Finance : Discover the crucial questions you should ask your insurance advisor to ensure you get the right coverage. Learn more about policy...
Finance : Learn how to determine the right coverage for health and life insurance. Discover the best plans and tips for securing your family...
Corporate Law : Explore the complexities faced by insurers and TPAs as data fiduciaries, navigating regulatory landscapes. Learn strategies and im...
Finance : Are you tired of the daily grind and craving a break from the routine? Many of us look forward to that one special trip each year,...
Income Tax : Explore the taxation of ULIP and LIC maturities under the Income Tax Act in India. Learn about capital gains, computation, and tax...
Corporate Law : Explore IRDAIs consolidated Master Circular on Submission of Returns effective April 2024. Simplify compliance with 202 regulatory...
Corporate Law : Discover how IRDAI's recent regulatory overhaul aims to foster innovation, competition, and sustainable growth while protecting po...
Corporate Law : Learn about the draft IRDAI (Protection of Policyholders' Interests & Allied Matters of Insurers) regulations 2024, including prov...
Corporate Law : Explore the key provisions & implications of IRDAIs proposed regulations on rural, social sector & motor third party obligations. ...
Corporate Law : Explore the proposed IRDAI Regulations 2024, consolidating key insurance rules. Learn about changes, clarity on capital structure,...
Corporate Law : In present facts of the case, the National Commission observed that where the Final Surveyor’s Report credibility becomes doubtf...
Corporate Law : In present facts of the case, the National Commission allowed the Revision Petition filed by the Complainant by making observation...
Corporate Law : In present facts of the case, the Revision Petition have been filed by the Petitioner – LIC against Respondents under section 21...
Corporate Law : Tyre burst is not an act of God but a consequence of negligence and the Driver/ Insurance company cannot be exonerated for the sam...
Corporate Law : Oriental Insurance Company Limited Vs Dacite Furnishing Limited (Supreme Court) For deciding the application under Section 11(6) o...
Corporate Law : IRDAI issues a penalty of Rs. 37 lakhs to Prowess Insurance Brokers for regulatory violations. Read the full order details and imp...
Corporate Law : Explore IRDAI's final order on Aegon Life Insurance (now Bandhan Life) regarding violations of AML and policyholder protection reg...
Goods and Services Tax : Clarification on ITC entitlement for insurance companies on motor vehicle repairs under reimbursement claim settlement as per CGST...
Corporate Law : IRDAI introduces new insurance reforms focusing on policyholder empowerment, grievance redressal, and transparency in operations. ...
Corporate Law : Read about the latest reforms in the Indian life insurance sector by IRDAI, aimed at simplification, transparency, and informed de...
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.
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 […]
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 only) is […]
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 comments vide letter dated 30th December 2019. Response of the […]
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.
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
Rothshield TPA is directed to remove the word Insurance TPA from name of its Company. In terms of Reg. 18 of TPA Regulations, 2016, all insurers who were having TPA agreement with Rothshield TPA earlier, if any, shall immediately take such alternative steps including appointment of another TPA, if any, as may be necessary to continue to cater to the policy holders served by Rothshield TPA.
As per requirement of Ministry of Corporate Affairs, to use the word Insurance, prior no-objection certificate shall be obtained from IRDAI.
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.
Group Health insurance policy is usually taken by employer of an organization to cover their employees which can be extended to family of employees
