DEAR VIEWERS,
.....EDITOR
Thursday, January 26, 2012
IRDA slaps a fine of Rs 20 lakhs on Future Generali Life Insurance
DEAR READERS,
Insurance Regulatory and Development Authority (IRDA) has slapped a fine of Rs 20 lakhs on Future Generali Life Insurance for violation of norms.
According to IRDA, Future Generali permitted various unlicensed individuals to solicit and procure business through Insurance For You (Future) when the entity itself was not licensed i.e approved by the Authority as Corporate Agent.
In April, 2011, IRDA carried out an onsite inspection at the Hyderabad Branch of Future Generali to investigate business by the unlicensed – Insurance For You (Future).
In its circular, IRDA said, "The Insurer's contention that the business booked by the individual agent was inadvertently categorized under corporate agency is not acceptable. The Insurer has also not been able to explain to the satisfaction of the Authority, the reasons for signing of the Agents Confidential Report by persons other than the agent."
The authority has ordered Future Generali to pay a fine of Rs 20 lakh within 15 days from the date of receiving the order.
According to IRDA, Future Generali permitted various unlicensed individuals to solicit and procure business through Insurance For You (Future) when the entity itself was not licensed i.e approved by the Authority as Corporate Agent.
In April, 2011, IRDA carried out an onsite inspection at the Hyderabad Branch of Future Generali to investigate business by the unlicensed – Insurance For You (Future).
In its circular, IRDA said, "The Insurer's contention that the business booked by the individual agent was inadvertently categorized under corporate agency is not acceptable. The Insurer has also not been able to explain to the satisfaction of the Authority, the reasons for signing of the Agents Confidential Report by persons other than the agent."
The authority has ordered Future Generali to pay a fine of Rs 20 lakh within 15 days from the date of receiving the order.
....EDITOR
Oriental Insurance aims for Rs 65 billion growth in business this fiscal
DEAR READERS,
Public sector insurer, Oriental Insurance Company which touched Rs 55 billion or Rs 5,500 crore in premiums last year, is aiming to touch Rs 65 billion this fiscal.
R K Kaul Chairman & Managing Director, Oriental Insurance Company said that the company aims to achieve a business growth of Rs 65 billion (Rs 6,500 crore) in the current financial year 2011-12 and touch Rs 100 billion mark in the next 3 years. "We are maintaining an annual growth rate of 16.5%. Last year, we garnered business of approximately Rs 5,500 crore (Rs 55 billion). Within the next three years we are hopeful of touching Rs 10,000 crore (Rs 100 billion) mark," he added.
Speaking to reporters, at an event, he stated that Oriental Insurance is particularly positive about the health insurance segment.
Oriental Insurance Company has insurance solutions for varied needs of individuals and has a large network of offices and employees – more than 900 offices and 15,000 employees across India.
......EDITOR
United India bags ""Tamil Nadu Government contract to provide Health Insurance ""
DEAR READERS,
The previous Government's Health Insurance Scheme - Kalaignar, provided a cover of Rs.1 Lakh covering only 642 types of medical treatments.
The new Health Insurance scheme is expected to generate premiums close to Rs.600 Crore.
.....EDITOR
United India Insurance, a public sector insurer, has bagged the Tamil Nadu Government contract to offer health insurance scheme.
According to the contract, UNITED INDIA will provide a Medical cover of Up to Rs.4 Lakh for a period of 4 years. The Health Insurance Scheme seeks o give priority to Government Hospitals and will cover 950 types of medical treatments.
The previous Government's Health Insurance Scheme - Kalaignar, provided a cover of Rs.1 Lakh covering only 642 types of medical treatments.
The new Health Insurance scheme is expected to generate premiums close to Rs.600 Crore.
.....EDITOR
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