Appointment of Surveyor does not imply acceptance of claim
If the insurance claim is made late, it can be rejected even if the insurance company had appointed a surveyor to assess the damage, according to the Supreme Court. The…
Compulsory PA Insurance for Owner-Driver under Motor insurance
This has reference to Circular Ref.IRDAI/NL/CIR/MOTP/158/09/2018 dated 20th September, 2018 on the subject. We have received complaints/communications from various stakeholders regarding certain aspects of implementation of Compulsory Personal Accident Insurance for…
Cardiac procedures costlier in India
In a comparison of costs of cardiac treatment across 7 Asian countries has revealed that most procedures were more expensive in India than in South Korea, a country with a…
Motor Accident claim in case of fake driving license
The Supreme Court emphasised that if the owner of a motor vehicle knowingly appoints a driver with a fake license, the insurance company will not be liable to pay compensation…
Ayushman Bharat credit positive for insurers: says Moody’s
Global ratings agency Moody's termed the Ayushman Bharat Scheme as credit positive for insurers as it will help grow health premiums and provide insurers with cross-selling and servicing opportunities. However,…
Constitution of Working Group to examine the concept of Settlement of Personal Accident and Benefit Based Health Insurance Claims in Installments.
1) Some General and Health Insurance Companies have proposed payment of claims in installments in respect of Personal Accident Policies and Benefit Based Health Policies as against lump sum payments. The…
Exposure Draft on IRDAI (Linked Insurance Products) Regulations, 2018 and IRDAI (Non-Linked Insurance Products) Regulations, 2018
Background Reference is drawn to IRDA (Linked Insurance Products) Regulations 2013, and IRDA (Non-Linked Insurance Products) Regulations, 2013 notified in February, 2013. Since 2013, there were significant changes in the trends…
ICICI’s Life Insurance plans to Leveraging Blockchain
ICICI PruLife has said that the comapny was looking at leveraging blockchain technology to resolve claims faster. Puneet Nanda, Deputy Managing Director, ICICI Prudential Life Insurance, told the media daily,…
THE TIME HAS COME FOR IRDAI TO REVIEW IT’S INSURANCE DISTRIBUTION POLICY
The measure of insurance penetration and density reflects the level of development of the sector. While insurance penetration is measured as the percentage of the insurance premium to GDP, insurance…
Max Life Insurance appoints Rahul Talwar as Senior Vice President and Head-Marketing
Max Life Insurance Ltd., one of the leading life insurers in India, has appointed Rahul Talwar as Senior Vice President and Head-Marketing of the Company. He will be based at…