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Read more about Govt s draft proposals tie insurance FDI hike to solvency margin on Business Standard. Draft proposes 180% if firms with over 49% foreign stake declare dividend
New guidelines to protect the interests of policy holders.
New Delhi: In a bid to protect the interest of policyholders, insurance regulator Insurance Regulatory and Development Authority of India (IRDAI) has come out with draft regulations for the designing and pricing of general insurance products.
The proposed regulations provide the basic framework and reflect the fundamental principles to be followed in respect of product design and pricing, said IRDAI.
The IRDAI (General Insurance Products) Regulations, 2021, which will apply to insurance products as well as add-ons, are aimed at promoting efficiency in the conduct of the general insurance business, said the draft on which the regulator has invited comments from stakeholders by April 26.
ICICI Lombard said it will pay the interim dividend to those shareholders whose names appear in the record of the company/depository as on March 19, 2021
Vaccine adverse reaction: Insurers will ‘cover hospitalisation’
Surabhi
Mumbai |
Updated on
With Phase 2 opened to general public, insurers say gearing for claims Any adverse reactions to Covid-19 vaccination that may require hospitalisation will be covered by your insurance policy.
Insurance industry sources said that existing medical policies will cover any adverse reaction or allergy that requires hospitalisation, just as any other illness.
“Any vaccine-related issue that needs hospitalisation will be covered under the health policy. As a general rule, whatever is not specifically excluded in the policy document, is included,” noted a standalone health insurer.
Insurers, too, are gearing up for claims. A general insurer said all such cases would be covered. The cost of vaccination will not be included, but any hopitalisation for over 24 hours will be covered.