insurance sector

Incorporation of Insurance Broking Company

Corporate Law - As per requirement of Ministry of Corporate Affairs, to use the word Insurance, prior no-objection certificate shall be obtained from IRDAI....

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What Happens If I Don’t Pay the Group Health Insurance Premium?

Corporate Law - Group Health insurance policy is usually taken by employer of an organization to cover their employees which can be extended to family of employees...

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8 Benefits of Having Insurance Policy

Corporate Law - Insurance is a contract of indemnity in which an individual or entity receives to hedge against the risk of financial losses from an insurance company from damage to the insured property, or from liability for damage or injury caused to a third party. How does Insurance Policy Work in India? Insurance is a way of […]...

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How do I recover my deductible from the at-fault driver?

Corporate Law - Getting in a car accident is an unfortunate situation, even if the accident is not your fault. There’s a risk of damaging your car severely, or worse, totaling it....

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Married Women’s Property Act, 1874- Provision Related to Insurance Proceeds

Corporate Law - As you are aware the importance of insurance in our life. Every person to some extent requires insurance to protect him and his family from financial loss in case injury, damage or destruction. Life insurance Policies /Term Insurance Policies are long term policies  and benefit-based policies. Generally, we choose life insurance polices ...

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All 4 PSU insurers incurred losses in health insurance business in 2016-17 to 2020-21

Corporate Law - All the four PSU insurers incurred losses in the health insurance portfolio in all the five years from 2016-17 to 2020-21. Aggregate loss of the four PSU insurers was ₹26,364 crore during 2016-17 to 2020-21....

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No provisions to print commission to agent on Insurance policy

Corporate Law - IRDAI has clarified that they have not taken any decision with regard to disclosure of commission on Insurance policy document....

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Plans sold by ‘Even Healthcare’ are not health insurance plans: IRDAI

Corporate Law - It has come to the notice of IRDAI that an entity by the name ‘Even Healthcare Pvt Ltd’ having their corporate office at ‘No.311,6th Main Road, HAL 2nd Stage, Indira nagar, Bengaluru, Karnataka- 560038’ and having website www.even.in is offering health plans. It is to inform the public that the plans offered by Even Health...

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LIC IPO: Policyholders asked to update PAN

Corporate Law - In order to participate in any such public offering by LIC, policyholders will need to ensure that their PAN details are updated in the Corporation's records. Further, subscribing to any public offering in India is only possible if you have a valid DEMAT account —accordingly, policyholders should ensure that they have an active DEMAT ac...

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Draft Request Letter for Foreclosure of Insurance Policy

Corporate Law - Given below is format of Draft Request Letter for Foreclosure of Insurance Policy and user can change it as per his requirements. FORECLOSURE REQUEST LETTER Dated:________________________ To, The Branch Head ______________________ Insurance Company Name and Address (include department or contact name, if known) Re: Cancellation Policy Ins...

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SC ruling on setting aside exclusion clause in insurance contracts for avoiding liability

Texco Marketing Pvt. Ltd. Vs TATA AIG General Insurance Company Ltd. & Ors. (Supreme Court of India) - Whether an exclusion clause destroying the very contract knowingly entered, can be permitted to be used by a party who introduced it, becomes a beneficiary and then to avoid its liability?...

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Service Tax not payable on Insurance premium received prior to 10.09.2004: SC

Commissioner of Central Excise Pune III Vs Bajaj Allianz General Insurance Company Ltd (Supreme Court of India) - Commissioner of Central Excise Pune III Vs Bajaj Allianz General Insurance Company Ltd (Supreme Court) The question before the learned Customs, Excise & Service Tax Appellate Tribunal [for short ‘the Tribunal’] was whether the service tax was payable on a premium in terms of the insurance po...

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Complaint against Insurance Company maintainable as insurance contract is a indemnity contract

Renuka Multipack Pvt. Ltd. Vs Oriental Insurance Co. Ltd. (National Consumer Disputes Redressal Commission) - In present facts of the case, the National Consumer Disputes Redressal Commission have observed that contract of insurance is a contract of indemnity and, therefore, there is no question of commercial purpose in obtaining insurance coverage. Therefore, the complaint against Insurance Company is main...

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Introduction of PPN hospitals by Mediclaim Companies not violates competition law

Dr. Supratik Sanatani Vs National Insurance Company Limited  (Competition Commission of India) - Apparently, the purpose of the PPN tariff rates is to have standard packages and charges for certain medical procedures to save the insured from being charged more and for better utilisation of the insured amount....

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Insurer cannot avoid claim based on absence/fake/invalid driving licence

National Insurance Company Limited Vs Mushtaq Ahmad Kutary (Jammu and Kashmir High Court) - Held that absence, fake or invalid driving licence or disqualification of driver to drive, are not in themselves defences available to the insurer against either insured/ third parties, to avoid liability towards insured. Insurer has to prove that insured was guilty of negligence and failed to exerc...

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Master Circular IRDA (Investment) Regulations, 2016

Ref. No: IRDA/F&I/CIR/INV/226/10/2022 - (27/10/2022) - The Insurer has to adhere to the Client level and Participant level position limits prescribed by SEBI and stock exchange while undertaking SLB. Insurer can only lend securities to the extent of not more than 10% quantity of those “scrips” of that particular fund(s). These prescribed limits shal...

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IRDAI Constitutes Health Insurance Consultative Committee

Order No. IRDAI/HLT/ORD/Gen/221/10/2022 - (21/10/2022) - Health Insurance needs to constantly evolve to keep pace with the changing canvas of healthcare. It should be able to comprehensively cater to the needs of those seeking to purchase insurance as a protection mechanism for health expenses....

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IRDAI penalises Axis Bank for Making undue gains in share transactions

IRDA/F&A/ORD/FA/215/10/2022 - (14/10/2022) - Charge of Not complying with the directions issued by the IRDAI against Axis Bank Limited. Decision: The corporate agent Axis Bank Ltd has not complied with the directions issued by the Authority vide letters dated 28th January, 2021, and dated 5th February, 2016. Therefore, a penalty of Rs 1 crore ...

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IRDAI penalises Max Life Insurance for Misrepresentation

Ref.: IRDA/F&A/ORD/FA/214/10/2022 - (13/10/2022) - Charge: Not complying with directions issued by Insurance Regulatory And Development Authority of India. Decision: The Insurer Max Life Insurance Co. Ltd has not complied with the directions issued by the Authority vide letters dated 28th January, 2021, and dated 5th February, 2016. Therefore, a pen...

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IRDAI directs Pramerica Life Insurance Co. to ensure strict compliance of AML/CFT Guidelines

Order No: IRDAI/LIFE/ORD/MISC/209 /10/2022 - (12/10/2022) - Insurance Regulatory and Development Authority of India Order No: IRDAI/LIFE/ORD/MISC/209 /10/2022 Date: 12-10-2022 Background  1. A focused onsite inspection of M/s. Pramerica Life Insurance Co. Ltd., (the Insurer) was conducted from 14th October 2019 to 18th October 2019 and inspection report w...

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Recent Posts in "insurance sector"

SC ruling on setting aside exclusion clause in insurance contracts for avoiding liability

Texco Marketing Pvt. Ltd. Vs TATA AIG General Insurance Company Ltd. & Ors. (Supreme Court of India)

Whether an exclusion clause destroying the very contract knowingly entered, can be permitted to be used by a party who introduced it, becomes a beneficiary and then to avoid its liability?...

Read More

Service Tax not payable on Insurance premium received prior to 10.09.2004: SC

Commissioner of Central Excise Pune III Vs Bajaj Allianz General Insurance Company Ltd (Supreme Court of India)

Commissioner of Central Excise Pune III Vs Bajaj Allianz General Insurance Company Ltd (Supreme Court) The question before the learned Customs, Excise & Service Tax Appellate Tribunal [for short ‘the Tribunal’] was whether the service tax was payable on a premium in terms of the insurance policy covering the future period at revis...

Read More

Master Circular IRDA (Investment) Regulations, 2016

Ref. No: IRDA/F&I/CIR/INV/226/10/2022 27/10/2022

The Insurer has to adhere to the Client level and Participant level position limits prescribed by SEBI and stock exchange while undertaking SLB. Insurer can only lend securities to the extent of not more than 10% quantity of those “scrips” of that particular fund(s). These prescribed limits shall be adhered at the time of lending...

Read More

IRDAI Constitutes Health Insurance Consultative Committee

Order No. IRDAI/HLT/ORD/Gen/221/10/2022 21/10/2022

Health Insurance needs to constantly evolve to keep pace with the changing canvas of healthcare. It should be able to comprehensively cater to the needs of those seeking to purchase insurance as a protection mechanism for health expenses....

Read More

Complaint against Insurance Company maintainable as insurance contract is a indemnity contract

Renuka Multipack Pvt. Ltd. Vs Oriental Insurance Co. Ltd. (National Consumer Disputes Redressal Commission)

In present facts of the case, the National Consumer Disputes Redressal Commission have observed that contract of insurance is a contract of indemnity and, therefore, there is no question of commercial purpose in obtaining insurance coverage. Therefore, the complaint against Insurance Company is maintainable....

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IRDAI penalises Axis Bank for Making undue gains in share transactions

IRDA/F&A/ORD/FA/215/10/2022 14/10/2022

Charge of Not complying with the directions issued by the IRDAI against Axis Bank Limited. Decision: The corporate agent Axis Bank Ltd has not complied with the directions issued by the Authority vide letters dated 28th January, 2021, and dated 5th February, 2016. Therefore, a penalty of Rs 1 crore (Rupees One Crore only) is […]...

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IRDAI penalises Max Life Insurance for Misrepresentation

Ref.: IRDA/F&A/ORD/FA/214/10/2022 13/10/2022

Charge: Not complying with directions issued by Insurance Regulatory And Development Authority of India. Decision: The Insurer Max Life Insurance Co. Ltd has not complied with the directions issued by the Authority vide letters dated 28th January, 2021, and dated 5th February, 2016. Therefore, a penalty of Rs 1 crore (Rupees One Crore onl...

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IRDAI directs Pramerica Life Insurance Co. to ensure strict compliance of AML/CFT Guidelines

Order No: IRDAI/LIFE/ORD/MISC/209 /10/2022 12/10/2022

Insurance Regulatory and Development Authority of India Order No: IRDAI/LIFE/ORD/MISC/209 /10/2022 Date: 12-10-2022 Background  1. A focused onsite inspection of M/s. Pramerica Life Insurance Co. Ltd., (the Insurer) was conducted from 14th October 2019 to 18th October 2019 and inspection report was shared with the insurer for their com...

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IRDAI directs Aviva Life Insurance Company to strengthen internal checks & balances

Order No: IRDAI/LIFE/ORD/MISC/210 /10/2022 12/10/2022

Considering the submissions of the insurer as above, the charge is not being pressed. The insurer is however, advised to strengthen the internal checks and balances to avoid re-occurrence of clerical errors going forward....

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Circular on filing of Products/Riders for Life Insurance Business

Circular No. IRDAI/ACTL/CIR/PRO/207/10/2022 04/10/2022

In order to facilitate the life insurance industry to respond faster to the emerging market needs, in terms of designing and pricing of insurance products and to promote ease of doing business, certain specified modifications were allowed to be carried out through Use & File process...

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