Hinduja owned IIHL failed to meet the deadline of July 31. On...
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HDFC Life fined Rs 2 crore by IRDAI for violating regulations
The IRDAI has asked HDFC Life to review its vendor management...
Gadkari urges FM to withdraw 18 pc GST on life and medical insurance premiums
"The 18 per cent GST on medical insurance premiums is proving to be...
India logs over 4 lakh COVID-19 cases for 4th day in a row
4,092 deaths related deaths were also registered in the last 24 hours, taking the total COVID-related death toll to 2,42,362. A total of 30,22,75,471 samples had been tested up to May 8, of which, 18,65,428 were tested on Saturday, the Indian Council of Medical Research (ICMR) informed.
LIC relaxes claim settlement requirements
To facilitate speedy settlement of death claims in the prevailing situation where death has occurred in a hospital, in lieu of Municipal Death Certificates, the corporation has allowed alternate proofs of death such as: Death certificate, Discharge summary/Death summary containing clear date and time of death issued by Govt/ESI/Armed Forces/Corporate Hospitals and counter-signed by LIC class I officers or Development Officers of 10 years standing alongwith Cremation/Burial certificate or authentic identifying receipt issued by the relevant authority.
Surging India virus cases may derail recovery but ratings outlook stable-S&P
“Our downside scenarios suggest a less robust recovery in government revenues, and the severe downside scenario may entail additional fiscal spending,” they added.
The agency, however, said it still expects the economy to expand for the year as a whole, even though it said there are downside risks to its current baseline projection of 11% growth.
It expects growth to fall to 9.8% under its moderate scenario and to 8.2% under the severe scenario based on when the current infection wave peaks.
Life insurers’ new business premium up 45% at Rs 9,739 cr in Apr
All 24 life insurers had collected Rs 6,727.74 crore as new business premium during the same month a year ago.
The largest insurer, state-owned LIC posted 35.6 per cent rise in the first year premium or new business premium at Rs 4,856.76 crore in April 2021, as against Rs 3,581.65 crore in the year-ago month, the Insurance Regulatory and Development Authority of India (Irdai) said.
BBB selects Mini and Pattanaik as MDs of LIC
Mini will be succeeeding Vipin Anand,MD, who will be retiring in July end while Pattanaik will joining in place of Mukesh Gupta, who will be calling it a day in September end.
Foreign players can invest upto 74% in Indian insurance sector soon:Irda Chief
“We are committed to usher in risk-based capital (RBC) framework, which is more objective and beneficial for insurers that manage risk well. It should be possible to change over in a period of 3 years. We also plan to synchronise with the new accounting standard Ind AS 117 based on IFRS-17,” explained said Subhash Khuntia, chairman, IRDAI in an interview with Asia Insurance Post..
India’s fiscal response to COVID conservative, need large stimulus: Report
Azim Premji University’s .report, ‘State of Working India 2021: One Year of Covid-19,’ said the impacts of the second wave are still unfolding and may be as large, or larger than the first one.
Further, coming as it does on the back of depleted savings, debt, and reduced fallback options, the second wave can lead to potentially larger impacts on work, incomes, food security, health and education, the report said.
“Presence of a health regulator would have ensured treatment protocols, reasonability of charges and quality of service in hospitals”
In an interview with Asia Insurance Post, Subhash Chandra Khuntia, who, on Thursday. will be completing his three year term as the chairman, IRDAI , highlights some of the burning issues of Indian insurance industry and how the regulator is addressing them
Be prepared for third Covid wave, have buffer stock of oxygen: SC to Centre
A bench of Justices D Y Chandrachud and M R Shah said: We need to prepare for the third surge of COVID-19 which may have altogether different parameters. We have to be ready for that. We have been reading that some experts have said that the third surge will be more harmful especially to children.
“We understand children are more resilient as compared to elders but we have to also consider that they themselves will not go to hospitals and their parents will have to take them making them vulnerable.
Khuntia panel submits report to centre on increasing country’s insurance penetration
Subhash Chandra Khuntia, chairman, IRDAI, revealed that a proposal to initiate pilot projects covering some states or districts prone to natural disasters like cyclone and flooding has been sent to the government and the National Disaster Management Authority(NDMA).
The idea is to cover all dwelling units in a vulnerable geographical area against natural catastrophes. The cost of coverage upto a limit can be funded by the Government and the owners can pay additional premium for higher coverage. Since dwelling unit insurance is very cheap, this is quite affordable and feasible and will save Government expenditure in terms of compensation to the affected after the incident,’..
Looking at the size of India in terms of population, geographical spread, diversity and low insurance penetration, there is tremendous scope to have more insurance companies. The market is far below the saturation point.