Health Insurance Regulation in India

Pre regulation market The Indian Parliament passed The General Insurance Business (Nationalization) Act in the year 1972 and consequently, General Read more

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

More entities may be allowed to sell micro-insurance

The insurance regulator plans to finalise the proposal to allow district central co-operative banks, regional rural banks, primary agricultural co-operative societies and individuals to peddle micro-insurance in rural and semi-urban areas. Read more

Liberalisation of Insurance Sector : New Dimensions

The world has become a global village. The Liberalisation, Privatization and Globalisation (LPG) wave has sweeped across the global economies. The two pillars of India’s economic policy before 1991 have been protection and public sector. Read more