Page 60 - Insurance Times December 2015 SAMPLE

Mortgage Insurance Policy Poll Do you think that allowing UK-based
In life and health insurance, a policy Lloyds to set up branch office in India
covering a mortgagor with benefits Yes would be beneficial to the Indian people?
intended to pay off the balance due on a No
mortgage upon the insured's death, or to Can’t say Results of Poll in our November 2015 Issue
meet the payments due on a mortgage in
case of the insured's death or disability. Should the banks be held responsible for
mis-selling insurance policies.
Named Perils
Perils specifically covered on insured You may send your views to : Yes 100
property. No 00
Poll Contest, The Insurance Times Can’t say 00
National Association of Insurance
Commissioners (NAIC) 25/1, Baranashi Ghosh Street, Kolkata - 700 007
Association of state insurance Phone : 2269 6035, 2218 4184, 40078428
commissioners whose purpose is to Fax: 033-22736612, Email: insurance@bimabazaar.com
promote uniformity of insurance
regulation, monitor insurance solvency IRDAI decides on premium for e-carts and
and develop model laws for passage by
state legislatures. e-rickshaws

Net Income Insurance Regulatory and Development Authority of India has fixed the pre-
The total after-tax earnings generated mium for third party motor insurance for e-carts and e-rickshaws at Rs.1,066
from operations and realized capital to Rs.3,257 depending on the type of vehicle.
gains as reported in the company's NAIC
annual statement on page 4, line 16. The Motor Vehicles Amendment Act 2015 brings the e-carts and e-rickshaws
under its ambit. As per the amendment, e-carts or e-rickshaws are battery
Net Premium powered vehicles not exceeding 4000 watts and having three wheels for car-
The amount of premium minus the rying goods or passengers, as the case may be for hire or reward.
agent's commission. Also, the premium
necessary to cover only anticipated IRDAI has also said that two-wheelers carrying passengers on hire will have
losses, before loading to cover other to pay premiums of Rs 702 for engine capacity between 75-350cc and below
expenses. 150cc while Rs.1615 is to be paid for those exceeding 350cc.

GROSS DIRECT PREMIUM INCOME UNDERWRITTEN FOR AND UPTO THE

MONTH OF OCTOBER, 2015 (Rs in crores) NON LIFE INSURERS

INSURERS OCTOBER Growth of CUMULATIVE % of Growth
October 2015 UPTO Upto Oct. 2015
over the period
over OCTOBER Upto Oct.`2014
October 2014

2015-16 2014-15 2015-16 2014-15

Private Sector 3368.98 2915.77 15.5% 22535.09 20279.36 11.1%

Public Sector 3827.38 3429.00 11.6% 27422.83 24682.59 11.1%
195.76 55.3% 1974.60 1365.53 44.6%
Stand-alone Health 304.04

Specialised 533.78 461.53 15.7% 3073.18 2513.94 22.2%

Grand Total 8034.18 7002.06 14.7% 55005.70 48841.42 12.6%

56 The Insurance Times, December 2015

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