Large number of people can t get insurance benefit for want of hospitalisation, says HC
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Last Updated: May 27, 2021, 08:19 PM IST
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Synopsis As a matter of common knowledge and we can take judicial notice of the same that for about three to four weeks when the current wave of the pandemic was at its height, there was acute shortage of hospital beds not only in Delhi but in the entire country, a bench of Justices Vipin Sanghi and Jasmeet Singh said.
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The Delhi High Court Thursday said a large number of COVID-19 infected people would not be able to get insurance benefit as they could not secure a hospital bed due to the dearth of medical infrastructure and asked sectoral regulator IRDA to look into the issue. The court was also informed that effectively even black fungus infection will not be covered in COVID specific polices as they are only for 14 days period.
Irdai imposes Rs 51 lakh penalty on 4 insurers
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Last Updated: Apr 18, 2021, 04:15 PM IST
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A penalty of Rs 25 lakh has been imposed on SBI General Insurance Company for not fulfilling regulatory obligations under the Motor Third Party (MTP) business. Penalty of Rs 13 lakh imposed on Liberty General Insurance Limited, Rs 10 lakh penalty on Bajaj Allianz General Insurance Company, and Rs 3 lakh on Royal Sundaram General Insurance Company.
Regulator Irdai has imposed a penalty of Rs 51 lakh on four insurers, including SBI General Insurance Company
Regulator Irdai has imposed a penalty of Rs 51 lakh on four insurers, including SBI General Insurance Company, for violation of certain norms related to motor insurance.
Synopsis
At least five private insurers – Tata AIA, Aegon Life, Max Life, PNB Metlife and IndiaFirst Life – have already filed for new term products with the insurance regulator at increased prices for the new fiscal year. Other life insurers may soon follow.
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Increased comorbidity risks due to the pandemic and the adverse loss experiences of global reinsurers are set to weigh on how life covers are priced.
Insuring life is set to get more expensive and harder in the fiscal year starting April. Increased comorbidity risks due to the pandemic and the adverse loss experiences of global reinsurers are set to weigh on how life covers are priced.
Shares of Axis Bank will be in focus. Max Life has received the formal approval from the Insurance Regulatory and Development Authority of India (IRDAI), which vide its letter dated 24th February 2021 has granted approval to the Axis Entities, as promoters of Max Life, to collectively acquire 12.002% of the equity share capital of Max Life, by way of transfer of equity shares of Max Life from Max Financial to the Axis Entities.
Shares of Nureca will debut on bourses today, 25 February 2021. The final issue price was fixed at Rs 400 per share.
Just Dial has launched its B2B portal, Jd Mart, across various platforms for users. Jd Mart is an exclusive B2B portal for a new wholesale experience. B2B buyers can discover quality vendors offering a wide selection of products to choose from, spread across various categories to suit all their B2B needs.
Digilocker will drive reduction in costs, elimination of customer complaints relating to non-delivery of policy copy, improved turnaround time of insurance services, faster claims processing and settlement