NEWS UPDATE ON GENERAL INSURANCE IN INDIA

General Insurance in India

ORIENTAL INSURANCE CELEBRATES ITS FOUNDATION DAY

• IRDA has directed Insurers in India to display information about any unclaimed amount above Rs 1000/- , which are lying in insurers' books,on their websites.

• The proposed hike in Foreign Direct Investment (FDI) cap from 26 per cent to 49 per cent in the insurance sector will lead to higher growth of the industry.

• Insurers in India may soon have to comply with Risk-based Solvency.

• Universal Health coverage for all is on the agenda of PM Mr Narendra Modi.

• General Insurers and Standalone health insurers operates in highly regulated environment but there is no regulation for health care providers.
• CBI starts probe against IRDA, Reliance General Insurance
• to probe into alleged undervaluation of penalty to the tune of nearly Rs 17,500 crore on Reliance General Insurance Company Limited by the officials of Insurance Regulatory and Development Authority(IRDA) in 2009.
• The Reserve Bank of India has permitted insurance companies registered with IRDA to issue general insurance policies and receive premium denominated in foreign currency without its prior approval in the transport sector for marine insurance for vessels owned by foreign shipping companies and chartered by Indian parties, in respect of vessels owned by foreign shipping companies but managed by Indian companies 
• Japan's leading insurer Mitsui Sumitomo Insurance Corporation is scouting for a partner to enter into general insurance sector in India 
• Delay can’t be grounds for rejecting insurance claim, rules consumer forum in Mumbai
• 2nd Asia Marine Insurance Conference. Theme: ''Making Marine Insurance a Viable, Strategic Priority for Shipowners and Ship Managers'' 27-28 Oct 2014, Mandarin Orchard Hotel, Singapore
• The entire insurance industry is upset with the increasing number of bogus calls by fraudsters claiming to be insurance companies or IRDA officials. To caution members of public, IRDA (Insurance Regulatory and Development Authority of India) has released another press release, this time with a sample audioPORTABILITY- HEALTH INSURANCE