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News in Brief

Car & bike owners can decide the tenure of the mandatory PA cover for their motor insurance policy

The insurance regulator IRDAI has said that car and bike owners can decide the tenure of the mandatory personal accident insurance for their motor insurance policy.Even if a vehicle owner wants to buy a one-year cover, they should be allowed to do so

In September 2018, Insurance Regulatory and Development Authority of India (IRDAI) had said that car and bike owners will now get a compulsory personal accident cover of Rs 15 lakh under their motor insurance policies.

IRDAI asks insurers not to discriminate against AIDs affected persons

Directing the insurers to comply with the provisions of the HIV and AIDS (Prevention and Control) Act 2017 with immediate effect.,the insurance regulator IRDA has told the the insurers that no person shall discriminate against the protected person on any ground including the denial of, or unfair treatment in, the provision of insurance unless supported by actuarial studies.

Human Immunodeficiency Virus and Acquired Immune Deficiency Syndrome (Prevention and Control) Act 2017 [HIV and AIDS (Prevention and Control) Act 2017] has have come into force with effect from 10th September 2018.

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Markel starts writing business in India

Markel International, the specialist insurer and reinsurer has announced that its Mumbai office is now open and actively writing business. Markel provides specialist facultative reinsurance to local Indian insurers, in a broad range of commercial classes including marine, energy, contingency, and professional and financial risks.

Deepika Mathur, who heads up Markel’s Indian business, said: “We are now writing business in India and are very pleased with the response we have had from the domestic market, which affirms the demand from local Indian insurers for specialised products like those offered by Markel.”

Matt Cannock, managing director for Asia, said: “Establishing the office in Mumbai has been a complex undertaking involving Markel teams around the world . We are looking forward to servicing our existing relationships better and to starting many more new ones.”

Sunil Sharma elected as President of IAI

The Council of The Institute of Actuaries of India (IAI) in its council meeting held on 22nd September, 2018 elected Sunil Sharma,Chief Actuary and the Chief Risk Officer for Kotak Life Insurance Company as its new President. He will serve a two year term as the President of IAI.

Sharma said, “ It has been my constant endeavor to grow the profession beyond traditional areas, increase rapport and forge stronger connect with Insurance, Pension and Market regulators. The global demand for actuaries is evolving rapidly. ”

HDFC Bank launches instant vehicle insurance renewal

HDFC Bank on Thursday announced the launch of instant renewal of insurance for cars and two-wheelers. This will be made available through an array of payment options such as SMS, Mobile Banking app, NetBanking, ATM, and PayZapp.

Customers can opt for EMI payment of renewal premium as well via SMS, Netbanking or PayZapp.