Meaning of Migration and Portability of Health Insurance Policies
The IRDAI Migration and Portability guidelines apply to all Retail (Individual) and Group indemnity Health insurance products. Insurance Regulatory and Development Authority of India (IRDAI) via its circular numbers IRDAI/HLT/REG/CIR/002/01/2020 and IRDAI/HLT/REG/CIR/003/01/2020 has issued guidelines on Migration and Portability. The guidelines apply to both Individual-insured and Family floater sum-insured policies. Migration: The insured person may…
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The Role of IRDAI in Insurance Industry
The Insurance Regulatory and Development Authority of India (IRDAI), is a statutory body formed under an Act of Parliament, i.e., the Insurance Regulatory and Development Authority Act, 1999 (IRDA Act, 1999) for overall supervision and development of the Insurance sector in India. The Authority acts as the regulator of the insurance industry in India and…
Read article Salient features of modified Bank Retirees’ group medical insurance policy for 2023-24
Salient features in the modified policy are as under 1. Top up and Super top-up is one and the same: 2. As per the expiring terms and conditions, domiciliary treatment will remain 10% of Base policy Sum Insured opted even for those who opted Single Person rate. 3. Domiciliary treatment is not covered under Top…
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Govt. proposes Motor Third Party Insurance Premium and Liability Rules for the Financial Year 2023-24
The Ministry of Road Transport and Highways (MoRTH), on Tuesday, proposed new base premium rates for third-party motor insurance for different categories of vehicles, including two-wheelers, passenger cars, and commercial vehicles, for 2023-24 fiscal. As per a draft notification issued by the Ministry new base premium rates for third-party motor insurance for different categories of…
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IRDAI norms for surety bonds
The Insurance Regulatory and Development Authority of India (Irdai) made significant changes to the norms governing ‘surety bonds, a type of insurance policy that protects parties involved in a transaction or contract from potential financial losses. As per a circular issued by the IRDAI, the solvency requirement applicable for such products has now been reduced…
Why your bank insists on insurance cover for 120% value of inventories?
The working capital limit (generally known as cash credit limit) is sanctioned by banks and financial institutions to industrial and trading establishments for their investment in various types of current assets typically including raw materials, work in progress, finished goods, and office supplies, used in the operating cycle. This facility offers the borrowers flexibility and…
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