Editorial Insurance Times October 2018
GIC Re, an Indian Reinsurer has been ranked 10th position among the Global Reinsurers. GIC Re has a potential of becoming a global player and it is already expanding its…
Ayushman Bharat: A Giant Leap, But Challenges Persist
Steeped in stiff challenges as it may be at the moment, but Ayushman Bharat is now a reality. Universal Health is no longer a distant dream. Ayushman Bharat would make…
Guaranteed Lifetime Income: Explore LIC’s Jeevan Shanti Plan
Plan This is a single premium plan wherein the Policyholder has an option to choose an Immediate or Deferred annuity. The annuity rates are guaranteed at the inception of the…
Protect Yourself with Universal Sompo Health Insurance
Health Insurance policy of Universal Sompo is offered to individuals and/or his family. The policy is designed to pay the Insured person(s) the hospitalization expenses as well as domiciliary hospitalization…
Steel Almirah Not Enough: Jeweler Loses Insurance Claim
Jewellers who keep their precious wares in steel almirahs will lose their insurance cover if the items are not kept in a safe with a complex locking system. If there…
Supreme Court: Insurers Can’t Blame Victim in Road Accidents
The Supreme Court has underlined that an insurance company cannot raise the issue of negligence by a road accident victim when Section 163A of the Motor Vehicles Act is invoked.…
No Arbitration If Insurer Rejects Claim
The dispute arose when there was a serious accident during the construction of a bridge over the Chambal River. The insurer repudiated the claim of the contracting company based on…
Supreme Court Upholds “Pay and Recover” Rule in Motor Accident Claims
The Supreme Court reiterated the principle of "pay and recover" in road accident cases. According to this rule, if the driver of the offending vehicle has no license or there…
Insurance Surveyor Appointment Doesn’t Guarantee 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…
IRDAI Regulation Compliance: Disclosure of Information
A few instances have come to the notice of the Authority that some criminal/judicial proceedings are initiated/filed against some brokers or the KMP's by Government Agencies. It is also observed…