If you want to claim for your car in case of theft then there is something you must consider to get your claim. Your claim can even be rejected if you don't have the two car keys. These need to be the two original car keys which you get when you purchase a new car.
Higher premiums will likely apply to Delhi residents seeking fresh policies. Insurance industry professionals said there has been an increase in claims from Delhi residents and costs of settlements have also risen. Capital residents who are deemed high risk given air pollution levels will likely pay the highest premiums.
The life insurance cover, available to all customers aged 18-54 years, requires no paperwork or medical examination and the certificate of insurance will be instantaneously delivered digitally. A physical copy of the insurance will be delivered to customer’s doorstep on request. The entire process is to be delivered digitally to the customer.
Regulatory Sandbox (RS) usually refers to live testing of new products or services in a controlled/test regulatory environment for which regulators may permit certain relaxations for the limited purpose of testing.
The general insurer is also directed to ensure recovery of commission paid to intermediaries on ported policies and wherever recovery is not possible, the same shall be debited to shareholders' account.
Insurers said that the stricter enforcement of penalties by the police has led to this massive surge in customers buying mandatory third-party motor insurance. Under the new provisions, driving an uninsured vehicle will lead to a fine of Rs 2,000.
The insurance regulator issued a circular laying down guidelines for dos and don'ts for insurance companies to comply with. It also laid out the structure for communications made through internet for clarity of prospective customers.
The country's largest lender and Insurance Australia Group (IAG) currently own 7O per cent and 26 per cent, respectively, in SBI General Insurance. The transactions are subject to regulatory processes and approvals.
LIC registered a business growth of 18 percent in September against last year, and a very robust 42 percent in the first half of the financial year between April and September, the latest data released by insurance regulators IRDAI showed.