by AIP Online Bureau | Jan 1, 2023 | Banking & Bancassurance, Indian News, Life
The bank asked the field functionaries to ensure that the branches conduct need-based selling of insurance products with strict compliance to the Assessment of Suitability and Appropriateness Framework (ASAF) and sourcing of business is undertaken for 100 per cent KYC...
by AIP Online Bureau | Dec 24, 2022 | Banking & Bancassurance, Indian News, Life, Non-Life
There have been instances where life insurance policies were sold to customers aged above 75 years in Tier II-III cities. Usually, branches of the banks push products of their subsidiary insurers. The department has already issued a circular wherein it has been...
by AIP Online Bureau | Dec 22, 2022 | Eco/Invest/Demography, Indian News, Life, Non-Life
While the penetration of life insurance sector has gone up from 2.15 per cent in 2001-02 to 3.2 per cent in 2021-22, non-life insurance penetration has gone up from 0.56 per cent to 1.0 per cent during the same period “2022 has been a year marked with milestone...
by AIP Online Bureau | Dec 6, 2022 | International News, Non-Life, Reinsurance
The measure, which came into force on Friday, compels ships carrying crude oil to have a letter from their insurer guaranteeing cover while in Turkey’s waters. Oil shipments from Russia and Kazakhstan are getting ensnared in a Turkish government rule to provide proof...
by AIP Online Bureau | Nov 25, 2022 | Indian News, Life, Non-Life, Regulation, Technology
(Lto R)Thomas M Devasia, member-Non-Life, IRDAI, B C Patnaik, MD,LIC at 14th Assocham Global Insurance Summit Thomas M Devasia, member-Non-Life, Insurance Regulatory and Development Authority of India said, “We are working on certain broad-based initiatives towards...
