Suresh Mathur head of IRDA panel to study feasibility of paying claims in installments

The Insurance Regulatory and Development Authority of India (IRDAI) has formed a panel to examine the feasibility of payment of general and health insurance claims in instalments. It will be headed by Suresh Mathur, ED (Health) in IRDAI. The panel ..

Internal Ombudsman (IO) scheme 2018 gives statutory powers to Internal Ombudsman

The Reserve Bank of India (RBI) has recently introduced Internal Ombudsman (IO) scheme 2018 to tighten internal grievance redressal system at Scheduled Commercial Banks (SCBs). In it, RBI has given statutory powers to Internal Ombudsman (IO) under section 35 A ..

IRDAI constitutes P J Joseph committee to review third party motor cover costs

The Insurance Regulatory and Development Authority of India (IRDAI) has constituted a 16-member committee to examine motor third party insurance pricing aspects and make recommendations on the premium rates for 2019-20. Apart from examining the third party cover pricing aspects, ..

IRDAI constitutes Suresh Mathur Committee to review regulations governing Insurance Marketing Firms (IMF)

The Insurance Regulatory and Development Authority (IRDAI) has set up a 10-member committee to review norms related to Insurance Marketing Firms (IMF) with an aim to increase insurance penetration in the country. The committee, headed by Suresh Mathur (ED-IMF, IRDAI), ..

Claim Ratio under National Health Protection Mission

Claim ratio is calculated as the total value of all claims paid by the company divided by the total amount of premium collected in a financial year. A claim ratio of 75-90 is usually thought to be an indicator of ..

Blockchain and Distributed Ledger

This technology was first used in bitcoins and other crypto-currencies. It uses single shared ledgers to store information. Advanced cryptography technology is used to make sure that information once entered in to the ledger cannot be altered except if the ..

RBI launches Ombudsman Scheme for NBFCs

The Reserve Bank of India (RBI) has launched Ombudsman Scheme for redressal of complaints against the Non-Banking Financial Companies (NBFCs). The scheme will provide a cost-free and expeditious complaint redressal mechanism relating to deficiency in the services by NBFCs covered ..

Apollo Munich Health Insurance Company won “2017 General Insurance Company of Year” at 21st Asia Insurance Industry Awards

Apollo Munich Health Insurance Company has won the ” 2017 General Insurance Company of the Year” award at the 21st Asia Insurance Industry Awards. The Health Insurance Company is a joint venture between Apollo Hospitals Group and the Munich Re ..

19 insurers remained profitable in 2015-16

IRDAI’s annual report has stated that out of 24 life insurance companies, only 19 insurers remained profitable in 2015-16. The life insurance industry has reported a profit of 7,415 crore rupees in 2015-16. The inflation-adjusted insurance premium in India increased ..

PCOs, Kirana shops, petrol pumps, to be new Insurance Agents

With the aim to expand the reach of insurance in the country, the Insurance Regulatory and Development Authority (IRDA) has suggested to permit owners of kirana shops, fair price shops, medical shops, petrol pumps, individual Public Call Office (PCO) to ..

Month: Current Affairs - July, 2012

Category: Government Schemes Current Affairs