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Chairman's Message
I am happy to launch the newsletter 'GI Newsletter' as a part of our initiative to connect with our stakeholders bi-monthly (once in 2 months) without fail. There couldn't have been a better way to re-launch on the occasion of the 'Aazadi ka Amrit Mahotsav'.
I congratulate the GI Council team on the occasion and wish all Happy Independence Day.
Anjan Dey, CMD
The Oriental Insurance Company, New Delhi
Chairman, GI Council
Editor's Connect
I thank the members of the executive committee of our council for providing the inputs for our new version of the newsletter which we desire to reach to all our stakeholders as a tool for building awareness and further improving in the penetration of the insurance sector in our country. I seek your support and valuable inputs to make it not only popular but useful for the citizens.
Wish all the readers Happy Independence Day!!!
M N Sarma
Secretary General
General Insurance Council
Editorial Team
C.R. Vijayan
Sanjiv Singh
K.N. Venkataraman
Executive committee Members
Elected Members
Mr Anjan Dey (Chairman)
Mr Devesh Srivastava
Dr S Prakash
Mr Tapan Kumar Singhel
IRDAI Nominated Members
Prof. Bejon Kumar Misra
Dr Nayan Shah
Mr Milind Bhatawadekar
Mrs Asha Nair
Mr K.C. Lokessh
Regular Invitees
Mr M.S. Sreedhar
Mr Krishnan Ramachandran
Mr Hitesh Kotak
Mrs Sucheta Gupta
Mr Vinod Dua
NEWS FLASH
The combined COVID Claims settlement data of the Non-life insurance and Stand Alone Health Insurance Companies operating in India as at the end of July, 2022
| Covid Claim Status |
As of 31.07.2022 |
| |
Number |
Amount (in Crores) |
| Reported Claim |
2977650 |
Rs. 36,885 |
| Settled Claim |
2688489 |
Rs. 24,457 |
| Repudiated Claims |
217644 |
Rs. 1547 |
Insurance in news
The Premium ‘Score Board’
The Non-Life(General) Insurance sector comprises of, as on date, 4 Public Sector, 20 Private Sector Multi-line Insurers, 5 Stand Alone Health Insurance companies and 2 specialized insurance companies viz. AICL and ECGC. They are all direct insurance companies, meaning that they transact insurance directly with the policyholders like you and me.
IRDAI cuts solvency margins for crop insurers
In a move that can augur well for crop insurance, the Insurance Regulatory and Development Authority of India (IRDAI) has reduced the solvency margin requirement for insurers doing crop business. This will unlock ₹1,400 crore of funds for insurers to underwrite business.
Vacancies for the post of insurance ombudsmen in india gets finalised
Vacancies for the post of insurance ombudsmen in india gets finalised and awaits clearances from the respective Authorities(Central Vigilance Commission, Directorates of Enforcement, Revenue Intelligence and Goods and Servie Tax Intelligence, and the Central Board of Direct Taxes) in terms of Rule 7(B)(5) &7(B)(6) of the Insurance Ombudsman Rules, 2017(as amended til date)
Insurance Laws & policies
No Decision on Mandatory Disclosure of Insurance Policy Commissions: IRDAIThe Insurance Regulatory and Development Authority of India (IRDAI) on Friday said it has not taken any decision on disclosing the commission paid to insurance intermediaries on the policy document. In a statement, IRDAI clarified that it has not taken any decision on this matter. Furthermore, the IRDAI will hold extensive consultations with all stakeholders before any such decision is taken.
General insurers urge IRDAI for mandatory KYC of customersNon-life insurers have requested the insurance regulator IRDAI to permit verifying the contact details of policyholders. This would enable them to get in touch with customers during an emergency and help them with sales.
IRDAI extends 'Use and File' for insurance products for agriculture and allied activitiesJuly 14, 2022: Indian insurance regulator has extended the ambit of 'Use and File' procedure to products covering agriculture and allied activities, a press release issued by the Insurance Regulatory and Development Authority of India (IRDAI) said on Thursday.
IRDAI to revamp grievance redressal mechanism, plans to call it 'Bima Bharosa'The Insurance Regulatory and Development Authority of India (Irdai) is all set to revamp the grievance redressal mechanism and call it Bima Bharosa, reported PTI citing sources. The revamp will include an option of filing complaints in regional languages. This can be attributed to making the process of complaint redressal more efficient. The Integrated Grievance Redressal System (IGMS), launched in 2011, is being upgraded to make it more convenient for customers. It is to be renamed as Bima Bharosa.
Consumer Awareness
What is Non-Life Insurance?Non-life insurance covers property, businesses and individuals and is also known as general insurance in India. In some markets this type of insurance is known as Property and Casualty (P&C) insurance. Unlike life insurance which covers lives for assured benefits, non-life insurance provides coverage for damages on indemnity basis. It protects insured monetarily by providing money in the event of an accidental loss. Examplesof non-life insurance are Fire, Marine, Motor, Health insurance, home, factory, shop, travel and liability insurance etc.
IRDAI Grievance Redressal MechanismProspects and policyholders are advised to first file their complaints with the respective insurance companies. If they do not receive a response from the insurer within a reasonable period of time or are dissatisfied with the response of the company, they may approach the Consumer Affairs Department of the IRDAI. IRDAI shall facilitate re-examination of the complaint and resolution by the insurance company.
Motor own damage cover: IRDAI permits sophisticated add-onsThe Insurance Regulatory and Development Authority of India (IRDAI) has permitted the general insurers to introduce sophisticated technology enabled add-ons to the Own Damage (OD) cover.
IRDAI constitutes two task forces on issues of reinsurance support The regulator has formed two task forces to study issues the non-life insurance and life insurance industries face in reinsurance support. The two have to give reports in three weeks, said IRDAI.
Health Insurance: Shifting Consumer Perception From Fear Towards Wellness In India Health insurance provides the dual benefit of financial protection, while also acting as a safeguard against medical debt-induced poverty. Now, the advent of digital tools, machine learning, Blockchain, and the convergence around IoT and cloud-based wellness devices and programmes will open more avenues towards providing superior value to customers.
Frequently Asked Questions
You and Your Health Insurance Policy
The term health insurance is a type of insurance that covers your medical expenses. A health insurance policy is a contract between an insurer and an individual /group in which the insurer agrees to provide specified health insurance cover at a particular “premium” Read More>>>
Global Highlights
Higher costs for insurers put the squeeze on the price of motor insuranceThe average price paid by motorists for their motor insurance in the second quarter of this year rose slightly on the previous quarter to £419, according to the ABI’s latest Motor Insurance Premium Tracker. For some time, the ABI has warned that insurers are finding it increasingly challenging to absorb rising cost pressures, such as higher second-hand car prices and more expensive vehicle repairs. 
ABI response to Consumer Duty final rulesWe set out the final rules and guidance for a new Consumer Duty that will set higher and clearer standards of consumer protection across financial services and require firms to put their customers’ needs first. We also respond to feedback to CP21/36.
IAIS welcomes global climate-related financial disclosure standards The IAIS has welcomed a draft global standard on the disclosure of climate-related financial disclosures published by the International Sustainability Standards Board (ISSB). Responding to a public consultation on the exposure draft of the ISSB’s new standard, the IAIS noted the importance for insurers of a globally consistent baseline climate reporting standard; both as users and preparers of climate-related disclosures. IAIS members aim for insurers to continue to improve the level and quality of disclosure in the clear direction as set by the new ISSB standard.
UK regulators approve a second Lloyd’s Protected Cell Company building on the success of London Bridge Risk Lloyd’s today announced that it has received regulatory approval from the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) to set up a second Protected Cell Company (PCC), which provides a broadened range of capabilities for the market and an enhanced accessibility for investors; a key deliverable of the Future at Lloyd’s strategy.
General Insurance Council, 5th Floor, National Insurance Building, 14, Jamshedji Tata Road, Churchgate, Mumbai-400020, Maharashtra, India, gicouncil@gicouncil.in
https://www.gicouncil.in/
Disclaimer : Our newsletter endeavors to compile insurance information from various sources in the public domain. In respect of 3rd party articles/news items etc. reproduced, the GI Council accepts no responsibility for the accuracy/authenticity and completeness nor can be seen as endorsing the views/opinions expressed therein.
