insurance in India

The IRDA has taken a number of initiatives on development of the Health insurance market in the country in the year 2011-12. Further progress was also made on other initiatives taken up in 2010-11. A summary of some of these initiatives is given below:

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Persistency of life insurance policies and servicing of orphan insurance policies

Life insurance policies are generally of long-term in nature. As such, in the interests of all parties, i.e., the policyholders, the intermediaries and other stakeholders, the insurer has to put in place measures to ensure that the policies remain in force all through their full term. The following are some of the issues that normally determine the persistency of life insurance policies: Read more