insurance act

Motor Insurance Frauds -Detection And Control

Corporate Law - Whatever is practiced in west easily find its way to India. Motor insurance and health insurance are more susceptible to insurance frauds, followed by life insurance and property insurance. A recent survey has shown that more than 50% of the third party (TP) claims in India are bogus. There are several claims that are based […]...

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Compliance Risk Management-Insurance Companies

Corporate Law - Compliance Risk is a risk that the Company’s actions or inactions might result into potential regulatory interventions or regulatory actions, which could adversely affect the Company’s reputation. This one of the important risks in Insurance Sector. The Regulator of Insurance IRDAI has penalised many Insurance Companies, Insurance Int...

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Concept of “Actuarial Risk” -In Insurance

Corporate Law - Wikipedia Defines : An actuary is a business professional who deals with the measurement and management of risk and uncertainty. The name of the corresponding field is actuarial science. These risks can affect both sides of the balance sheet and require asset management, liability management, and valuation skills. Actuaries pr...

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Why buying term life insurance in your 30’s is a smart choice

Corporate Law - Graduating, getting a job, starting to manage your own finances, and securing your future are all the stepping stones one sets out to achieve in their 20s. By the time you’re 30, you have likely achieved some financial stability. But, the 'what if' factor never leaves the mind, does it?...

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Does your luxury car need an insurance policy?

Corporate Law - Luxury cars are a status symbol and are valuable assets. Here are a few factors to keep in mind while choosing your car’s protection plan....

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Health Insurance policy – FAQs

Corporate Law - Q.1 What are the Insurance Companies that offer Health Insurance in India? Ans: Health Insurance policies are offered by all Life, General and Health Insurance companies that are registered with IRDAI. The names of the Insurance companies that are registered with IRDAI are available in IRDAI website www.irdai.govl.in. Standalone Health In...

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FM meets heads of insurance companies for faster claim settlement

Corporate Law - Ministry of Finance Finance Minister Smt Nirmala Sitharaman meets heads of insurance companies for faster claim settlement FM emphasizes for streamlining  process and documentation requirements under the schemes for enabling speedy claims  disbursement Under PMJJBY1.2 lakh claims ofRs. 2,403 crore paid with disposal rate of 99% since 1s...

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LIC Bima Jyoti

Corporate Law - LIC's BIMA JYOTI is a Non-linked, Non-participating, Individual, Limited Premium Payment, Life Insurance Savings Plan. Under this plan, Guaranteed Additions shall accrue at the rate of Rs.50 per thousand Basic Sum Assured at the end of each policy year throughout the policy term. This plan will also be available through online applicatio...

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Corona Kavach Policy – FAQs

Corporate Law - Frequently Asked Questions on ‘Individual Covid Standard Health  Policy: Corona Kavach Policy’ Q.1 Whether all the insurers shall offer ‘Corona Kavach Policy’? Ans. All the General and Standalone Health Insurers are mandated to offer Individual Covid Standard Health Policy “Corona Kavach Policy”. Q.2 How many ...

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FAQs on Guidelines on Arogya Sanjeevani Policy

Corporate Law - 1. Whether all the insurers shall offer ‘Arogya Sanjeevani Policy’? All the General and Standalone Health insurers are mandated to offer Standard Individual Health Insurance Product ‘Arogya Sanjeevani Policy’. However, if any insurer is currently not offering indemnity based health insurance products at all, the ab...

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Motor Accident Claims Tribunal not empowered to entertain Claim Petition under Motor Vehicles Act

The Cholamandalam MS General Insurance Company Limited Vs Ramesh Babu (Madras High court) - The Cholamandalam MS General Insurance Company Limited Vs Ramesh Babu (Madras High court) In the present case, the Personal Accident Coverage Policy has been agreed between the appellant/Insurance company as well as the respondent. Rs.2,00,000/- is fixed under the Personal Accident Coverage Policy. ...

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Motor Vehicle Compensation can also be Granted to Children & Parents

The New India Assurance Company Limited Vs. Smt. Somwati And Others (Supreme Court) - Supreme Court in a recent ruling has observed that in the Motor Accident Compensation Claims, that the children and family would also be authorized for compensation under 'Loss of consortium' in claims of Motor Accident under the Act....

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IRDAI (Indian Insurance Companies) (Amendment) Regulations, 2021

F. No. IRDAI/ Reg/6/178 /2021 - (07/07/2021) - IRDAI notifies Insurance Regulatory and Development Authority of India (Indian Insurance Companies) (Amendment) Regulations, 2021 vide Notification No. F. No. IRDAI/ Reg/6/178 /2021 Dated 7th July, 2021. INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA NOTIFICATION Hyderabad, the 7th July, 20...

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Life Insurance Corporation (Amendment) Rules, 2021

Notification No. G.S.R. 460 (E) - (30/06/2021) - 1. (1) These rules may be called the Life Insurance Corporation (Amendment) Rules, 2021. (2) They shall come into force from the date of their publication in the Official Gazette....

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Indian Insurance Companies (Foreign Investment) Amendment Rules, 2021

Notification No. G.S.R. 337(E) - (19/05/2021) - Total Foreign Investment in an Indian Insurance Company, shall mean the sum total of direct and indirect foreign investment by Foreign Investors in such company, calculated in such manner as is specified in regulations made by the Authority with regard to registration of Indian Insurance Companies...

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Insurance Ombudsman (Second Amendment) Rules, 2021

Notification No. G.S.R. 334(E) - (18/05/2021) - In rule 7 of the Insurance Ombudsman Rules, 2017, in sub-rule (2), in clause (a), after the words may authorise, the words, and in case there is a vacancy in the office of the Chairperson of the Authority, the senior-most whole-time member of the Authority shall be inserted....

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Every Saturday declared as a public holiday for LIC of India

S.O.1630(E) - (15/04/2021) - Central Government hereby declares every Saturday as a public holiday for Life Insurance Corporation of India, with immediate effect....

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Recent Posts in "insurance act"

Motor Insurance Frauds -Detection And Control

Whatever is practiced in west easily find its way to India. Motor insurance and health insurance are more susceptible to insurance frauds, followed by life insurance and property insurance. A recent survey has shown that more than 50% of the third party (TP) claims in India are bogus. There are several claims that are based […]...

Read More
Posted Under: Finance |

IRDAI (Indian Insurance Companies) (Amendment) Regulations, 2021

F. No. IRDAI/ Reg/6/178 /2021 07/07/2021

IRDAI notifies Insurance Regulatory and Development Authority of India (Indian Insurance Companies) (Amendment) Regulations, 2021 vide Notification No. F. No. IRDAI/ Reg/6/178 /2021 Dated 7th July, 2021. INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA NOTIFICATION Hyderabad, the 7th July, 2021 Insurance Regulatory and Development ...

Read More

Compliance Risk Management-Insurance Companies

Compliance Risk is a risk that the Company’s actions or inactions might result into potential regulatory interventions or regulatory actions, which could adversely affect the Company’s reputation. This one of the important risks in Insurance Sector. The Regulator of Insurance IRDAI has penalised many Insurance Companies, Insurance Int...

Read More
Posted Under: Finance |

Concept of “Actuarial Risk” -In Insurance

Wikipedia Defines : An actuary is a business professional who deals with the measurement and management of risk and uncertainty. The name of the corresponding field is actuarial science. These risks can affect both sides of the balance sheet and require asset management, liability management, and valuation skills. Actuaries pr...

Read More
Posted Under: Finance |

Life Insurance Corporation (Amendment) Rules, 2021

Notification No. G.S.R. 460 (E) 30/06/2021

1. (1) These rules may be called the Life Insurance Corporation (Amendment) Rules, 2021. (2) They shall come into force from the date of their publication in the Official Gazette....

Read More

Why buying term life insurance in your 30’s is a smart choice

Graduating, getting a job, starting to manage your own finances, and securing your future are all the stepping stones one sets out to achieve in their 20s. By the time you’re 30, you have likely achieved some financial stability. But, the 'what if' factor never leaves the mind, does it?...

Read More
Posted Under: Finance |

Does your luxury car need an insurance policy?

Luxury cars are a status symbol and are valuable assets. Here are a few factors to keep in mind while choosing your car’s protection plan....

Read More
Posted Under: Finance |

Prohibition on Loans or Advances – Under Insurance Act,1938

SECTION 29 provides that ;(1) No insurer shall grant loans or temporary advances either on hypothecation of property or on personal security or otherwise ,except loans on life insurance policies issued by him within their surrender value , to any director, manager, actuary, auditor, manager or any officers of the insurance company, or to ...

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Posted Under: Finance |

Health Insurance policy – FAQs

Q.1 What are the Insurance Companies that offer Health Insurance in India? Ans: Health Insurance policies are offered by all Life, General and Health Insurance companies that are registered with IRDAI. The names of the Insurance companies that are registered with IRDAI are available in IRDAI website www.irdai.govl.in. Standalone Health In...

Read More
Posted Under: Finance |

FM meets heads of insurance companies for faster claim settlement

Ministry of Finance Finance Minister Smt Nirmala Sitharaman meets heads of insurance companies for faster claim settlement FM emphasizes for streamlining  process and documentation requirements under the schemes for enabling speedy claims  disbursement Under PMJJBY1.2 lakh claims ofRs. 2,403 crore paid with disposal rate of 99% since 1s...

Read More
Posted Under: Finance |

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