Page 44 - Life Insurance Today June 2015 SAMPLE

Insurance Regulatory And

Development Authority News

IRDAI penalizes Reliance given a timeline of June 30, 2015 to accidents, which makes insurance vi-
General for making pay- submit board-approved policies on tal. Today is just a beginning. We will
ments through third par- agent recruitment. According to the roll out a national campaign soon," he
ties. new norms, the insurers can appoint added.
their agents on their own. They also
Insurance regulator IRDAI has im- mandate insurers to formulate a Lack of third-party insurance will not
posed Rs. 5 lakh penalty on Reliance board approved policy outlining condi- only lead to severe social security per-
General Insurance Company Ltd for tions pertaining to agents' qualifica- ils for victims but also losses to the in-
not making direct payments on health tion, training, benefits, etc. surers, he added. "Cyberabad has been
insurance claims to policyholders and chosen as the first place for launch in
routing them though third party ad- 55% of vehicles deprived view of the proactive approach and
ministrators. off third-party cover high technology adoption of the police
here," Raghavan said.
IRDAI keen to cap insur- The Insurance Regulatory and Devel-
ers' investment in fin ser- opment Authority of India (IRDAI) has The data on uninsured vehicles com-
vices launched an awareness campaign on piled by the IIB has been matched
third-party motor insurance, jointly with the transport department's infor-
The Insurance Regulatory and Devel- with the Cyberabad Police. mation and the final list has been
opment Authority plans to impose a shared with the police who will initiate
ceiling on insurance companies expo- Fifty-five per cent of the vehicles ply- action on the vehicle owners. Spot in-
sure to banks and non-banking finance ing on the roads in the country does surance facility will also be offered
companies with a composite - shares, not have the mandatory third-party during May 1-15 in kiosks set up by
bonds, deposits - cap of 25% of pre- motor insurance, said R. Raghavan, insurance companies in select loca-
mium income reduce systemic risk that Chief Executive Officer, Insurance In- tions as part of the initiative.
would amplify loss when the financial formation Bureau (IIB), an arm of the
sector faces a crisis. insurance regulator, at the launch of Insurers asked to speed
the campaign which involves 'enact- up grievance redressal
Extension on agents rules ment, enforcement and enablement'
of motor insurance. The Insurance Regulatory and Devel-
The Insurance Regulatory and Devel- opment of Authority of India (IRDAI)
opment Authority of India (IRDAI) has "India ranks among the top five coun- had directed the insurers to settle the
tries in the world in the number of customer grievances in a time-bound

Legislative proposals that would enable an employer to determine whether or not a woman's insurance would cover the cost of birth
control strikes women as particularly bizarre. Is the boss going to take care of the children that are conceived accidentally? Stop
treating us like children. Women are grown ups.

40 June 2015 Life Insurance Today

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