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In case of certain claims, insurance companies can now entrust loss assessment to people other than licensed surveyors or not make any loss assessment at all. This can make processing of claims faster, especially during times of calamities.

Surveyor assessment waived in some cases

In case normal commercial claims below a certain claim amount, we do not do an assessment.

20 Nov 2019 3:23 AM IST

Solvency ratio is a key metric used to determine the ability of an insurer to meet its debt, pay claims and honour other financial commitments.

Reliance Health barred from selling policies

Solvency ratio dips to 63% against norm of 150%.

8 Nov 2019 6:26 AM IST

DHFL is currently classified as stressed account but will slip into becoming a Non-Performing Assets (NPA) by December 31 unless a resolution is found.

DHFL bankruptcy: Irdai rules out troubles for two insurance arms

As of September, DHFL Pramerica Life's solvency ratio stood at 388 per cent and that of DHFL General Insurance at 230...

7 Dec 2019 11:57 AM IST

In India, banks will face the maximum pressure on income from card transactions and fees, with free payments putting 8.4 per cent of the payments revenue at risk.

PSBs may get nod to hold over 10 per cent in two insurers

An entity holding over 10 per cent in an insurance company is categorised as a promoter while one holding below that...

7 Dec 2019 1:32 AM IST

Finance minister Nirmala Sitharaman

PSBs told to outline insurance JVs' future

UBI has to cut stake in one of the 2 JVsStar Union Daiichi and IndiaFirst.

3 Dec 2019 1:41 AM IST

Sebi has begun looking into the matter for any possible disclosure and corporate governance-related lapses.

Sebi wants govt rethink on RBI representation on its board

Officials said Sebi first proposed to the Ministry of Finance to amend the relevant provisions in the Sebi Act.

28 Feb 2019 5:51 PM IST

A top IRDAI source told Financial Chronicle that the meeting was held in Hyderabad on February 19 and it was attended by 26 chairmen of both life and non-life insurance companies.

Insurers asked to focus on governance

The high-level meeting was the first of its kind.

22 Feb 2019 1:48 AM IST

Loosely defined, a sandbox approach means experimenting and learning before finally adopting a technology or system. (Photo: Twitter)

Set up core 'sandbox committee' to promote digital innovations: Irdai...

Loosely defined, a sandbox approach means experimenting and learning before finally adopting a technology or system.

17 Feb 2019 2:40 PM IST

A top IRDAI source told Financial Chronicle that the meeting was held in Hyderabad on February 19 and it was attended by 26 chairmen of both life and non-life insurance companies.

Irdai asks insurers for easy crop insurance claim settlement, use of...

Irdai, in a circular, said there is a need for effective implementation of crop insurance schemes.

26 March 2019 12:32 PM IST

Sugar Cane is a perennial crop harvested 10-16 months after planting.

Insurers told to add staff for crop cover

The authority has been receiving various complaints and suggestions on claims.

23 March 2019 1:55 AM IST

Following the November 8-9 demonetisation, the government over the weekend asked public sector insurers to provide discounts of up to 10 per cent on the premium amount for general insurance policies and 8 per cent in new life policies of Life Insurance Corporation sold online.

End auto renew add-on: IRDAI

IRDAI has asked them to withdraw such clauses with immediate effect and to inform the authority about it.

22 March 2019 6:20 AM IST

A top IRDAI source told Financial Chronicle that the meeting was held in Hyderabad on February 19 and it was attended by 26 chairmen of both life and non-life insurance companies.

Insurance industry wants IFRS 17 adoption deferred

IFRS norms like risk-based capital framework is necessary to assess the financial strength of a company.

18 March 2019 4:32 AM IST