Page 41 - Life Insurance Today FEBRUARY 2016
P. 41
Insurance Regulatory
And Development
Authority News
10 companies lined up for ucts, such as unit linked insurance a vehicle, it is not generally renewed
foreign investment plans will not be sold out of the from the second year onwards.
counter. He said the regulator has
As many as 10 insurance companies asked insurers to ease claims settle- "We are working on developing neces-
have applied for regulatory clearances ment procedures following the sary protocols to take this arrange-
to bring in foreign investment of Chennai floods and is looking at the ment forward," the official said, add-
Rs.6,192 crore, the government said. pace of settlement, especially that of ing that identification of uninsured ve-
On March 23, 2015 the Centre had non-life insurance, following a large hicles will be taken up in all the States
notified the hike in foreign direct in- number of claims. in a phased manner.
vestment (FDI) cap to 49 per cent from
26 per cent. Centre, IRDAI to crack The detector of uninsured vehicles will
down vehicles without be helpful to thousands of road acci-
"Ten insurance companies have ap- TPA Insurance dent victims. It is also likely to have a
plied to IRDAI and Foreign Investment positive impact on the general insur-
Promotion Board (FIPB) and the for- The Centre and the IRDAI plans to get ers as along with the mandatory cover,
eign investment into India involved in tough with vehicles plying on the roads vehicle owners tend to buy other types
these transactions is approximately without insurance. of insurance cover, Taranikanti said.
Rs.6,192 crore," Minister of State for
Finance Jayant Sinha said in a written "The Ministry of Road Transport and IRDAI to use satellite tech-
reply. Highway has agreed to share data on nology for crop-loss settle-
vehicles plying in the country with us ment
IRDAI plans to sale simple to identify those without mandatory
products over the counter motor third-party insurance", Sriram IRDAI is actively considering the use of
Taranikanti, Executive Director, IRDAI, satellite remote sensing technology as
IRDAI is working with insurers to bring told. a mapping tool for agricultural yield
out standardized products that can be estimation and crop losses in a bad
sold over the counter. Accordingly, T. The data will be shared with the IIB monsoon year. The move aimed at
S. Vijayan, chairman, IRDAI said, "We regulator, which, in turn, will collabo- ensuring faster settlement of crop in-
are working with companies in bring- rate with the State police to crack surance losses, comes at a time when
ing out simple products that can be down on the owners of vehicles plying the country has experienced back-to-
sold over the counter with generalized without insurance. There are about back monsoon failures - the first since
features like savings bank products". 12.5 crore vehicles in the country and 1986-87.
55 per cent of these do not have third-
Vijayan said that the products will be party insurance, according to the offi- At present, about 50 crop insurance
pre-underwritten with defined ben- cial data. While buying insurance is products are being marketed by the
efits. He clarified that complex prod- mandatory at the time of purchase of Agriculture Insurance Company of In-
"If you want to know what a man's like, take a good look at how he treats his inferiors, not his equals."
40 February 2016 Life Insurance Today
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