IRDAI is running without a regular Chairman which should be taken care of by the Govt. at the earliest since IRDAI needs to closely monitor the Insurance Industry in India and in absence of a full time chairman important decisions will be delayed.
Automobiles scrapping policy on 13.08.21 by the Government of India will change the whole current nature of automobile industry in India but it is still to be seen in practice how it works in time to come. Electric vehicles are also slowly gaining ground and with the aggressive approach of the government the electric vehicles will gain significant market share. General Insurers must also be well prepared to adapt to the new environment.
As per latest report GIC has shown loss in the first quarter of F.Y. 21-22 which might be due to the Covid-19 claim and slow down of business activities to some extent.
Government of India has increased the limit deposit insurance in Banks and Financial Institutions from 1 lac to 5 lacs which is a welcome decision in the interest of small depositors.
In a significant order, the Madras High Court has ruled that “bumper-to-bumper” insurance should be mandatory whenever a new vehicle is sold, from September 1. This must be in addition to covering the driver, passengers and owner of the vehicle, for a period of five years.
The judge passed this order, which would go a long way in coming to the aid of lots of accident victims. He, however, could not come to the rescue of the claimants in this case, as the vehicle, in which their breadwinner was travelling / driving, was covered only with third-party insurance.
