Page 25 - Life Insurance Today March 2016
P. 25
reputation and treatment facilities; before availing It is now obligatory in the law for insurance companies to
treatment. More and more people are relying on their underwrite third party motor vehicle insurance as per
insurance provider as a source of credible healthcare IRDAI regulations. Rural and Social sector obligations for
information for better decision making. Meanwhile, there insurers are retained in the amended laws. IRDAI is
is an increasing trend with almost 51% of customers being empowered to regulate key aspects of Insurance Company
referred to tertiary hospitals,the same is rising year on operations in areas like solvency, investments, expenses
year. The year 2015 also marked a heartening drift with and commissions and to formulate regulations for payment
insurers succeeding in bringing down the market medical of commission and control of management expenses.
inflation to half.
2016 will be good for the General insurance sector,
Further, the amendments to the laws will enable the including for the larger pieces of health and motor
interests of consumers to be better served through insurance. With the expected changes on the policy front
provisions like those enabling penalties on intermediaries and overall strengthening of the macro-economic scenario,
/ insurance companies for misconduct and disallowing the industry is poised to enhance its value proposition
multilevel marketing of insurance products in order to across the product and service spectrum. It should be an
curtail the practice of mis-selling. The amended Law has exciting 2016 for Health and Motor insurance customers.
several provisions for levying higher penalties ranging from
up to Rs.1 Crore to Rs. 25 Crore for various violations References:
including mis-selling and misrepresentation by agents /
insurance companies. 1. https://www.irda.gov.in
2. http://econom ic ti mes.i ndiatim es.c om/opinion/
With a view to serve the interest of the policy holders
better, the period during which a policy can be repudiated interviews/industry
on any ground, including mis-statement of facts etc., will 3. http://wap.business-standard.com/article/bs/irdai-
be confined to three years from the commencement of the
policy and no policy would be called in question on any grants-lifeline-to-general-insurance
ground after three years. The amendments provide for an 4. IRDA Annual Report 2014
easier process for payment to the nominee of the policy 5. http://www.i bef. org /i ndustry/i nsurance-sector-
holder, as the insurer would be discharged of its legal
liabilities once the payment is made to the nominee. india.aspx
6. Swiss Re's publication, Global insurance review 2015 and
outlook 2016/17
7. http://www.indiainfoline.com/article/print/news-sector-
insurance/2016
8. Newspapers & Journals.
FORM IV (SEE RULE 8)
1. Place Kolkata
2. Periodicity of Publication Monthly
3. Printer’s Name Ruby Enterprises
(Whether citizen of India?) Yes
(If foreigner, state the country of origin) No
Address 25, Baranashi Ghosh Street Kolkata - 700 007
4. Publisher’s Name Sushil Kumar Agarwala
(Whether citizen of India?) Yes
(If foreigner, state the country of origin) No
5. Editor’s Name Ram Gopal Agarwala
(Whether citizen of India?) Yes
(If foreigner, state the country of origin) No
Address 25, Baranashi Ghosh Street Kolkata - 700 007
6. Name and address of individuals who own Sushil Kumar Agarwala
the newspaper and partners or shareholders Proprietor
holding more than one percent of the total capital 25, Baranashi GhoshStreet Kolkata - 700 007
Life Insurance Today March 2016 25
