had proposed a steep hike of up to 137% for private cars, but revised the rates downwards due to widespread protests by consumers, bringing relief to thousands of policyholders.
's aim is to bring transparency to a product that is among the fastest- growing in a rapidly- expanding industry.
carried out an onsite inspection of Reliance Life in January 2012.
"Had the single premium version of product been offered to the policy holders, the actual commission payable would have been only 2%," observed Irda
. SBI Life collected Rs 625 crore under the two-year plan of the policy between 2008-09 and 2010-11, and hence has been asked by the regulator to refund 44% of that amount to the policyholders.
allows portability of motor insurance policies.
also said that from now, all such products will be named variable insurance products (VIPs) and have a lock-in period of at least three years.
Through the move, Irda
is looking to save customers the cost of surrender while changing policies from one service provider to another.
However, there are concerns for the industry, which were taken up with Irda
. The regulator has responded and there has been constant interaction between chief executives of insurance companies, General Insurance Council members and Irda
Chairman TS Vijayan.
THE INSURANCE Regulatory and Development Authority (IRDA
) on Monday issued new guidelines to the chief executive officers (CEOs) of all life insurance companies saying universal life products will now be known as variable insurance products (VIP), which would be offered only on the non-unit linked platform and will not be permitted on unit linked platform.
The Insurance Regulatory and Development Authority of India (IRDA
) has ruled out allowing 100 percent foreign direct investment (FDI) in the insurance broking business.
Summary: Expect a much better claim experience after Irda
implements standardisation norms for health insurance.
New entrants to feel heat as IRDA
to unveil guidelines