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India has opportunity to lead the world on climate change: Deloitte CEO
India reports highest daily spike with over 2.73 lakh COVID-19 cases, 1,619 deaths
Irdai imposes Rs 51 lakh penalty on 4 insurers
In the order on SBI General Insurance Company, Irdai said the charge was that the the insurer did not comply with the MTP Obligation for the financial year 2017-18 calculated as per Regulation 3 of the Irdai (Obligation of Insurer in respect of Motor Third Party Insurance Business) Regulations, 2015.
Explain basis for approving insurance policies excluding mental illnesses from full coverage: HC to IRDA
The direction to the Insurance Regulatory and Development Authority of India (IRDAI) by the court came on a plea of a man whose claim for reimbursement of costs in the treatment of his mental illness was restricted to Rs 50,000 by the insurance provider – Max Bupa Health Insurance Company Ltd.
The court issued notice to IRDA and Max Bupa seeking their stand within two weeks, saying a large number of insured persons would be affected by such an insurance policy.
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