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eServe Newsletter May 2013
Why it makes sense to buy health insurance early?
IRDA Journal 2013
Motor insurance is one area of operation which continues to baffle the discerning. Being a major contributor to the overall business done in the non-life domain, it should have enjoyed the status of also being the most profitable class. The very fact that several insurers look at it with a certain amount of reservation speaks volumes about the inherent problems in this class. It is paradoxical that with such a large number of vehicles of all classes on the roads, and with a steady accumulation of new ones from time to time; while it should be a reason by itself to attract the interest of several players, the effect is quite contrary.
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HDFC Standard Life tops unfair trade practices complaint chart
24-Apr-2013 | Source : PTI
Leading private life insurers HDFC Standard Life, Bajaj Allianz and Birla Sun Life top the list of firms against whom consumers have filed complaints with sectoral regulator IRDA for indulging in unfair business practices.
The other major companies against whom large number of complaints for making false lucrative offers to sell policies have been filed include ICICI Prudential and Reliance Life, Finance Minister P Chidambaram informed the Rajya Sabha in a written reply.
As compared to their private counterparts, the number of unfair business practice complaints filed against public sector behemoth LIC was significantly less during 2012-13.
Insurance regulator IRDA, Chidambaram said, "based on its own enquiries, levies penalty on insurance companies wherever a case of unfair business practice is established".
Based on the data by the Finance Minister, the total number of unfair business practice complaints has shot up to 1.68 lakh in 2012-13, from about 1 lakh a year ago.
During the year, the number of complaints filed against HDFC Standard Life during 2012-13 stood at 33,813 followed by Bajaj Allianz (21,745), Birla Sun Life (21,651), ICICI Prudential Life (16,891) and Reliance Life (16,401).
In case of LIC, which is the largest insurance company in the country, only 2,538 complaints regarding unfair business practice were received by IRDA.
The complaints against insurance companies for selling policies by making false lucrative offers at the point of sale are put under the category of the unfair business practices, he said.
Insurance firms get serious on
fake agents
20-Apr-2013 | Source : Business Standard
By Yogini Joglekar & M Saraswathy
The Insurance Regulatory and Development Authority (Irda) has periodically issued advice on what is to be done with individuals posing as insurance agents to dupe customers of their money. Last week, it issued a warning to the public, asking it to be careful of fake entities acting as insurance companies. The regulator wanted customers to check an entity’s veracity and the insurance arrangement promised before making any payments.
Canara, OBC against HSBC's plan to sell its insurance stake in JV
23-Apr-2013 | Source : India Infoline
State-owned Canara Bank and Oriental Bank of Commerce (OBC) - the domestic partners - in Canara HSBC OBC Life intend to oppose HSBC's plan to sell stake in its Indian life insurance joint venture (JV), according to a media report.
According to two Indian banks, HSBC is selling its stake without consulting them. They were not happy that HSBC, which runs the operations of Canara HSBC OBC Life Insurance, approached prospective buyers without consulting them, even as the JV shareholding agreement contains 'tag-along rights', the report added.
LIC has near 100% claim settlement record
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