Editorial Insurance Times September 2018
Kerala experienced the unprecedented flood and disaster in recent months. There was huge loss of life and property. Massive rescue operations were carried out by Military, NDRF and wings of…
Government Merges State-Owned Insurers, Boosts Health Coverage
By announcing the merger of three state-owned non-life insurance companies, the government has taken a bold step that will curb unhealthy competition, improve governance, and bring discipline. Union Finance Minister…
IRDAI’s Reinsurance Draft Sparks Protectionism Debate
Recently, the Insurance Regulatory and Development Authority of India came out with the draft of the proposed regulations to streamline reinsurance operations in the country. The measures have been interpreted…
IRDAI Forms Working Group to Standardize Health Insurance Exclusions
Considering the importance of standardization in health insurance and to enhance transparency and uniformity the Authority had from time to time issued guidelines on standardization such as; standardization of terminology…
Changes in SCWF Reporting Requirements for Insurers
1. Vide Para 6(10) of the above referred circular, insurers were advised to disclose the amounts transferred to the Senior Citizens' Welfare Fund (SCWF) as contingent liability as a part…
Insurer Caught in Crossfire Between TPAs Over Mediclaim
Col. S L Narula and United India Insurance Mr. S L Narula, the complainant has stated in his complaint that a mediclaim for treatment of his son had not been…
Machinery Breakdown Insurance from Liberty General
Features & Benefits Requirements Manufacturing is like the nerve center of the industrial sector. A lot of modern businesses depend on their ever-growing manufacturing power, and the machines used represent…
LIC Group Credit Life Insurance
LIC’s Group Credit Life Insurance is a non–linked, non-participating single premium group term insurance plan. This plan offers an insurance cover on death of the group member during the policy…
Editorial Insurance Times August 2018
LIC has finally got the green signal from all of its Stakeholders to hold S1% shares in IDBI Bank and most of the formalities have also been completed. LICI may…
New Exemptions Introduced for Management Expenses
Whereas, M/s Edelweiss General Insurance Company Limited (M/s EGICL) was granted Registration by the Insurance Regulatory and Development Authority of India (the Authority) to conduct general insurance business in India…