MINISTRY OF FINANCE
8 new Insurance Ombudsmen selected
Interview with Mr. Sushobhan Sarker, Director of NIA
China’s social insurance funds top 2.98 trln yuan
The accumulated balance of China’s social insurance funds topped 2.98 trillion yuan (480.94 billion U.S. dollars) by the end of 2011, according to official data released. Read more
IRDA expands definition of ‘infrastructure facility’
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
FinMin issues guidelines on settling 3rd-party claims
Days after general insurers aired their concerns over losses from third party motor insurance, the finance ministry has issued guidelines for settling such cases that would help reduce their liability and also check fraudulent claims. Read more
Govt invites applications for post of IRDA chairman
The Department of Financial Services, Ministry of Finance has invited applications for the post of Chairperson, Insurance Regulatory and Development Authority (IRDA). The position of the chairman will be vacant from February 21, 2013. Read more