BOCI writes to IRDAI for extension of vehicle insurance validity
BOCI operators run 17 lakh buses and account for 30 crore passenger trips. Its members also operate 1.1 million cars which are used for intercity travel.
Health insurance claims not contestable after 8 years of premium payment: Irdai
Health insurance companies will not be allowed to contest cla...
Health insurers feel the brunt as Covid claim amounts triples to Rs 562 cr in a month
Maharashtra, the state with the highest number of cases...
IRDAI's standard coronavirus insurance policy set to be a fixed benefit cover
The cover will be a benefit-based product offering a 100% lumpsum if a policyholder tests positive.
Irdai permits modification of group insurance policies
The life insurers, according to the Insurance Regulatory and Development Authority of India (Irdai), are allowed to "suitably modify the term and sum assured under the schemes, against the additional premium as may be required, so that they may continue to be covered as per the revised loan repayment schedule."
SC wants mental illness to be covered by insurance companies as provided in law
The PIL filed by advocate Gaurav Kumar Bansal argues that despite Section 21 of Mental Health Care Act 2017 specifically stating it, followed by an IRDA order in August 2018, none of the insurance companies are complying with it.
Insurers can act against hospitals saying no to cashless coronavirus treatment: IRDAI
The regulator has also asked insurance companies to set up an exclusive grievance redressal system to solve the challenges faced by policyholders. Further, IRDAI has asked insurers to report to government agencies where policyholders’ interests are adversely affected because of conduct the network providers.
Less than 4% of Covid-19 patients in India have insurance
Policymakers are worried that the number of Covid claims is only 8,500 with a claim amount of Rs 135 cr.
Irdai gives go ahead to 29 insurers to market Corona Kavach policy
The 29 general and health insurance companies that have been allowed to market Corona Kavach Policy include state-owned and private insurers like Oriental Insurance, National Insurance, SBI General Insurance, ICICI Lombard, HDFC ERGO, Max Bupa, Bajaz Allianz, Bharti AXA and Tata AIG.
Irdai brings out new draft Covid policy
The proposed guidelines now mandate insurers to offer both options — a standard indemnity-based cover and a fixed-benefit cover. The new deadline for insurers to offer these policies is July 15. Insurers are now expected to offer an indemnity cover with sum assured between Rs 50,000 and Rs 5 lakh, and a fixed benefit cover. ET has reviewed these draft policy documents.
Irdai examining feasibility of insurers offering surety bonds for road contracts
In the wake of the COVID-19 pandemic and its subsequent economic impact on liquidity and cash-flows in the Indian banking sector, the Ministry of Road Transport and Highways (MoRTH) had requested the regulator to examine possible offering of surety bonds by the general insurance companies.
Irdai sets up panel to draft standard professional indemnity policy for insurance intermediaries
Insurance intermediaries such as insurance brokers, insurance web aggregators, and corporate agent are required to take professional indemnity insurance policies governed by different regulations. The panel has been asked to submit its report within one month.
Irdai asks insurers to offer corona standard policy by July 10
The sum insurances for COVID Standard Health Policy could range from Rs 50,000 to Rs 5 lakhs (in multiples of Rs 50,000). The nomenclature of the product should be 'Corona Kavach Policy', succeeded by name of insurance company, the regulator said.
IRDAI further extends time to pay life insurance premium
Insurance Regulatory and Developement Authority of India (Irdai) has already provided additional time for payment of renewal premium in case of health insurance policies and motor third party insurance.
IRDAI allows insurers to offer short-term health policies for coronavirus treatment
Short term health policy means any health insurance policy contract which has been issued for a policy term of less than 12 months. However, a policy term less than three months is not permitted by the regulator.