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Insurer cannot refuse third party motor insurance: Irdai

The third-party motor insurance cover is for any collateral damage to a third party, generally a human being, caused due to road accident.

"The insurer shall be responsible for all acts and omissions of its agents including violation of code of conduct specified under these guidelines," Irda said.
The insurance industry said that the new law will help arrest the high attrition rate, which has been dogging the sector for many years.
The investment would be done in bonds issued by various railway entities such as Indian Railways Finance Corporation (IRFC), beginning next fiscal.
The government has taken the sheen off the FDI cap hike in insurance by mandating Indian partners to keep management control of local joint ventures.
"The authority intends to provide the regulatory framework governing various aspects of conduct of the ETASS system," the Irda website said.
Finance Minister Arun Jaitley said, "Increase in limit of deduction in health insurance premium from Rs 15,000 to Rs 25,000."
In health savings plan, a part of the premium goes towards a savings/investment account, and the rest covers you from high-risk diseases.
Simply put, owners of Tata Nano will be paying Rs 426 more as third party premium than the owners of Tata Bolt - both from Tata Motors.
The child plan is a participating non-linked money back plan designed to meet the educational, marriage and other needs of growing children through survival benefits.
The Union Budget also raised the deduction limit for health insurance policy to Rs 30,000 from Rs 20,000 for senior citizens.
The rules have been prepared based on extensive consultations with all the relevant departments and organisations, the Finance Ministry said in a statement.