The Insurance Regulatory and Development Authority of India(IRDAI) has directed life insurance companies not to withhold or delay payment of claims when the policyholder/claimant expresses unwillingness or has objections to executing the advance discharge voucher or to accept the amount.
The ICICI Bank stock has risen seven per cent in the past five trading sessions compared to zero-three per cent gains for private sector peers.
The rally is aided by the management indicating its life insurance subsidiary, ICICI Prudential Life Insurance Company, would hit the bourses by the end of FY17.
Customers will now find it much easier to buy motor insurance policies or renew their existing ones on the go as the Insurance Regulatory Authority of India (Irdai) has allowed more touch points and prevented insurers from discriminating between dealers.
With most of the regulatory issues relating to the non-life insurance industry ironed out, the General Insurance Council of India is now into development of data bank of fraudulent claims, clearing house and standardisation of policy wordings for commercial policies, said a top official.
The growing threat of hacking and a duty to protect data more stringently will accelerate demand for cyber insurance in Europe, insurer Allianz said on Wednesday, as it launched its first product aimed at Germany’s small-to-medium-sized manufacturers.
Berkshire Hathaway Specialty Insurance Co. is expanding its executive & professional lines capabilities in Asia with the introduction of Executive First™ Public Offering of Securities Insurance and Executive First™ Side A Difference in Conditions liability insurance.