Micro-insurance trips on claims
Finance minister P Chidambaram’s Budget proposal to allow business correspondents to sell micro-insurance products in rural India is well-intentioned, as it would get more uninsured people on board. Read more
J Hari Narayan
Final Order in the matter of Life Insurance Corporation of India
In Chair: Sri J Hari Narayan, Chairman, IRDA
The Authority has received a complaint on 16th April, 2012 alleging the fictitious individual Micro Insurance Business procured by various Divisional Offices under the Central Zone (Bhopal) of Life Insurance Corporation of India (hereafter referred as the Life insurer). The Authority has carried out a focused onsite inspection of the Micro Insurance Unit, Bhopal Divisional Office of the Life Insurer during 25th April, 2012 to 27th April, 2012 which interalia revealed certain violations to various provisions of the Insurance Act, 1938, the Regulations notified there under and the Guidelines/Circulars issued by the Authority from time to time. Read more
Complex agenda for new insurance regulator chief
J Hari Narayan, chairman of the Insurance Regulatory and Development Authority, completed an eventful five-year term. He will be remembered as someone who controlled the euphoria of insurers, came down heavily on mis-selling, cut agent commission but also saw the sector losing growth momentum because of a slew of stricter regulations. Read more
Insurers can offer cover to Indian refineries for Iran crude import: IRDA
Insurance Regulatory and Development Authority (IRDA) has enabled Indian insurers and reinsurers to help cover Iran crude oil import by Indian refineries.
IRDA chairman J Hari Narayan said that therefore, Indian refineries can ship oil from Iran with appropriate insurance cover. Read more
IRDA’s health insurance guidelines: Key consumer centric points ignored
The Insurance Regulatory and Development Authority (IRDA) came out with landmark draft health insurance guidelines on 31st May 2012. While it addressed numerous important issues like lifelong renewal, claims settlement within 30 days of receiving all documents, refund on pre-insurance medical check-ups, separate grievance cell for senior citizens and so on, there are several other issues which have vexed mediclaim policyholders. Read more
Complaints pile up at Mumbai insurance ombudsman office
At least 2,500 complaints are lying with the Insurance Ombudsman’s office here for a decision. And, it will take more than a year to clear these. Reason: There is no ombudsman. The post has been vacant since October 2012. Given the backlog, it could take up to a year to clear just the pending cases, before the new ones could be perused. Read more
IRDA allows insurance for markets
In a move likely to give a fillip to the markets recently, as well as help meet the demands of the finance ministry to bolster the participation of insurance companies in PSU disinvestments, the Insurance Regulatory and Development Authority (IRDA) recently allowed insurance companies to increase their equity holding in companies by up to 15%, from 10% earlier. Read more
Focus on higher commissions adds to insurance mis-selling
The concern expressed by Finance Minister P Chidambaram earlier this week on the issue of mis-selling in the insurance industry has brought the issue of malpractices while selling policies to the forefront. Read more
Life insurance norms soon: IRDA chief
The final guidelines on traditional life insurance products, which are in the final stages of consultation, are likely to be announced after the meeting of the insurance advisory committee that is slated to take place on February 8, Insurance Regulatory and Development Authority (IRDA) chairman J Hari Narayan said here recently. Read more
IRDA chief race opens up anew?
The race for the post of the chairman of Insurance Regulatory Development Authority (IRDA) may not be a done deal yet. The Central Vigilance Commission (CVC), it seems, is frowning at the proposal to appoint T S Vijayan, former chairman of the Life Insurance Corporation of India (LIC), according to sources familiar with the development.
