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Insurance Industry must play a key role in India’s growth story:Vice Prez
“The requirement of the youthful population mandates that we have sufficient reforms in the product, design, delivery and services so as to keep at pace with the future.. Simplicity in policy design, suitability in pricing and swiftness in claim payments need to be the guiding mantras for the future,’’ Rajiv Kumar, Secretary, Department of Financial Service, Ministry of Finance said.
SC makes 3 yr TP policy mandatory for 4-wheelers, 5 yrs for 2-wheelers
In view of unsatisfactory third-party insurance offered to vehicles, the Supreme Court Committee on Road Safety has asked the Insurance Regulatory and Development Authority of India (IRDAI) to offer a mandatory three-year policy for cars and a five-year policy for motorbikes at the time of sale and registration.
General Insurers to pay Rs16,000 cr as claims under PMFBY in 2017-18
Govt introduces bill to check unregulated deposits, prescribes 10-year jail for perpetrators of ponzi schemes
It prescribes monetary penalty and jail term which could be extended up to 10 years for duping gullible depositors. The monetary penalty could be as high as Rs 50 crore. The government has proposed these stringent provisions in wake of several ponzi schemes where gullible investors, mostly poor people, were defrauded of amounts running into thousands of crores of rupees.
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