Future Generali Life fined Rs20 lakh
IRDA imposed a fine of Rs20 lakh on Future Generali Life for procuring business through unlicensed agents. IRDA said there is a substantive violation where the insurer has permitted various unlicensed individuals to solicit and procure business through ‘Insurance For You (Future)’, when the entity itself was not licensed. This comes days after the company was warned by IRDA about complaints from customers who did not receive the policy papers in time and problems in cancellation of policies under the free-look period.
Motor premium may rise
Insurance companies will increase premium rates across private and commercial vehicles by 20% to 25%. This is true for ‘own damage’ (OD) as well as third-party liability. OD is not regulated, unlike third-party rates. IRDA has raised the provisioning on the commercial third-party motor pool for 2010-11 to 213% from 153%. In an attempt to restrict third-party liability, the finance ministry has proposed a cap of Rs10 lakh for liability arising out of death or body injury caused to a third-party by a vehicle on road. It has also proposed that claims have to be filed within three years of an accident. Currently, there is no time limit for filing motor accident claims, but delays require explanation.
MetLife penalised Rs2 lakh
IRDA has penalised MetLife India Insurance for delay in communicating and processing a life insurance policy. Under the IRDA regulations, an insurer is required to process a proposal with speed and efficiency and communicate the decision to the applicant within 15 days. IRDA found that the insurer had delayed communicating it in writing and in refunding the proposal deposit collected from the complainant
IRDA imposed a fine of Rs20 lakh on Future Generali Life for procuring business through unlicensed agents. IRDA said there is a substantive violation where the insurer has permitted various unlicensed individuals to solicit and procure business through ‘Insurance For You (Future)’, when the entity itself was not licensed. This comes days after the company was warned by IRDA about complaints from customers who did not receive the policy papers in time and problems in cancellation of policies under the free-look period.
Motor premium may rise
Insurance companies will increase premium rates across private and commercial vehicles by 20% to 25%. This is true for ‘own damage’ (OD) as well as third-party liability. OD is not regulated, unlike third-party rates. IRDA has raised the provisioning on the commercial third-party motor pool for 2010-11 to 213% from 153%. In an attempt to restrict third-party liability, the finance ministry has proposed a cap of Rs10 lakh for liability arising out of death or body injury caused to a third-party by a vehicle on road. It has also proposed that claims have to be filed within three years of an accident. Currently, there is no time limit for filing motor accident claims, but delays require explanation.
MetLife penalised Rs2 lakh
IRDA has penalised MetLife India Insurance for delay in communicating and processing a life insurance policy. Under the IRDA regulations, an insurer is required to process a proposal with speed and efficiency and communicate the decision to the applicant within 15 days. IRDA found that the insurer had delayed communicating it in writing and in refunding the proposal deposit collected from the complainant
No comments:
Post a Comment