Due to rise in the standard of living and boom in the economy there has been a drastic growth on the India General insurance sector. To manage and supervise the General Insurance Business in India the responsibility was given to General Insurance Corporation of India.
History of the evolution of India General India Insurance:
The General Insurance Business (Nationalisation) Act of 1972 nationalised the India General Insurance. Through nationalisation the government undertook 22 insurers and 55 insurance companies in the general insurance business. The General Insurance Corporation of India (GIC) was established under Section 9(1) of GIBNA.
The shares held in general insurance were transferred to General insurance Company. Due to the merger of the general insurance company four subsidiaries were formed under the GIC namely United India Insurance company ltd, National Insurance Company Limited, Oriental Insurance Company Limited and New India Assurance.
The Insurance Regulatory and Development Authority Act of 1999 (IRDAA) coming into being became a turning point for India General insurance.
Business operation:
Being the sole reinsurer in the domestic reinsurance market for insurance company receiving a statutory cession of 20% is one of the leading facultative and treaty programmes.
The GIC has expanded it business internationally providing reinsurance to the Middle East, South East Asia and Africa.
Investment under IRDA Regulations:
The insurer must invest money according to the IRDA regulations.
30% investment goes to State government and other guaranteed securities, 20% to Central Government securities, 10% to infrastructure and social sector and 5% to housing sector and state government loans.
I had bought Reliance Health
I had bought Reliance Health GOLD plan policy for my family about three years ago and had been regular in renewal year after year. last year Policy no was 200470825000123, where in I was charged a premium of Rs 7000 for family cover of Rs 4 lacs. I have not logged any claim for the past three years. This year it is due for renewal on 8th April. When I contacted Reliance for renewal I was told premium has been revised to Rs 40000 appox.This is shocker to a middle class person like me. Is the premium asked for is justified? please comment.
Sir, Wll TDS Calculate on
Sir, Wll TDS Calculate on insurence payments and on service charges Please give details
I have a Policy from ICICI
I have a Policy from ICICI Lombardi.e. no. 4034i/CHI/05030092/00/000 for my parents(Father and Mother). This Policy is in continuation since lase five years. My mother caught with an illness and it found a chronic one i.e. esophagus varieces. had undergone hospitalization and the claim was made under the same. There was no Renual noticed received for this year. After cont. follo-up the same is charged with Loading of 75% on total amount including amount for father. Is the loading justified for total premium?? OR mothers premium should only have loading. Pl. answer at the earliest. No justified reply received from ICICI after several reminders. The policy renual is not done in want of the clarity. Who should bare the loss if it's a need to claim as a delay in renual notice and clarification is delayed from other end? Requested the clarification at the earliest pl.
Regards
Sir, I want to clarify a
Sir, I want to clarify a doubt, weather a (X) company can claim for any item if insured and also the same can put a penalty on the other (Y) company for the same item which is either lost or damaged either by theft, fraud or negligence.
Regards
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