Insurance Lokpal Will Be The Authority In All Claims Dispute Matters

The Government has finally notified the rules for appointment of the Insurance LokpalInsurance Lokpal as an ombudsman to entertain complaints on any kind of irregularities in life, health or general insurance.

The rules gazetted on April 25 say the ombudsman”s award shall be binding on the insurers, required to comply with it within 30 days. Anyone […]

By |May 1st, 2017|Uncategorized|0 Comments

IRDA to use Radio service to promote its services

For the first time in its history, Insurance Regulatory and Development Authority of India (IRDAI) is turning to radio stations to promote insurance as a product among masses.

Beginning February 20, IRDAI has launched an insurance awareness campaign, in the form of radio jingles, for a period of six months. Here, not only the All India […]

By |March 4th, 2017|Uncategorized|0 Comments

First Ever Dental Insurance Plan Launched

If you are member of a housing society or a club, you can buy insurance for dental treatment. Ocare, an independent Insurance Process as a Service (IPAAS) platform, has launched a group dental insurance scheme, assuring a sum of Rs 25,000 per annum per person at Rs 1,699 annual premium. Since there is no family […]

By |December 16th, 2016|General Insurance, Uncategorized|0 Comments

Cyber Attack on popular food chain Wendy’s

The company reported suspicious activity earlier this year, but the scale of the breach is far bigger than first anticipated.

At least 1,025 of its restaurants were targeted – with debit and credit card information stolen.

The company did not speculate how many people may have been affected, though it did say all of the locations were […]

By |July 8th, 2016|Uncategorized|0 Comments

IRDAI to accord approval to foreign reinsurers

Insurance regulator Insurance Regulatory and Development Authority of India (IRDAI) board is likely to meet on June 30 to accord final approval (R2) to some foreign reinsurers to set up branches in India.

“The board is likely to meet on June 30 and final approval of reinsurance applicants is one of the agenda of the meeting,” […]

By |June 13th, 2016|IRDA, Reinsurer|0 Comments

Kotak Mahindra Bank inches up as insurance biz gets regulatory nod

24 November 2015

Kotak Mahindra Bank rose 0.6% to Rs 685.10 at 9:17 IST on BSE after the bank said that Kotak General Insurance has been granted the certificate of registration to commence business as an Indian insurance company.

The announcement was made after market hours on Friday, 20 November 2015.

Meanwhile, the S&P BSE Sensex was almost […]

By |November 24th, 2015|Uncategorized|0 Comments

Bupa to raise stake in JV with Max India to 49% for $29M

24 November 2015

British health insurer Bupa Plc has agreed to increase its stake in its Indian joint venture with Max India Ltd to 49 per cent from 26 per cent for about Rs 191 crore ($29 million).

Max India, led by chairman Analjit Singh, said in a stock market disclosure that its stake in Max Bupa […]

By |November 24th, 2015|Uncategorized|0 Comments

Chennai floods: insurers may face claims of ₹500 crore

21 November 2015

The general insurance industry is likely to see claims of around ₹500 crore after record rains caused massive flooding in Chennai and some areas in Tamil Nadu.

A senior official from the General Insurance Corporation, the sole domestic reinsurer, said that the company is still receiving estimates from insurers but cumulative losses are likely […]

By |November 21st, 2015|Uncategorized|0 Comments

Lloyd’s responds to draft regulations on Indian branch licence

19 November 2015

The FINANCIAL — Lloyd’s, the specialist insurance and reinsurance market, on November 17 responded to the draft regulations governing the registration and operation of a reinsurance branch in India.

The passage of the Insurance Laws 2015 earlier this year permitted foreign reinsurers to establish branches in India for the first time and included recognition […]

By |November 19th, 2015|Uncategorized|0 Comments

IRDA mandates 3rd party insurance for three-wheelers

19 November 2015

With IRDA (Insurance Regulatory and Development Authority) making third party insurance mandatory for battery operated three wheeled vehicles, the chances of an accident victim getting compensation have risen.

CHENNAI: With IRDA (Insurance Regulatory and Development Authority) making third party insurance mandatory for battery operated three wheeled vehicles, the chances of an accident victim getting […]

By |November 19th, 2015|IRDA, Uncategorized|0 Comments
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