GENERAL

1.IRDA to tighten criteria for appointment of actuaries.

In a bid to enhance scrutiny of financial impact of risk and uncertainty in insurance business, the Insurance Regulatory and Development Authority, or Irda, is working on tightening the criterion for appointment of actuaries or experts who assess and price risks. In a draft of the proposed norms sent to insurance companies, a copy of which is available with ET, the regulator has said that an actuary should be an employee of the company and below 65 years of age. Currently, actuaries, particularly in general insurance firms, work as consultants and are above 65 years.

News Source – ECONOMIC TIMES



2.Health insurance products may have more features soon.

With life insurance companies successfully introducing unit-linked health insurance products, their general insurance counterparts too want a piece of the action. As the health ULIPs offered by life insurers are gaining popularity, general insurance companies are keenly watching the space.
 

News Source – BUSINESS LINE

3.Religare awaits Insurance Regulatory Development Authority nod to launch health insurance products.

Religare Finvest, a subsidiary of Religare Group, on Thursday said it is awaiting final approval from the Insurance Regulatory Development Authority (IRDA) to launch products under health insurance portfolio. The company has already obtained the approval for entering into the health insurance business.

News Source – ECONOMIC TIMES

Latest Indian Insurance News | 09-Sep-2011
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