The Insurance (Amendment) Bill, 2021
The Insurance (Amendment) Bill, 2021 was introduced in Rajya Sabha by the Minister of Corporate Affairs, Ms. Nirmala Sitharaman, on March 15, 2021. The Bill amends the Insurance Act, 1938. The Act provides
Insurance Industry
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Three States to Require Insurers to Disclose Climate-Change Response Plans
Insurance commissioners in California, New York and Washington State will require that companies disclose how they intend to respond to the risks their businesses and customers face from increasingly severe
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Govt may bring multiple covers under one policy
Single-premium plan likely to be only for women initially; Centre, states to share premium for economically weaker sections. Customers may soon get health, insurance and pension covers, as well as a scholarship
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General Insurers to Take 100-cr Hit from Cyclone Thane
The cyclone Thane in Tamil Nadu and Puduchery would have caused an economic loss of Rs 1,500 crore to Rs 2,000 crore, but the insurable loss is hardly Rs 100 crore. Though insurance companies are yet to
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GIC Re mobilises $78m for nuclear pool
Mumbai The state-owned General Insurance Corporation of India (GIC Re) — the sole official reinsurer— has mobilised support of almost $78 million from local general insurers for the proposed nuclear pool,
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Panel for ‘flexible’ health funds to states
Unlike the present system of allocation of funds to states on health care by the Centre, the high-level experts group (HLEG) on Universal Health Coverage (UHC) in its report to the Planning Commission
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LIC invested crores in tobacco cos: NGO
Should government-run companies invest in tobacco companies? This is the question that Voices of Tobacco Victims (VoTV), an NGO working for cancer patients, has raised after its recent query under the
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New norms make it easier to change health insurer
According to the guidelines, a policyholder will have to approach an insurer 45 days before his policy with the old insurer expires, to enable the new company consider his application. In a circular, the IRDA said that the acquiring insurer will verify the claims history from the common database, which will have two years of claims experience.
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Unique crop insurance for farmers
ICICI Lombard General Insurance Company has been given the mandate to provide weather-based crop insurance for the ensuing Kharif season in Bilaspur district.It will provide cover for the tomato crop for the period starting from June 15, 2011, to December 15 in the Sadar block of the district for farmers. The weather-based crop insurance scheme will provide cover against high and low temperatur
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Insurance cover for land acquisition still a far cry
The biggest struggles in the recent past might have been surrounding land and land acquisition, but risk mitigation through an insurance cover is still a far cry. Thus, in case Tata Motors bids adieu to Singur, where the government passed a Bill to take back the land it had earlier given to the company for setting a factory, it will have no insurance cover to minimise losses. It may be menti
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Now, LIC might distribute land compensation
After burning its fingers over distribution of compensation of farmers' land, acquired for development projects, the state government has decided to out source the disbursal to the state-run Life Insurance Company (LIC). The state government received a lone bid from LIC on Thursday, showing its willingness to take the onerous job of distributing compensation to the farmers, thus saving the Stat