INSURANCE NEWS - Page 2

IRDAI, GIC Re financial year 2023, FY24, obligatory cession of business, General Insurance Corporation of India, national reinsurer GIC Re, risk cover, New India Assurance, indian express, indian express news

IRDAI retains mandatory cession of business in favour of GIC Re at 4% for FY24Subscriber Only

July 10, 2023 06:19 IST

IRDAI had named LIC, GIC Re and New India Assurance as domestic systematically important insurers -- which are considered as “too big or too important to fail”

third party motor insurance, hike in third party motor insurance, MoRTH, insurance sector, revise of annual motor third party, third party premium, FY 2023, indian express

MoRTH against hiking third party motor insurance premiaSubscriber Only

June 20, 2023 04:55 IST

In 2022-23, the motor TP premium had gone up by 14.44 per cent to Rs 49,508 crore from Rs 43,260 crore in 2021-22. The ministry takes data provided by the Insurance Information Bureau of India (IIBI) into consideration while arriving at the Motor TP premium rates.

Irdai, SBI Life Insurance company, Sahara India Life Insurance, Business news, Indian express, Current Affairs

SBI Life to take over Sahara’s insurance business: Regulator

June 3, 2023 01:00 IST

Sahara India Life Insurance was granted a certificate of registration in 2004. But due to concerns over financial propriety and governance, the insurance authority had to appoint an administrator to manage the insurer’s business in 2017, and bar it from underwriting any new business.

Irdai, Insurance Regulatory and Development Authority of India, Debasish Panda, Business news, Indian express, Current Affairs

IRDAI set to launch single policy covering life, health & property

May 27, 2023 04:06 IST

IRDAI is working on the product along with the General Insurance Council and Life Insurance Council, Panda said.

Irdai, insurance coverage for surrogate mothers, surrogate mothers, fertility treatments, health insurance coverage, Business news, Indian express, Current Affairs

Provide cover for mothers undergoing surrogacy: IRDAI

May 14, 2023 08:12 IST

According to the IRDAI, the intending woman or couple can purchase a general health insurance coverage in favour of surrogate mother for a period of 36 months from an insurance company.

general insurance, general insurance industry, General Insurance Corporation, Private general insurance, public sector general insurers, New India Assurance (NIA), United India Insurance, Oriental Insurance and National Insurance Company, Business news, Indian express, Current Affairs

Private general insurance players’ expanding mkt shareSubscriber Only

May 8, 2023 04:23 IST

The four public sector general insurers, New India Assurance (NIA), United India Insurance, Oriental Insurance and National Insurance Company, with a total premium of Rs 82,895 crore (Rs 75,132 crore in FY22) have reported a cumulative market share of 32.27 per cent, down from 34.03 per cent in FY22.

Life Insurance Corporation of India, Life Insurance Corporation, Siddhartha Mohanty, Business news, Indian express, Current Affairs

Govt appoints S Mohanty as LIC’s acting chairperson

March 12, 2023 04:09 IST

“This is in addition to his own duties, for a period of three months, with effect from March 14, 2023, or till assumption of the charge by the regular appointee to the said post, or until further orders, whichever is the earliest,” LIC said.

Last one year or so have seen a slew of “revolutionary” regulatory pronouncements, uncharacteristic of any financial services industry that require care and prudence for healthy, stable development and growth, he said.

IRDAI calls for CEOs’ meet to take stock of sectoral reforms agendaSubscriber Only

February 27, 2023 07:18 IST

The meeting on March 1-2 has been convened by insurance regulator IRDAI to deliberate and discuss the way forward, according to an insurance sector official.

“We are watching the situation very closely on this. But I can’t tell you at the moment how things pan out going forward. If the idea of composite licence works, then I think health insurance can fit into our business model,” said MR Kumar, chairman, Life Insurance Corporation.

Life insurers ready to diversify; await Budget for a health coverSubscriber Only

January 16, 2023 07:21 IST

Allowing composite licenses is going to be a positive step for the industry in case it is implemented, he said at the annual C D Deshmukh Memorial Seminar organised by National Insurance Academy.

drone insurance, insurance market, HDFC Ergo, ICICI Lombard and Tata AIG, New India Assurance, Business news, Indian express, Current Affairs

Insurers focus on drone market; NIA new entrant

December 23, 2022 00:24 IST

According to the firm, the ‘New India Unmanned Aircraft System (UAS/ UAV/ RPAS/ Drone) Insurance’ will cover large aircraft to solo flying gliders. Coverage will be offered to drone owners, operators and manufacturers.

Irdai, IRDAI new draft on expenses, Insurance Regulatory and Development Authority of India, insurance agents, general insurers, Business news, Indian express, Current Affairs

IRDAI unveils new draft on expenses

November 25, 2022 00:17 IST

It has also proposed a revised 30 per cent and 35 per cent caps on EoM for general insurers and standalone health insurers, respectively, after taking into consideration the insurance industry’s views.

General and health insurers offering health insurance policies can also consider leveraging on the Health Professional Registry for building up the network of doctors, physicians or other healthcare professionals for providing OPD or other healthcare services, IRDAI said.

Collect data of health professionals from repository: IRDAI to insurers

November 24, 2022 07:07 IST

The new system is expected to enable seamless, cashless functioning of outpatient treatment (OPD) across the country.

After due diligence by the government authorities, MoF will issue orders of appointment to the selected candidates.

8 new Insurance Ombudsmen selected

July 12, 2022 01:37 IST

There were 40 applicants who were interviewed over three days last week and out of eight vacancies, four have gone to civil servants, two each for LIC officials and NIA officials.

Only New India Assurance Company Ltd has reported a solvency ratio of more than 1.5 among the four PSU insurers.

Tenders: FinMin for easing PSU insurers’ solvency criteriaSubscriber Only

July 5, 2022 02:16 IST

The Ministry’s note follows the intense competition in the sector and the decline in the performance of three PSU insurers.

motor insurance, Motor insurance premium, third party motor insurance premium, Union Ministry of Road Transport and Highways, Insurance industry, Business news, Indian express business news, Indian express, Indian express news, Current Affairs

‘Technical issue’: Motor third party cover hike to be delayed and revised rates may come into effect after May 15Subscriber Only

April 1, 2022 05:36 IST

Further, in a bid to promote environment friendly vehicles, the draft notification has proposed a 15 per cent discount for electric private cars, electric two wheelers, electric goods carrying commercial vehicles and electric passenger carrying vehicles.

Goods and Service Tax, Health sector, Healthcare sector, health policies, Goods and Service Tax (GST), Business news, Indian express business news, Indian express, Indian express news, Current Affairs

Insurers push for cut in GST on health policiesSubscriber Only

January 24, 2022 03:02 IST

🔴 The health sector has become the fastest growing segment in the insurance sector after the pandemic hit

According to data released by Irdai, total motor business premium fell to Rs 22,253 crore in the five months ended August 31, 2020 from Rs 26,406 crore in the year-ago period.

Motor insurance business hits the slow lane in Apr-Aug due to relaxation in law, CovidSubscriber Only

September 27, 2020 00:54 IST

According to data released by Irdai, total motor business premium fell to Rs 22,253 crore in the five months ended August 31, 2020 from Rs 26,406 crore in the year-ago period.

No hike in motor third party insurance premium for now

Irdai committee proposes insurance for drones in line with aviation liabilitySubscriber Only

September 20, 2020 00:49 IST

The Irdai committee has said drone insurance coverage can be broken into three sets — physical damage or loss to drone due to various contingencies, third party liability arising due to usage of drone and any additional coverages.

Irdai unveils guidelines to allow wellness features as add-on cover to health policies

September 5, 2020 01:08 IST

According to Irdai, empanelled hospitals and network providers can offer health services such as outpatient consultations or treatments, pharmaceuticals, health check-ups/diagnostics including discounts under the policy.

Are you going for the right health insurance plan? Let’s find outSubscriber Only

October 23, 2019 11:52 IST

While buying a health cover is easy and simple, choosing the right health insurance plan is important. IRDAI approved portal - PolicyX.com is offering a wide range of health insurance plans to choose from. However, below are a few important things to look at to ensure you end up buying the right plan.

The “uberkewl” folks today gotta have a great wingman!Subscriber Only

October 24, 2019 04:39 IST

Be it kids' expenses on education or marriage of grown-up children, or your own healthcare you can have your wingman right now. All you need is the support of a wingman who will stick by you through the ups and downs.

Bajaj Finserv’s EMI Network Town is your one-stop shopping destination this Diwali

Bajaj Finserv Allows Youngsters to #JustEMI This Diwali and Shop Without CompromiseSubscriber Only

October 22, 2019 15:19 IST

Shop, play and win – have a truly Sparkling Diwali with Bajaj Finserv, avail over 1000+ exciting offers

income tax returns form, new form of 26AS, 26AS tax return, improved 26AS, income tax filing, Central Board of Direct Taxes, tax filing, 26AS tax, business news, indian express news

How to Save Tax on Your Health Insurance Premium?Subscriber Only

May 28, 2019 11:18 IST

You can claim tax deductions under Section 80D of the Income Tax Act for the additional health insurance policy that you purchase for either of your parents aged 60 years and above. The maximum amount of deduction allowed for such medical health insurance is capped at Rs 30000 per year.

Provide cover for mental illness: Irdai to insurers

August 19, 2018 00:47 IST

The Irdai notification has come as a major relief for the community of patients, activists and doctors working on mental health in India.

Kerala Floods: Finance minister, IRDAI ask insurers to expedite insurance claims

August 18, 2018 02:57 IST

“In order to gauge the magnitude of the loss, all non-life insurers (including standalone health insurers) are advised to submit information relating to insurance claims in Kerala on a daily basis,” Irdai said.

Nepal Army chief steps in, ex-Chief Justice agrees to be interim head

World5 hr ago

General Ashok Raj Sigdel successfully convinced former Chief Justice Sushila Karki to become the interim Chief Executive after violent protests led to the fall of the K P Sharma Oli government. He held talks with various groups and proposed an interim government to restore peace. Karki, with the support of the Nepal Army, will work towards delivering a new Constitution.

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