Insurance News

IRDAI, the gravy train for employees

IRDAI, the gravy train for employees

Chennai: A five-day week, handsome salary with provident fund, gratuity, medical benefits, qualification allowances - even for the basic educational qualification for which a person is hired -- capping it all is leave travel concession (LTC) post retirement!In addition, provision of treadmills and i...

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IRDAI needs young CEO, abolish licence permit raj: Experts

IRDAI needs young CEO, abolish licence permit raj: Experts

Chennai: Indian insurance sector is crying for reform 2.0 wherein the licence permit raj is abolished and the sectoral regulator is headed by a dynamic young person to increase the insurance penetration, said a senior industry official."For the first few years the IRDAI (Insurance Regulatory and Dev...

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Time for a committee to review IRDAI: N. Rangachary

Time for a committee to review IRDAI: N. Rangachary

Chennai: More than two decades have passed since the setting up of the Insurance Regulatory and Development Authority of India (IRDAI). It is time for a committee to review it, said its first Chairman N. Rangachary.Echoing his views were several industry experts who were past members of IRDAI and th...

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IRDAI, Banks Board Bureau in the dock on promotions in insurance sector

IRDAI, Banks Board Bureau in the dock on promotions in insurance sector

Chennai: All is not well in the government insurance sector with regard to elevation of officials, it seems.Recently, orders by two different High Courts, in a matter of two months, relating to non-promotion of insurance industry experts, has shocked the sector.In both cases, the court decisions wer...

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Zooming profits for general insurers in FY21

Zooming profits for general insurers in FY21

Chennai: Coronavirus eating into the Indian general insurance industry's business and profits? You must be joking.The 32-player industry's net profit last year zoomed to Rs 3,868.77 crore from a net loss of Rs 1,402.53 crore in 2019-20, as per the data released by General Insurance Council.Last year...

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Purchasing Life Insurance? Here's what you should do

Purchasing Life Insurance? Here's what you should do

What is one of the essential measures to protect the financial future of your family? Indeed, it is to buy a life insurance policy. Purchasing life insurance is crucial as it provides a considerable claim amount that can help your dependant survivors lead a stress-free life. They can pay for their d...

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How to select a good Senior Citizen Health Insurance for your parents?

How to select a good Senior Citizen Health Insurance for your parents?

In the wake of 2021, with the current pandemic still playing its toll on society, it is vital to keep a backup plan ready at all times. An unexpected illness can put you in vast debts of hospital bills. It has become crucial for each individual to get medical insurance that fits your profile. While ...

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IRDAI's move to risk policyholder's data privacy, create data monopoly: Experts

IRDAI's move to risk policyholder's data privacy, create data monopoly: Experts

Chennai: The data of millions of Indian policyholder's -- life and non-life -- is to be transferred to the Insurance Information Bureau of India (IIB), a society registered under the Andhra Pradesh Societies Registration Act as per the regulations proposed by the insurance regulator.But, the industr...

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Integration of Bharti Axa General with ICICI Lombard gains speed

Integration of Bharti Axa General with ICICI Lombard gains speed

Chennai: Work on integrating Bharti Axa General Insurance Company Ltd with ICICI Lombard General Insurance Company Ltd on multiple fronts has gained speed with the insurance regulator's final nod for the scheme of arrangement between the two players, said senior officials.In August 2020, ICICI Lomba...

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Motor TP insurance: Administered price, long term cover vs deregulated price, one year cover

Motor TP insurance: Administered price, long term cover vs deregulated price, one year cover

Chennai: The Indian general insurance industry is divided on the aspect of long term versus one year motor third party risk cover and its pricing mode.However, they are unanimous in their view that the third party insurance should be under them and not with the central government or administered as ...

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