Editorial Insurance Times March 2017
January to March every year is quite busy for all insurers, particularly life insurers. The sale of life insurance policies is at peak during this period. This indicates that people…
MARINE INSURANCE – SALIENT FEATURES FOR THE EXAMINEES OF PROMOTIONAL EXAMINATION, 2017
Marine insurance is the oldest form of insurance and plays a very important role both in internal and international market. It is closely connected with important commercial institutions like banking…
IRDAI Amends Regulations on Branch Offices of Foreign Reinsurers Excluding Lloyd’s
In exercise of the powers conferred by section 3 read with 114A of the Insurance Act, 1938, and section 14 read with 26 of the Insurance Regulatory and Development Authority…
No Premium Refund for Shorter Overseas Trip
Chennai Ombudsman Centre Case No. : 11.02.1059/2006-2007 Shri. S. Swaminathan Vs The New India Assurance Co. Ltd The complainant represented that he and his spouse were covered under Overseas Mediclaim…
Travel Insurance Claim Dismissed: Deductible Upheld
Chennai Ombudsman Centre Case No. : 11.07.1350/2006-2007 Smt. Baghyalakshmi Vs TATA AIG Gen. Ins. Co. Ltd The Complainant Smt V. Baghyalakshmi was covered under Travel Guard policy with M/s TATA…
IRDAI Issues Regulations on Payment of Commission, Remuneration, and Rewards to Insurance Agents and Intermediaries
These regulations shall include payment of commission or remuneration or reward, to insurance agents and insurance intermediaries as defined in the Insurance Act, 1938, IRDA Act, 1999 and Regulations issued…
Travel Insurance Claim Rejected: Chest Pain Not Deemed Emergency
Mumbai Ombudsman Centre Case No. : GI-322 of 2005-2006 Shri R.N.Talcherkar V/s ICICI Lombard General Insurance Company Limited Shri R.N.Talcherkar who was on a tour with his family and friends…
Operational guidelines for Foreign Reinsurers’ Branches
Arising out of the queries received from the representatives of the proposed Foreign Reinsurers' Branches on certain aspects relating to the functioning of these offices, the following guidelines/ clarifications are…
IRDAI Forms Committee to Set Reinsurance Order of Preference
It is necessary to have clear-cut guidelines for the smooth implementation and operation of order of preference as specified in Regulation 28 (9) of IRDAI (Registration and operations of Branch…
Man Awarded Partial Compensation for Denied Overseas Medical Claim
Hyderabad Ombudsman Centre Case No. : G 11.002.0114 Matam Subrahmanyam Vs New India Assurance Co.Ltd. The complainant purchased an Overseas Mediclaim Policy from the insurer to cover himself and his…