The Insurance Regulatory and Development Authority (IRDA) via new circular (IRDA/HLTH/MISC/CIR/216/09/2011) directed, all life and non-life insurance companies, not to reject policyholders' claims due to any delay in submission of documents while filing a claim if the delay is … [Read more...] about IRDA – Claims can't be rejected for paperwork delay
Irda
IRDA modifies persistency norms for Life Insurance Agents
Insurance regulator IRDA had released modifications to earlier released persistency norms (11th February, 2011) for life insurance agents. New modifications has been issued keeping in view the objective of ensuring higher levels of persistency of life insurance policies as also … [Read more...] about IRDA modifies persistency norms for Life Insurance Agents
IRDA relaxes the definition of 'Relatives' for Insurance Agents
IRDA has relaxed the definition of 'Relatives' for the employees of Insurance Companies, who are looking to engage as Agents. Now as per new IRDA circular, “The term relatives is re-defined as spouse, dependent children or dependent step children whether residing with the … [Read more...] about IRDA relaxes the definition of 'Relatives' for Insurance Agents
What you need to know about Health Insurance Portability?
What does ‘Health Insurance Portability’ mean? Health Insurance policy holders, who are not satisfied with the services of the present provider, will be able to switch/change their service provider without losing the basic coverage of health insurance. As per IRDA portability … [Read more...] about What you need to know about Health Insurance Portability?
IRDA nod for Reliance Life sale of 26% stake to Nippon Life
Reliance Life Insurance has received in-principle approval from insurance sector regulator IRDA for its proposed 26 percent stake sale in Reliance Life Insurance to Japan’s Nippon Life. The company has received in-principle approval from the Insurance Regulatory Development … [Read more...] about IRDA nod for Reliance Life sale of 26% stake to Nippon Life
IRDA limits TPA services to insurers only
The Insurance Regulatory and Development Authority (IRDA) has withdrawn permission given to TPAs in 2005 to offer their services to bodies other than insurance companies, such as Central and State governments. The Third Party Administrators (TPAs) in health insurance will now … [Read more...] about IRDA limits TPA services to insurers only
Cholamandalam fined 10 lakh by IRDA for violating corporate agency guidelines
Cholamandalam general insurance has been levied Rs. 10,00,000 (Rs. 5,00,000 each for financial years 2007-08 and 2008-09) fine by the Insurance Regulatory and Development Authority of India (IRDA) for violating the provisions of various regulations, guidelines and … [Read more...] about Cholamandalam fined 10 lakh by IRDA for violating corporate agency guidelines
Irda issues draft ALM stress testing norms for insurers
IRDA has laid down draft framework for asset liability management (ALM) and stress testing to guard investment activities of insurance companies against fall in the equity market and movement in the interest rate market. Irda has asked insurers to submit investment details in … [Read more...] about Irda issues draft ALM stress testing norms for insurers
IRDA issues new grievance redressal guidelines to insurers
The Insurance Regulatory and Development Authority (Irda) has issued grievance redressal guidelines for insurance companies, which needs to be implemented from August 1. Insurance companies should also have a system and procedure for receiving, registering and disposing of … [Read more...] about IRDA issues new grievance redressal guidelines to insurers
New Norms for Individual Insurance Agents from 1st July 2011
On 11th February 2011, IRDA issued circular to Insurers for new guidelines on Individual Agents, which will come into effect from 1st July, 2011. What are new changes? 1- Relatives of employees of Insurance Companies not to be engaged as Agents Relatives of employees of … [Read more...] about New Norms for Individual Insurance Agents from 1st July 2011