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Keep watch for fake insurance salesmen: IRDA
The Insurance Regulatory and Development Authority (IRDA) has warned the public to watch out for unscrupulous persons selling insurance policies by claiming to be the regulator's representatives. IRDA has asserted that it is a regulatory body not involved directly or indirectly in the sale of insurance and financial products. As such, it said complaints should be lodged against persons claiming to be its representative for the purpose of selling insurance policies. "Any person making any kind of transaction with such individuals or agents will be doing the same at their own risk. If any member of the public notices such instances, he or she may lodge a police complaint in the local police station," IRDA said in a public notice. It said it has observed that the general public are receiving calls from individuals claiming to be IRDA's representatives, who offer insurance policies of different insurance companies with various benefits. Meanwhile, in view of the large quantum of unclaimed insurance settlement amounts lying with the insurers, the IRDA has asked all insurers to reflect such sums in its balance sheet under the head, 'current liabilities'. At present, such unclaimed amounts are not disclosed separately. These unclaimed amounts include claims settled but not paid to the policyholders or insured persons and excess premium or tax or any other charges that are refundable to the policyholders, among other things.  
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Source : http://economictimes.indiatimes.com
More News Headline
  Private Insuers Complete 10 Years (2010-12-28)
Many Private Insuers Complete 10 Years   Read More -->
  ING Life Launches A New ULIP – ING Prospering Life (2010-12-28)
ING Life India, In Its 10th Year Of Operations, Today Launched A Versatile New Unit Linked Insurance Product, Which Meets The Wealth Accumulation And Protection Needs Of Customer.   Read More -->
  ING Life Launches A New Guaranteed NAV ULIP - ING Market Shield (2010-12-28)
ING Life India, In Its 10th Year Of Operations, Today Launched A New Unique Unit Linked Insurance Product, Which Provide The Customer The Opportunity To Participate In The Equity Market While Protecting Investments From Its Downside. The New ULIP, ING Market Shield Comes With Unique Benefits, Allowing Customers To Maximize Their Returns And Have Adequate Protection.   Read More -->
  Unclaimed Amount Of Policy Holders (2010-12-28)
Unclaimed Amount Of Policy Holders Increase Year On Year.   Read More -->
  Motor Third Party Liability Cover To Commercial Vehicles - Good News (2010-12-21)
IRDA Has Set Up A Committee On Commercial Motor Third Party Liability Cover.    Read More -->
Previous Month News
  Universal Life Products Shall Be Known As Variable Insurance Products (2010-11-26)
Universal Life Products Shall Be Known As Variable Insurance Products (VIP)and All VIP Shall Only Be Offered Under Non-unit Linked Platform And Shall Not Be Permitted On Unit Linked Platform.   Read More
  TATA AIG Fined Rs 5,00,000.00 (2010-11-26)
Expenses Of Management (EoM) For The Year 2008-09 Was 114.90% Which Is Beyond Permissible Limits Under Section 40B Of The Insurance Act, 1938   Read More
  Star Health Promoters To Dilute Stake (2010-11-13)
Star Health Promoters To Dilute Stake   Read More
  ULIPs To Charge For Fund Switching (2010-11-12)
ULIPs To Charge For Fund Switching   Read More
  Aegon Religare Life Insurance Is Expecting Its Online Sales To Contribute 10 Per Cent Of Its Total S (2010-11-12)
Aegon Religare Life Insurance Is Expecting Its Online Sales To Contribute 10 Per Cent Of Its Total Sales In The Next 12 Months   Read More
  Karnataka Bank Eyes Rs 100 Cr In Life Cover Premiums (2010-11-12)
Karnataka Bank Eyes Rs 100 Cr In Life Cover Premiums   Read More
  Corporation Bank Keen To Tap Strategic Relationship With LIC (2010-11-12)
The Bank Is Keen On Setting Up Branches In LIC's Branches And Divisional Offices.   Read More
  Aegon Religare Sees Potential In Child Plans (2010-11-12)
Aegon Religare Life Insurance Company Ltd Today Said That There Is Growing Interest In Taking Child Insurance Plans In The Country Both To Secure Their Future And Also Help During The Course Of Education   Read More
  Aegon Religare Looks To Change Product Mix (2010-11-12)
Private Life Insurer Aegon Religare Has Refiled Three Of Its Unit-linked Products With The Insurance Regulator To Comply With The New Regulations, And Looks To Change Its Product Mix Going Forward.   Read More
  Policy Papers To Show Agency, Broker Details (2010-11-12)
The Life And Non-life Insurance Companies Will Now Have To Display The Agency Code, Name And Contact Details Prominently On The First Page Of The Policy Document.   Read More
  ING Life Launches Unique Child Product (2010-11-11)
ING Life India Launched A New Child Insurance Product "ING Aashirwad" That Helps Parents Plan For Their Child's Future Goal And Thereafter Protect Its Life Without Any Additional Cost   Read More
  Product-ING Prospering Life New ULIP From ING Life (2010-11-09)
ING Life Insurance Today Launched A New Unit Linked Insurance Product-ING Prospering Life Which Meets Wealth Accumulation And Protection Needs Of The Customers   Read More
  Insurance Scheme For The Poor, Rashtriya Swasthya Bima Yojana (RSBY) : Govt (2010-11-09)
The Union Cabinet Will Consider Including The Country’s Four Million-plus Domestic Workers Into Its Flagship Insurance Scheme For The Poor, Rashtriya Swasthya Bima Yojana (RSBY), After Adding Street Vendors To The Eligible Categories Last Week   Read More
  HDFC Standard Life Hopes To Break-even In FY12 (2010-11-09)
Insurer HDFC Standard Life Insurance Company Ltd Expects To Break-even In The 2011/12 Financial Year, Helped By An Increase In Premium Income And Reduction In Operating Costs   Read More
  Regulators To Help Improve Disclosures, Profitability And Ensure Consumer Protection (2010-11-09)
India's Growing Consumer Class, Rising Insurance Awareness And Increasing Domestic Savings And Investments Are Among The Most Critical Factors That Have Positively Driven The Market Penetration Of The Insurance Products Among Its Consumer Segments.   Read More
  You May Soon Be Able To Switch Health Insurers (2010-11-09)
One Of The Important Initiatives Of The Regulator Is The Proposed Portability Of Health Insurance. This Is To Ensure That A Customer Continues To Enjoy Benefits Under His Health Policy Even If He Wishes To Change His Insurance Provider For Genuine Reasons   Read More
  Irda Bans All Forms Of Credit Insurance By Non-life Cos (2010-11-09)
The Non-life Insurance Industry Has Been Barred From Selling Any Form Of Credit Insurance, Following State-owned Insurer Oriental Insurance Facing Claims Up To Rs 400 Crore On A Cover Granted To Paramount Airways. Companies That Provide This Cover Have Termed The Reaction Knee Jerk And Fear That It Will Have Repercussions On The Economy.   Read More
  LIC Gets RBI Nod To Issue Pre-paid Cards To Clients (2010-11-09)
In A Move That Will Create A New Business Opportunity For India’s Largest Insurer, The Life Insurance Corporation Of India’s Card Division Has Received Permission To Issue Pre-paid Cards Into Which Policy Benefits Will Be Credited.   Read More
  Keep Watch For Fake Insurance Salesmen: IRDA (2010-11-09)
The Insurance Regulatory And Development Authority (IRDA) Has Warned The Public To Watch Out For Unscrupulous Persons Selling Insurance Policies By Claiming To Be The Regulator's Representatives.   Read More
  Mediclaim, Motor Insurance Portability Soon: Irda (2010-11-09)
Insurance Regulator Irda Today Said That Mediclaim Policy Holders, Who Are Not Satisfied With The Services, Will Soon Be Able To Switch Service Providers At The Same Premium.   Read More
  SBI Life Insurance Launches Ulip Product (2010-11-09)
SBI Life Insurance Today Said That It Has Launched A New Unit-linked Insurance Plan (Ulip) Called Saral Maha Anand.   Read More
  Reliance Life Launches Highest NAV Advantage Ulip Plan (2010-11-09)
ADAG Group Company, Reliance Life Insurance, Today Launched Of A Unit Linked Insurance Plan (Ulip) That Address Long-term Wealth Creation And Protection Needs Of Customers.   Read More
  Insurers Can Take Over Loans Of Only Govt-guaranteed Projects (2010-11-09)
Life Insurance Companies May Be Allowed To Take Over Banks Long-term Infrastructure Loans.   Read More
  Irda Suspends Universal Policies (2010-11-09)
The Insurance Regulatory And Development Authority (Irda) Has Suspended Sale Of Universal Life Policies (ULPs), Which Were Being Promoted As An Alternative To Unit-linked Insurance Plans, From October 23   Read More
  Insurers Seek To Invest In Gold, Fund Of Funds (2010-11-09)
Regulator Not In Favour Of Insurance Firms Dabbling In Commodities.   Read More
  LIC For Higher Premium For Aam Aadmi Scheme (2010-11-09)
Group Insurance Scheme Was Introduced By The Centre For The Landless Agricultural Labourers   Read More
Archive News Related to Insurance
  HDFC Bank Set For Rural Push (2010-07-12)
The Country’s Second Largest Private Sector Lender, HDFC Bank, Plans To Capitalise On Its Acquisition Of Centurion Bank Of Punjab And Deepen Its Presence In Rural India.   Read More -->
  Reliance Life To Hire 3000 Managers This Year (2010-07-21)
As Part Of Its Expansion Plan, Anil Ambani Group’s Life Insurance Venture Reliance Life Will Add 3,000 Sales Managers To Its Payroll This Fiscal, Besides Hiring Another 150,000 Insurance Agents. “We Are Raising The Headcount By 20 Per Cent In The Current Financial Year. We Have Already Hired 2,000 Sales Managers In The First Three Months Of 2010-11, And Will Add Another 1,000 In The Coming Months.   Read More -->
  Insurers Play Safe On Dalal Street (2010-06-21)
Choosing To Play Safe, Given The Volatility In The Equity Markets, Life Insurance Companies Increased Their Net Investment In Stocks By Just 10.52 Per Cent To Rs 61,125 Crore During The Last Financial Year.   Read More -->
  IRDA Will Regulate Ulips : Govt (2010-06-21)
Putting An End To The Turf War Between The Insurance And Securities Market Regulator, The Centre Has Issued An Ordinance That Brings All Insurance Products Including Unit-linked Insurance Policies (Ulips) Under The Purview Of The Insurance Regulatory And Development Authority (IRDA).   Read More -->
  Life Insurance Business Zooms In Q1 (2010-07-29)
The Life Insurance Industry Has Gained From The Uncertainty Over Regulation Of Unit-linked Insurance Plans (Ulips), The Investment-cum-insurance Products, During The First Quarter Of The Financial Year.

According To Data By The Insurance Regulatory And Development Authority (Irda), The New Business Premium Income Of Life Insurance Companies Went Up By 77 Per Cent In The First Quarter. Income From Selling New Policies Went Up To Rs 25,522 Crore As Against Rs 14,456 Crore In The Corresponding Period Last Year.   Read More -->
  ULIP DISCONTINUANCE OF CHARGES : IRDA (2010-07-09)
IRDA Has Also Addressed The Issue Of Discontinuance Of Charges For Surrender Of ULIPs. The IRDA (Treatment Of Discontinued Linked Insurance Policies) Regulations Brought Out By IRDA In This Regard Ensure That Policyholders Do Not Get Overcharged When They Wish To Discontinue Their Policies For Any Emergency Cash Requirement. The Regulations Stipulate That An Insurer Shall Recover Only The Incurred Acquisition Costs In The Event Of Discontinuance Of Policy And That These Charges Are Not Excessive. The Discontinuance Charges Have Been Capped Both As Percentage Of Fund Value And Premium And Also In Absolute Value. The Regulations Also Clearly Define The Grace Period For Different Modes Of Premium Payment. Upon Discontinuance Of A Policy, A Policyholder Shall Be Entitled To Exercise An Option Of Either Reviving The Policy Or Completely Withdrawing From The Policy Without Any Risk Cover. Further, The Regulations Also Enable IRDA To Order Refund Of Discontinuance Charges In Case They Are Found Excessive On Enquiry.
These Regulations Are Applicable To All New ULIP Products Approved By IRDA After These Regulations Are Notified.   Read More -->
  Insurers Premium Increase By 12% (2010-06-17)
In What Would Result In Improving Persistency Levels In The Life Insurance Industry, The Renewal Premium Increased By 12.63 Per Cent To Rs 1,51,812 Crore In 2009-10 Against Rs 1,34,704 Crore Collected During 2008-09. According To The Data Released By The Life Insurance Council, The Representative Body Of Life Insurance Companies, The Total Premium Went Up By 18 Per Cent During The Last Financial Year To Rs 2,61,025 Crore. New Business Premium Income Rose By 25 Per Cent To Rs 1,09,213 Crore From Rs 87,006 Crore In 2008-09.   Read More -->
  Kotak Life Launches 2 New Ulips (2010-09-02)
Kotak Life Insurance Today Launched Two New Unit-linked Insurance Plans (Ulips) -- Kotak Secure Invest Insurance And Kotak Wealth Insurance-meeting The New Irda Guidelines.   Read More -->
  LIC India Samridhi Plus - ULIP Plan First 100 Months Highest NAV (2011-03-02)
This Plan Offers Payment Of Fund Value At The End Of Policy Term, Based On Highest Net Asset Value (NAV) Over The First 100 Months Of The Policy, Or The NAV As Applicable On The Date Of Maturity, Whichever Is Higher. NAV Of The Fund Will Be Subject To A Minimum Of Rs 10/-. This Plan Is Available For Sale For A Maximum Period Of 3 Months From The Date Of Launch.   Read More -->
  Samvardhan - Pension Scheme ( Defined Contribution) For All LIC Agents (2011-03-06)
LIC India Has Decided To Start A Group Superannuation Cash Accumulation Scheme- ′Samvardhan′, For The Agents Of The Corporation. This Scheme Is Being Started With A View To Assist The Agents In Creating A Sizeable Corpus During Their Productive Year Which Can Be Used To Provide The Pension In A Structured Way, After The Accumulation Period.   Read More -->
  The Company Plan To Rope In Private Equity Partners And Local Partners To Expand In Other Countries  (2010-06-17)
The General Insurance Council Will Meet The Central Board Of Direct Taxes (CBDT) Officials On June 23 To Seek A Withdrawal Of A Proposed Capital Gains Tax In The Direct Tax Code, Released On Tuesday. The Revised Draft Has Proposed Capital Gain Tax On Income From Equity Investment Of Non-life Insurance Companies. If The Proposal Is Implemented In The Current Form, It Will Result In Around 20-25 Per Cent Reduction In Profit After Tax (PAT) Of Non-life Insurance Companies   Read More -->
  Foreign Firms May Have To Cut Stake In Insurance JVs (2010-06-17)
Foreign Partners May Have To Dilute Their Stake In Insurance Joint Ventures (JVs) On Listing To Abide By The Government Diktat That All Listed Companies Must Have 25 Per Cent Public Shareholding. “We Want Indian Promoters To Have A Minimum 51 Per Cent Stake In Insurance Companies. It Is For The Government To Decide On Disinvestment And Take A Call On Raising The Foreign Direct Investment (FDI) Limit To 49 Per Cent. Foreign Partners Will Have To Reduce Their Stake If The Government Sticks To The 25 Per Cent Public Shareholding Norm,” Said A Senior Official With The Insurance Regulatory And Development Authority (Irda).   Read More -->
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