Kolkata-based non-banking financial company, Magma Fincorp, has received the first phase of licence from the IRDA, the insurance regulator, to enter the general insurance space through Magma HDI General Insurance. The company had applied for a licence in March 2010 to enter the … [Read more...] about Magma HDI General Insurance received the first phase of licence from IRDA to enter the general insurance business
Irda
Relaxation in Agency norms for standalone Health Insurer’s Agents
IRDA (vide letter dated 28th November, 2006; link) allowed Star Health and Allied Insurance Company to avail the services of general insurance agents of other companies. Now this special dispensation is extended to all the Standalone Health Insurance Companies and will be valid … [Read more...] about Relaxation in Agency norms for standalone Health Insurer’s Agents
'Portability of Health Insurance' now reality
As per Insurance Regulatory and Development Authority (IRDA) latest press release, health insurance policy holders will soon have the choice to switch over from one company to another company under the new portability option. The move is expected to increase quality of services … [Read more...] about 'Portability of Health Insurance' now reality
Irda alert against false sale calls
After detecting fraudulent instances on similar lines that had hit Citibank’s wealth management operations in the country, the insurance regulator has filed a police complaint in New Delhi. Issuing alerts to the insurers, Irda has said it has received complaints from various … [Read more...] about Irda alert against false sale calls
Be aware – Please check ID Cards before giving any info to any person
Some instances have been observed by Insurance Regulatory and Development Authority (IRDA) that general public are receiving calls from individuals who claim to be representatives of IRDA and offering insurance policies of different insurance companies with various benefits (such … [Read more...] about Be aware – Please check ID Cards before giving any info to any person
How safe is your insurance company
Whenever we buy anything from private insurance companies, we think twice! Our main concern is that the company, we are going to invest will be there after 5-10 years down the line and also will it be able to pay the insurance proceed at the time of claim. The above concern is … [Read more...] about How safe is your insurance company
IRDA bans universal life plans from 23rd October
The Insurance Regulatory and Development Authority (Irda) bans Universal Life Plans(ULPs) from 23rd October’2010. What is a universal life plan? Universal Life is a life insurance plan where premiums are deposited into a fund and charges for insurance and other expenses are … [Read more...] about IRDA bans universal life plans from 23rd October
IRDA issues new ULIP guidelines, raises lock in period to 5 years
IRDA tightened the norms for ULIP schemes by raising the lock-in period and raising the insurance cover on them. IRDA also bought in new guidelines like sale of insurance policies by unlicensed personnel and several other malpractices. Lock in period increased to five years - … [Read more...] about IRDA issues new ULIP guidelines, raises lock in period to 5 years