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Govt does not rule out Ordinance for insurance sector reforms

He attributed non-passage of the Bill on the last day of Winter session of Parliament to "political obstructionism", after opposition Members in RS disrupted proceedings.

 
 
Insurance regulator Irda has penalised the insurer on charges including, delay in payment of claims, non-adherence to product specifications, among others.
On the life insurance side, the firms launched new products aligned with the new regulations, though overall growth was in the negative region during 2014.
The approval to hike the FDI limit from the current 26 per cent has been pending since 2008 in the Rajya Sabha.
"Through this partnership we will promote literacy and gender equality in the country by providing libraries in schools," Reliance Life Insurance CEO Anup Rau said.
 
 
The Insurance Laws (Amendment) Bill, 2008, proposes to increase FDI limit in the insurance sector to 49% from the existing 26%.
Under the pilot project, Irda had asked insurers to tie-up with all repositories so that policyholders can keep their policies in digital form.
The Irda said that the company has failed to comply with the social sector obligation for the second consecutive year in 2013-14.
The decision came after the regulator body felt that insurers should be free to give agents better commissions to help deepen insurance penetration.
The new businesses premium collected by the life insurance industry during the first half stood at Rs 49,179 crore.
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