ING exits life insurance business in India
The Netherlands-based ING recently said it will exit ING Vysya Life Insurance Company by selling its 26 per cent stake to domestic partner Exide Industries which will also buy another…
Explain the concept of Lok Adalat. Advantages of Lok Adalat Settlements from the viewpoint of insurance companies?
For the purpose of bringing about voluntary settlement of disputes Hon'ble Shri P.N.Bhagwati, the ex-Chief Justice of the Supreme Court, conceived a unique concept of Lok Adalat or Lok Nyayalaya.Â
Concept of Liability without Fault in motor insurance? How Motor Vehicle Act deals with without fault liability?
Sec 140 of Motor Vehicles Act, 1988 deals with the liability without fault. The claimant involved in a motor vehicle accident is not required to prove wrongful act, neglect, or…
RISK MANAGEMENT & INSURERS
Is a risk, good or bad? In insurance business, like in all the others, threats and opportunities are intertwined, and co-exist in the external environment. If a risk is perceived,…
Indian general insurers yet to meet regulatory requirements for IPO
Indian general insurers are not yet ready to be listed on stock exchanges as they are yet to make profits, reports the Hindu Business Line citing Ashok K. Roy, chairman…
Birla Sun Life Insurance launches ULIP pension plan
Birla Sun Life Insurance has launched its non-participating unit-linked pension plan ‘Empower Pension.’ The plan enables customers to accumulate their premiums and investment returns into a corpus for their retirement…
Life insurance distributors see 54% drop in Ulip commission
Life insurance distributors have witnessed a drop of 54 per cent in commission earned from unit-linked insurance policies (Ulips) to Rs 1,733 crore in the financial year 2011-12 (FY12), compared…
Hit and Run Accident provisions in Motor Insurance
Hit and Run Accident is a motor accident arising out of the use of a motor vehicle or motor vehicles the identity whereof cannot be ascertained in spite of reasonable…
A.M. Best Affirms Ratings of The New India Assurance Company Limited
A.M. Best Asia-Pacific Limited has affirmed the financial strength rating of A- (Excellent) and issuer credit rating of "a-" of The New India Assurance Company Limited (India).
Insurance companies lingering on settling claims: Consumer forum
Insurance companies are lingering on settlement of claims and using the money legally entitled to the insured for as long as they can, amounting to unfair trade practices, a consumer…