Mis-selling insurance- New regulations from IRDAI..!

New regulations from IRDAI..! By Kamalji Sahay, SUD Life Life insurance is a sensitive product as it is about securing emotional needs through financial instruments. Besides, the product may remain with the buyer for a very long period, if not for his entire lifetime. Both th…

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Return - Illustrations, Assumptions: Mutual Funds Verses Life Insurance Policies..

Return - Illustrations, Assumptions: Mutual Funds Verses Life Insurance Policies.. by Mr. NARENDRA NATHAN  Investors' interest comes first for SEBI, and therefore it is well ahead of other financial market regulators on issues related to investor protection. However, it i…

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IRDAI to Campaign Against Insurance Mis-selling

The Insurance Regulatory & Development Authority of India (IRDAI) plans to launch a countrywide campaign to raise awareness against mis-selling & spurious calls. The procurement committee of the regulator has sanctioned Rs. 8 crore for a television commercial. In re…

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IRDA Urged Insurance Companies to Launch Small Ticket Policies with Smaller Premium..!

Hike Agents' Commission Can Not be Passed on to Policy Holders Higher Commissions Should be paid from shareholder's money, not premia, says IRDA Chairman, Mr. T. S. Vijayan Currently Annual Premium is in the Range of Rs. 5,000 to Rs.10,000, there is need for policies…

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IRDA asks Insurance Firms to Display Unclaimed Amounts on Website...

The Insurance Regulatory and Development Authority (IRDA) has asked all insurers to display information about any unclaimed amount above Rs. 1,000 on their websites. Unclaimed amounts are those lying with the insurer beyond six (6)  months from the date of settlement. These…

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Ranking System for Hospitals by IRDA.

Just like the ranking system in banking industry introduced by Credit information bureau CIBIL, the Insurance Regulatory and Development Authority (IRDA) is gearing up to set a ranking system in healthcare industry too. Mr. M . Ramprasad, a member of IRDA recently said that…

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Insurance Firms Provide Forms in all languages, under the Constitution of India...

The Insurance and Regulatory Development Authority (IRDA) has proposed that insurers should use reasonable font size in policy documents, so that customers are able to read these documents &  understand their provisions properly. The minimum font size that has been sug…

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Life Insurance New IRDA Regulations, 2013

v Product structures  Classified as : •     Participating products (PAR), •     Non-participating products (NON PAR) & •     Variable Insurance Products (VIP) v Par products: •     Can be offered only under non-linked platform. •     Bonus accruals as regular bonus, in…

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IRDA New Rule: Traditional Insurance Plans, Variable Insurance Plans (VIPs) and Unit- Linked Insurance Plans (ULIPS).

The Insurance Regulatory and Development Authority (IRDA) has agreed to extend the deadline of new product regulations for the life insurance industry to 1 January from 1 October. IRDA’s new products guidelines - namely linked insurance products regulations &  non-link…

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Sale of Highest Net Asset Value Products, Index-Linked Products Were Banned from October 1, 2013 ..

In major relief to life insurance companies that did not have adequate products in their bouquet, the Insurance Regulatory and Development Authority (IRDA) has extended the deadline for phasing out old products in the traditional segment to December 31, 2013. The earlier d…

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What is Insurance Repositories ?

With  Insurance  Regulatory and Development Authority ( IRDA ) f ormally launching the Insurance Repository System (IRS) last week, you can now demat your insurance policies. Here’s what you should know about this new concept. ** What is an insurance repository? It is a facilit…

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IRDAI : Insurance Technical Words Definitions..

IRDAI ( Insurance Regulatory and Development Authority of India) : Insurance Technical Words Definitions.. Authority means the Insurance Regulatory and Development Authority established under sub-section (1) of section 3 of the Insurance Regulatory and Development Authority Act…

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IRDA: Reduces Pass Percentage for Qualifying As Insurance Agents

IRDA on recently, issued a circular reducing the minimum percentage required to pass in the agents pre-recruitment examination. “Therefore, considering the fact that the agents are under direct supervision of marketing officials of insurers who train them on the job continuo…

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IRDA: Asks Insurance Companies to Keep Customer Records for Five Years

Amid allegations of insurance products being used for money laundering, the Insurance Regulatory and Development Authority (IRDA) has asked insurance firms to keep records of policy holders / customers & beneficiaries for five (5) years after termination of business rel…

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Stricter Syllabus, Tough Business Environment: 10 Lakh Life insurance Agents Exited in 4 Years.

The introduction of a stricter syllabus and a tough business environment, more than 10 lakh life insurance agents have exited the industry over the past 4 years. Mr. V. Manickam, Seceratary-General, Life Insurance Council, said , ''Life insurance companies have term…

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IRDA : Plans to set up depository for Paperless Policies..!

The Insurance Regulatory and Development Authority (IRDA is mulling over a proposal to set up a depository that will allow policy holders - customers to hold policies in paperless form much like investors holding equity shares in demat accounts.  Mr. Sudhin Roy Chowdhury,  I…

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How to Check Insurance Agents IRDA License Online?

Several times life and general insurance agents are looking for the information related with their IRDA insurance license. For that, one way is to contact your insurance company, which has sponsored you. The other way is to visit the official website of IRDA and look for the…

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Standalone Health Insurance Firms Utilise the Services of life insurance agents after converting Into Composite Agents ..!

THE Insurance Regulatory Development and Authority (IRDA) on recently issued guidelines to allow life insurance agents to sell health insurance products of standalone health insurers. Now, 4 standalone health insurers are allowed to use agents of non-life general insurance c…

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