IRDA introduces product planner rule
The Insurance Regulatory Development Authority (IRDA) has introduced product planner rule by which an insurance company can file only five products for approval a year. In order to reduce the time taken for product approvals, IRDA has asked life insurers for a product planner before every financial year. The planner would give an indication of the number of products an insurer proposes to file each quarter.
According to IRDA, if the number of products exceeded five, the insurer should furnish supporting market research, product-wise persistency for the 13th month, 25th month and 37th month as on April 30 of the previous year. At present, IRDA follows the file-and-use method of application, wherein insurers apply to obtain prior approval of the Authority to introduce / modify insurance products. Beginning April 2014, insurers have been advised to file this planner, at least 45 days before the beginning of the next financial year, that is, before February 15 of each year.
IRDA to review F&U guidelines
The IRDA (Insurance Regulatory and Development Authority) has decided to form a Working Group to review the file & use (F&U) guidelines. The current guidelines on file & use requirement for general insurance products were issued by IRDA in September 2006. It is felt by the Authority that a review of extant guideline has to be undertaken to ensure that products are designed, marketed, sold and serviced ensuring that a viable, simple, useful product is available to consumers and is sustainable for insurers, the IRDA said in notification on Thursday. The committee will be headed by Suresh Mathur. The members of the Working Group include Pankaj Kumar Tewari, convenor, IRDA; Anurag Rastogi, HDFC Ergo General Insurance; R Arunachalam, Cholamandalam General; Ashesh Anupam, Tata AIG General; PK Mahapatra, United India Insurance and Anuja Shiromani, Oriental Insurance.
65% population covered by private insurers in health insurance: Assocham
Considering that about 65 per cent of people covered by health insurance across India fall under the ambit of private sector, the private insurers have outperformed the public insurance companies covering just 35 per cent of people, according to a study by apex industry body ASSOCHAM. “However, in terms of premium it is the other way round as public insurance companies account for maximum share of over 61% in premium arising out of health insurance,” according to a study titled ‘Health Insurance in India: A review,’ conducted by The Associated Chambers of Commerce and Industry of India (ASSOCHAM). “Private voluntary health insurance will continue to grow in terms of covering the non-vulnerable, the middle class and higher income segments of the population that can afford to purchase private health insurance,” said DS Rawat, secretary general of ASSOCHAM while releasing the chamber’s study... Read more
IRDA reviews delegation of policies by board of insurers
The Insurance Regulatory and Development Authority (IRDA) said that board of directors may consider delegating to the Risk Management Committee, the mandate of approving the outsourcing policy and reviewing the performance of all the third party service providers. The minutes of the meetings of Risk Management Committee that reviewed the ‘outsourcing policy and performance of all the third party service providers’ shall be placed before the Board of Directors in the ensuing meeting, IRDA said in a circular on Thursday, 10 April 2014... Read more
IRDA launches highway ambulance project
In order to study the accident patterns and identify solutions for insurance and accident prevention measures, the Insurance Regulatory and Development Authority (IRDA) has launched highway ambulance pilot project. The project involving general insurance industry, police administration, medical community, IT professionals and National Highway Authority has been launched in the 250-km Hyderabad-Vijyanagaram segment of the national highway. If found suitable, the insurance industry will set up a nationwide ambulance project, says a media report. The project worth around Rs. 9 crore has a duration of two years and will be funded by 27 general insurance companies and IRDA in equal proportion.
Liberty Videocon General launches two wheeler insurance product
Liberty Videocon General Insurance Company Ltd (a joint venture between India’s Videocon Industries Ltd and Liberty City-state Holdings Pte Ltd, part of US headquartered multinational Liberty Mutual Insurance Group) announced the availability of its Two Wheeler Insurance Product. This insurance product is available for motor cycles, scooters and mopeds. This insurance plan provides optional personal accident cover for individual owner driver of the vehicle in case of defined injury, death or disability caused while riding his two wheeler. This product allows policy holder to opt for a personal accident cover for the pillion rider as well. This Two Wheeler insurance product from Liberty Videocon General Insurance also protects against legal liability emerging on account of accidental damages, any permanent injury/death of a third party and/or any damage caused accidently to a third party’s property... Read more
Federal Bank, Max Bupa tie up for bancassurance
Federal Bank entered into a tie up with Max Bupa in a Bancassurance Corporate Agency arrangement to provide comprehensive health insurance plans of Max Bupa to 24 million households of the bank’s clients across 1163 branches of the bank pan India. Speaking on the partnership with Max Bupa, Surendran A, Head, Retail and International Banking, Federal Bank said, “We are delighted to enter into an arrangement with Max Bupa offering innovative health insurance solutions that would add value to the lives of our customers. Improving the quality of life of our clients has been our constant pursuit.”... Read more
Aegon Religare Life launches ‘Nominee Card’ for E-sales customers
Aegon Religare Life Insurance launched a ‘Nominee Card’ for its Esales customers to be shared along with the policy document. The idea for developing this card originated from the fact that the policy holder can gift this card to his/her nominee. The purpose of this card is to help simplify the claims process for the nominees, who otherwise had to look for Insurance papers and go through the complex drill of filing claims. Most nominees are at times not even aware that they have a policy nominated towards them. This card attempts to encourage proposer’s (Life assured) of the policies to inform the nominees by handing over this claims card which will facilitate the claims process in a hassle-free fashion... Read more
Life protection solutions from Tata AIA on Baisakhi
On the eve of Baisakhi, which is celebrated as the beginning of a new year in large part of Northern India including Punjab and Haryana, Sachin Joglekar, Chief Agency Officer of Tata AIA Life Insurance Company Ltd (Tata AIA Life), urged people to celebrate this auspicious occasion by renewing the promise of protecting their families with life protection solutions. “Baisakhi holds a special significance for the people of Punjab and Haryana as it commemorates the establishment of the Khalsa Panth and marks the beginning of harvesting season. One can make this auspicious occasion memorable by ensuring a financially secured life for his near and dear ones with our simple and easy to buy, income protection solutions,” said Mr. Joglekar... Read more
Deloitte India releases annual compensation & benefits trends survey India
With an objective to understand key compensation and benefits trends across sectors in the Indian market, Deloitte released the fourth edition of its Annual Compensation & Benefits Trends Survey India 2014. According to the survey, the average salary increment across sectors is projected at 10.3% in FY 2014-15, which is 0.3% points lower than the previous FY14 (10.6%). The average variable pay across sectors is projected to grow at 1.2% to 18.5% in FY15, against 17.3% in FY14. Companies from more than 18 sectors participated in the survey which was conducted online for the first time.
Some sectors which were covered include Auto & Auto Components, BFSI, Chemical, Consumer Business, Engineering & Manufacturing, Energy & Natural Resources, Hi-Tech, IT-enabled Services, Infrastructure & Real Estate, Logistics, Media & Advertising, Pharma, Life Sciences & Health Care, Retail etc. The study, conducted among 209 organizations, presents a comprehensive report for a variety of sectors, and specific information on compensation and benefits by various sectors... Read more
Tata AIA Life appoints Vishal Kumar Bandlish as CFO
Tata AIA Life Insurance Company (Tata AIA Life) has added a new member to its senior management team with the appointment of Vishal Kumar Bandlish as Chief Financial Officer (CFO). Based in the Company’s headquarters at Mumbai, Bandlish shall report to the Chief Executive Officer of the Company. As the CFO, he will be responsible for the Company’s financial operations and will lead a team of professionally qualified individuals. Bandlish joined Tata AIA Life in 2004 and has previously held senior financial positions in the Company. He has been instrumental in establishing strong accounting and reporting controls in his role as Finance Comptroller... Read more