In a big relief to dissatisfied health insurance policy holders, sectoral regulator Irda on Thursday allowed them portability -- shifting policies from one insurer to another on same terms -- from July 1.
Insurance regulator IRDA today
said that it will soon come out with draft norms that define
terms like critical illness and hospitalisation cost, among
others, a move that will reduce the scope for disputes.
Insurance regulator IRDA, locked in a turf war with capital market watchdog SEBI over regulation of unit-linked policies, has reemphasised that insurers should offer assured life insurance cover with ULIPs
Life insurance policy holders may not be required to keep paper records of their policies once the plan for digitalisation of the sector that is being worked on by the Life Insurance Council is approved by the regulator IRDA.
Insurance regulator IRDA is
considering allowing life insurers to invest part of policy
holders` money in equity derivatives, a move that would allow
these firms to hedge the risks emanating from cash markets.
Insurance regulator IRDA has asked insurance companies to cease the policies of persons whose identity matches the profile of those listed in the UN list of terrorists or organisations involved in terror funding.
The insurance industry overall has registered a growth of 11.35 percent in premium collection at Rs 55,866.54 crore in the first six months of this fiscal as compared to Rs 50,171.09 crore in the year-ago period.