Editorial Insurance Times August 2017
GIC Re has proposed a dividend of Rs. 1002 crs for 2016- 17, a 17% increase off the previous year. GIC Re global premium grew 82% to 33585 crs. The…
Submission of Actuarial reports for the FY 2016-17 in respect of the registered branch offices of Foreign Reinsurers other than Lloyd’s
The circular is issued in accordance with the powers vested under Section 14(2) (e) and 14(2) (h) of the IRDA Act, 1999. The Authority is in receipt of queries from…
Status of Issuance of e-Insurance Policies
As you are aware that the Authority has notified the IRDAI (Issuance of e-Insurance Policies) Regulations, 2016 dated 13thJune, 2016. In order to seek the status of compliance to the…
Guiding Principles for Pricing of Risk
Insurance Regulatory and Development Authority of India (hereinafter referred as the Authority) vide Circular No: IRDA/PRO/MISC/246/11/2014 dated 12th November, 2014 had advised all General Insurers to put in place an…
Bhubaneswar Ombudsman Orders National Insurance to Settle Fire Claim for Fancy Dress Store
Bhubaneswar Ombudsman Center Complaint No.14-003-0517 Sri Balaram Barik Vs National Insurance Co. Ltd. Bhubaneswar D.O-II The Complainant had insured his Fancy Dress Store through a Shopkeeper’s Policy & Fire Policy…
Kochi Ombudsman Directs National Insurance to Pay Fire Claim Balance with Interest
Kochi Ombudsman Centre Complaint No.IO/KCH/GI/11-003-218/2009-10 C.M.Abdul Razaque Vs National Insurance Co.Ltd. The complaint under Rule 12[1][b] read with Rule 13 of RPG Rules 1998 is against partial repudiation of claim…
An untimely end to an illustrious Career – A. K. Roy
Mr. Ashok Kumar Roy, former Chairman-cum-Managing Director of GIC Re breathed his last on 5th June. He suffered a massive heart attack on 4th June while visiting Haridwar along with…
Guwahati Ombudsman Orders Reconsideration of Flood Damage Claim for Grocery Shop
Guwahati Ombudsman Centre Complaint No. 11-005-0049/08-09 Mr. Kamal Kr. Jain Complainant/Insured Vs The Oriental Insurance Co. Ltd. Opposite Party/Insurer The Complainant obtained a Standard Fire and Special Peril Policy from…
Delhi Ombudsman Case: Fire Insurance Claim Partially Approved, Jewellery Loss Recognized
Delhi Ombudsman Centre Case No. GI/331/NIC/08 Shri Mahesh Bindal Vs National Insurance Company Limited 1. The policy holder’s residential house caught fire on 03.10.2006. The policy holder submitted a claim…
Chandigarh Ombudsman Case: Fire Insurance Claim Denied Due to Non-Disclosure of Building Use Change
Chandigarh Ombudsman Centre CASE NO. GIC/771/NIC/11/09 Rattan Lal Jhusoo Vs National Insurance Co. Ltd. Facts: The complainant Sh. Rattan Lal Jhusoo had taken a Fire policy No. 420800/11/06/31000179 for the…