Page 69 - Insurance

Irda imposes Rs 1.77 cr penalty on Reliance Life Insurance

Rs 25 lakh fine imposed due to service agreements entered with various entities engaged for providing services of lead generation and dissemination of information

All insurers may offer digitised policies from July

Already 1,10,000 policies have been digitised, but many customers are not aware of this process

IndiaFirst Life new premium grows by 28% in FY 2013-14

Company has covered approximately 2.4 million lives and has Rs 6,500 cr of AUM at end of FY 2013-14

Insurers cold to the idea of insurance marketing firms

Trust deficit may force industry to take cautious approach

Electronic insurance policy still to take off in big numbers

Customers in no rush to digitise their policies

Electronic insurance policy still to take off in big numbers

While all processes have been initiated, only a small percentage of policyholders have made their policies into a paperless format

Aegon Religare Life launches Kochadaiiyan online game

Game is structured to generate leads for the company's products

SBI General sets 60% premium growth this fiscal

The SBI subsidiary had a gross written premium of Rs 770.85 crore in FY13

Health Insurance TPA may become operational only by December-end

The Health Insurance TPA of India was incorporated in August 2013 to handle health insurance claims of state-owned insurers

Irda issues draft norms for insurance marketing firms

Irda asked all stakeholders to provide their views on the draft by April 15

Motor insurance combined ratios may touch 200% by end of FY15

According to general insurance company executives, even though the overall motor cover prices might go up, it will not be able to compensate for the underwriting losses and higher combined ratio

Comprehensive motor cover premiums likely to rise

While Irda has limited motor TP premium hike to 9-20%, motor own damage premiums may rise by 30-40%

General insurers turn cautious on El Nino threat

However, insurers will not raise premia in anticipation of El Nino, says Tata AIG General Insurance chief executive

Third-party motor premia up marginally

Private car premia up 20%, for two-wheelers rise 9-10%

ZenMoney enters insurance broking

Firm will sell products in both life and general insurance sectors, including health motor among others

Cigna TTK Health Insurance launches ProHealth

ProHealth offers immediate benefit to the policy holder through Cigna TTK Health Maintenance Benefits

Pvt sector NPS fund managers raise concerns over re-bid process

According to PFRDA, as on December 31, NPS had 5.85 million subscribers with an AUM of Rs 42,204.6 crore

Irda allows advance premium collection

Premium that has been collected in advance can only be adjusted on the due-date of premium

New players opt out of national health insurance scheme

The government has set hospital rates for a large number of treatments. Existing ailments are covered from day one and there is no age bar

HC asks IRDA: Are there guidelines for TPA to recommend claim

The direction was given by a bench who asked IRDA to file its response on this aspect within four weeks