Versuchen GOLD - Frei
IRDAI's Consumer Booklet Highlights Misselling As Major Problem For Insurance Industry
THE INSURANCE TIMES
|August 2017
Misselling is a huge problem for the insurance industry as, of 1.72 lakh complaints in 2016-17, about 50% related to unfair business practices, according to IRDAI's consumer booklet 2016-17.
-
SBI General Insurance head (health) Puneet Sahni said, "Many a times, exclusions are lost in a maze of fine print. But the IRDAI has now said that the terms and conditions for claims, renewals have to be bifurcated.
So that customers exactly know the coverage limits of their policy." Another change with the new regulation is the introduction of penal interest. "If customer is not paid the claim within 90 days of reporting, the insurer has to pay the bank rate + 2% interest for every day of further delay," said Sahni.
Diese Geschichte stammt aus der August 2017-Ausgabe von THE INSURANCE TIMES.
Abonnieren Sie Magzter GOLD, um auf Tausende kuratierter Premium-Geschichten und über 9.000 Zeitschriften und Zeitungen zuzugreifen.
Sie sind bereits Abonnent? Anmelden
WEITERE GESCHICHTEN VON THE INSURANCE TIMES
THE INSURANCE TIMES
GST 2.0 Reforms: What They Mean for the Life Insurance Industry and Consumers
The Indian insurance industry has long been advocating for rationalisation of Goods and Services Tax (GST) on life and health insurance products. With the rollout of GST 2.0 reforms, expectations are high that the sector will finally receive much-needed relief and structural clarity. The reforms aim to simplify compliance, widen the tax base, and rationalise rates—moves that could significantly alter how insurers price products and how consumers perceive insurance as a financial tool.
3 mins
October 2025
THE INSURANCE TIMES
Building a Risk-Aware Culture at AIG Post-2008 Crisis
What is Risk Culture?
6 mins
October 2025
THE INSURANCE TIMES
Unrealised Potential: Rural Insurance in India
Rural insurance penetration remains low due to several factors. Products typically cater to urban areas, but prices often fail to account for irregular income cycles, and distribution channels lack local trust and durability.
4 mins
October 2025
THE INSURANCE TIMES
World's First Insurance Salvage Patent: Transforming Accident Recovery into Safety Innovation
The patent's implementation is projected to save lives through prevention of untimely deaths and disabilities. By ensuring transparent disclosure of accident history and repair quality, the system reduces the likelihood of compromised vehicles causing subsequent accidents.
6 mins
October 2025
THE INSURANCE TIMES
Redressal of grievances under the Liability Insurance : An overview
As public liability insurance became integral to modern business risk management, the expectation was that insurers would offer not only financial protection but also prompt and fair resolution in times of distress. However, the ground reality often paints a different picture. Despite purchasing policies with the intent of securing peace of mind, many policyholders-particularly small businesses- experience frustration and uncertainty when filing claims.
14 mins
October 2025
THE INSURANCE TIMES
Bridging the Trust Gap: Why Insurers Need an Internal Ombudsman
The Reserve Bank of India (RBI) has already introduced an Internal Ombudsman Scheme for banks, requiring all banks to designate an independent officer to address escalated consumer complaints. If appropriate, insurance regulators may implement a similar model for the sector.
8 mins
October 2025
THE INSURANCE TIMES
29th FAIR Conference 2025 to be Hosted by GIC Re in Mumbai Media Partner: The Insurance Times
The insurance and reinsurance fraternity will gather in Mumbai from 5th to 8th October 2025 for the 29th FAIR (Federation of Afro-Asian Insurers and Reinsurers) Conference, hosted by GIC Re. Themed \"Emerging Markets Towards Resilient Growth\", this year's edition will focus on strengthening cooperation, resilience, and innovation across Afro-Asian markets.
1 mins
October 2025
THE INSURANCE TIMES
Do's and Don'ts for Purchasing Marine Cargo Insurance in India
Do’s (Things You Must Do)
3 mins
October 2025
THE INSURANCE TIMES
Insurance Regulator Update
Ajay Seth takes charge as IRDAI chairman amid key sector reforms
4 mins
October 2025
THE INSURANCE TIMES
Legal Briefs
Insurer to pay crash victim's kin Rs. 2.5 crore
2 mins
October 2025
Translate
Change font size