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Caronavirus Pandemic:IRDAI issues norms for efficient functioning of insurers
While asking insurers to devise appropriate insurance products that would provide protection from risks arising out of Covd-19, the IRDAI has assured that it would to process such product approval applications on a fast track mode.
Claims arising on account of Covid-19 should be processed expeditiously. Insurers are encouraged to adopt simplified / expedited claim procedures for such cases. In addition, other claims should also be processed within the prescribed period by making special efforts, said IRDAI.
IRDA bans Capital Gearing treaties by insurers
Insurers who are having such treaties on their books as on the date of issuance of this circular shall take the following steps-
-Submit board approved action plan to the IRDAI on or before 30th June, 2020 for phasing out the treaties along with timelines such that it complies with the Solvency Stipulations.
-The plan of action will also include assessment of requirement of capital infusion and sources of funds for the capital infusion so required due to prospective closure of these Capital Gearing treaties.
Caronavirus Pandemic:New India Assurance provides cover to 22.12 lakh public healtcare professionals
The insurance will provide a “comprehensive personal accident cover of Rs 50 lakh for 90 days to a total of around 22.12 lakh public healthcare providers, including community health workers, who may have to be in direct contact and care of patients suffering from coronavirus infection and who may be at risk of being impacted by this.
Coronavirus Pandemic:Total cases in the country rises to 979,death toll 25
he Indian government decided on a two-pronged strategy: lock down the entire nation to break the infection chain and quickly ramp up its tattered healthcare facilities to face the pandemic.The blueprint also encompasses converting medical colleges and railway coaches into isolation wards, stadiums into quarantine facilities, and readying part of hospitals under defence, central police forces and railways for Covid-19 patients.
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