CLR Snippets | Insurance for Education Loan

Education loans are extended as per Model Educational Loan Scheme of Indian Banks™ Association (IBA), as adopted by the Banks.  As per the Model Scheme, scheduled banks may, with the consent of the student, arrange for life insurance policy of the student availing Education Loan. In case of death of the student, loan amount outstanding… Read More

Tags: BankGovernment of IndiaIndiaInsuranceLoanLok SabhaStudentStudent loan

Regulatory initiatives on Insurance Coverage to Citizens

Insurance Regulatory and Development Authority has put in place regulatory initiatives, as part of its development role, for penetration of insurance amongst all sections of the society, including, rural, and social sector. Towards this purpose, the Authority has notified IRDA (Obligations of Insurers to Rural and Social Sectors) Regulations 2002, in accordance to which all… Read More

Tags: Infrared Data AssociationInsuranceInsurance Regulatory and Development AuthorityIRDALok SabhaRashtriya Swasthya Bima YojanaRegulationRegulatory

Inclusion of Ayurveda/Homoeopathy in Mediclaim Insurance

Insurance Regulatory and Development Authority (IRDA) has informed that the insurance coverage to AYUSH treatments has been facilitated through the Regulation 5 (1) of the IRDA (Health Insurance) Regulations, 2013 which are published in the official gazette and came into force with effect from 18.02.2013. As per this regulation the insurers may provide coverage to… Read More

Tags: Financial serviceshealthinsuranceInsuranceInsurance Regulatory and Development AuthorityIRDARegulationRegulatory

IRDA prescribes Ceiling of 15% for payment of Insurance Agents’ Commission

The Insurance Regulatory and Development Authority (IRDA) prescribes ceiling of 15% for payment of agents™ commission. The exact rate of commission payable in a particular policy is to be decided by the insurer, which shall not exceed the ceiling prescribed by the IRDA. The Public Sector Undertaking insurers, in order to encourage younger population to… Read More

Tags: Agents and MarketersBusinessFinancial serviceshealthinsuranceInsuranceInsurance Regulatory and Development AuthorityIRDAUnited States

IRDA clarification on Process of providing Clearance to Insurance Products

The clearance to Insurance Products takes a lot of time in the country. Policyholders™ protection is the prime concern of the Insurance Regulatory and Development Authority (IRDA) and it does exercise a thorough diligence while approving products accordingly. IRDA has informed that the scrutiny process involves detailed examination of whether: ¢ Product is suitable to… Read More

Tags: healthinsuranceIndiaInsuranceInsurance RegulatoryInsurance Regulatory and Development AuthorityIRDAProduct designUnitised insurance fund

Finance Minister Launches Medi Claim Facility for Farmers

Finance Minister Launches Medi Claim Facility for Farmers; Calls for Greater Penetration by the Non Life Insurance Sector and Higher Insurance Density The Union Finance Minister Shri P.Chidambaram said that there is a need to take immediate action by the non life insurance sector to increase penetration and coverage of the non life insurance in… Read More

Tags: Dena BankFinance MinisterIndiaInsuranceKisan Credit CardP. ChidambaramUnited India Insurance Company LimitedUnited States

“Corporate Compliance Management” – Details of ASSOCHAM Seminar

        Objectives The Seminar is designed to discuss in-depth latest updates on corporate compliance regulations and standards, government enforcement initiatives, share case studies of how to implement a successful compliance program. Key Areas of Discussion Corporate Compliance Management Assessing Corporate Compliance Trends, Challenges & Future in India Building an Efficient Corporate Compliance Framework Benefits of Good… Read More

Tags: AuditBusinessCompany SecretaryCorporate lawFinancial servicesGood governanceInsuranceInternal auditRegulationRegulatory complianceRisk managementSeminar

Guidelines on Investment in Insurance for Core Investment Companies

RBI/2012-13/466 DNBS(PD) CC.No.322/03.10.001/2012-13 April 1, 2013 All NBFCs Dear Sirs, Core Investment Companies Guidelines on Investment in Insurance At present NBFCs venturing into insurance are guided by the circular DNBS(PD).CC.No.13/02.01/99-2000 dated June 30, 2000 on amendment to NBFC Regulations which contains the ˜Guidelines for entry of NBFCs into Insurance™. In view of the unique business model of… Read More

Tags: BusinessCore Investment CompaniesInsuranceJoint ventureNBFCNon-banking financial companyRegulationReserve BankRun batted in

Highlights of the National Health Insurance Scheme

Rashtriya Swasthya Bima Yojana (RSBY) was launched by Ministry of Labour and Employment, Government of India in 2008 to provide health insurance cover to Below Poverty Line population and informal sector workers of India. The objective of the scheme is to protect these families from shocks related to catastrophic expenditures on health by improving access to health and reducing… Read More

Tags: Below Poverty Line (India)Government of IndiaHealth insuranceIndiaInsuranceMinistry of Labour and EmploymentRashtriya Swasthya Bima YojanaSmart card

Health Insurance Scheme: Over 3.41 Crore Cards Issued

As informed by the Insurance Regulatory and Development Authority (IRDA), a study conducted by the National Council of Applied Economic Research, on behalf of IRDA, and based on the survey of 30,200 respondents spread over 29 States and Union Territories, indicate that with regard to health insurance, the level of awareness is quite low since… Read More

Tags: Financial serviceshealthinsuranceInsuranceInsurance RegulatoryInsurance Regulatory and Development AuthorityIRDARegulation

IRDA says all Insurers are required to comply with the IRDA (Protection of policyholders™ interests) Regulations, 2002

Online Sale of Insurance Policies The Insurance Regulatory and Development Authority (IRDA) has informed Online Sale of Insurance Policies is one of the ways of distribution of insurance policies. IRDA has put in place a regulatory framework for enhancing the transparency and improving the informed choice amongst all classes of policyholders during the course of… Read More

Tags: InsuranceInsurance Regulatory and Development AuthorityIRDA

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