The claim settlement ratio of LIC was better than that of the private life insurers,” Insurance Regulatory and Development Authority said in its annual report.
35 search results for "irda"
Copy of Warning
Insurance regulator IRDA imposed Rs 50 lakh fine on 6 insurance companies, including private sector players Reliance General and Apollo Munich Health in 2009-10 for failing to comply with various norms, including rural and social obligations.
Insurance regulator IRDA on Tuesday said that all universal life products, a new kind of insurance which entered India recently and gives greater flexibility to customers, will not have any unit-linked component in them.
The insurance watchdog earlier said it would launch investigation in to the books of LIC pertaining 2009-10. J Harinarayan IRDA chairman said there is no violation committed by the LIC and it was just an actuarial shortage as to the current actuarial estimates.
A personal hearing was given to M/s Reliance Life Insurance Company on July 28, 2010. Sri Malay Ghosh, President and his team were present. On behalf of IRDA, Sri G. Prabhakara, Member (Life), Sri A Giridhar, ED (Admn), Sri Kunnel Prem, CSO (Life) and Sri Satish Hegde, OSD were present.
It’s been over two months since the new IRDA norms for unit linked insurance plans (ULIPs) came into effect. The guidelines that have capped the overall charges and also imposed a minimum prescribed return may offer a much fairer deal to investors, but don’t seem to have set the cash registers ring for companies.
The Insurance Regulatory and Development Authority (Irda) has announced an overnight ban on all universal life insurance plans (ULPs). The regulator has told insurance companies that all current universal life plans will cease to exist from October 22.
Amid a planned issue of Rs 5,000 crore in infrastructure bonds by LIC, sector watchdog Irda today said there are regulatory concerns on such instruments and favoured imposing restrictions on them.
More than 60 new unit linked insurance policies (ULIP) have been filed for approval with the insurance regulator during the past two days by the Indian life insurers.