The insurance regulator added that in case of contracts that had been entered into on the basis of a no objection certificate, such contracts could be continued till the expiry of the period without further extending it
New Delhi: The Insurance Regulatory and Development Authority (IRDA) has directed third party administrators (TPAs) to report within a fortnight about any kind of contract with non-insurance firms, reports PTI.
The regulator also warned TPAs, which are licensed by IRDA for providing health services to an insurance company for a fee or remuneration, of cancellation of their licences if any such contract found later.
"The TPAs shall report to the IRDA the details of such contracts as might exist, within 15 days from the date of issuance of this circular ... If at a later date, such contract is found to be in operation then the licence of the TPA will be cancelled forthwith," IRDA said.
It further asked insurance companies not to renew contracts with TPAs who breach the directions.
"All insurance companies are directed to ensure that the TPA with whom they seek to enter or have entered into an agreement to render 'Health Service' do not have any similar arrangement after the issuance of this circular," it said.
The insurance regulator added that in case of contracts that had been entered into on the basis of a no objection certificate, such contracts could be continued till the expiry of the period without further extending it.
Earlier IRDA had said licensed TPAs cannot enter into arrangements for servicing health schemes promoted, sponsored or approved by any non-insurance body including central, state, local governments, firms and corporates.
IRDA had in 2005 allowed TPA to act for government-sponsored schemes, but since then there has been an exponential growth in the health insurance industry.
The gross written premium of health insurance in India has increased to about Rs11,145 crore at the end of 31 March 2011, from Rs1,535 crore in end-2005.
New CLS 350 remains as spectacular as its predecessors, combining luminous design with top notch exclusivity and sportiness
Mercedes-Benz India has unveiled the all New CLS 350 BE. The company said that the New CLS 350 remains as spectacular as its predecessors, combining luminous design with top notch exclusivity and sportiness.
The exterior of this German beauty conveys aggression and dominance with its elongated front and its governing radiator grille. With a body that gracefully boasts of its sleek lines and shapely contours the New CLS-Class demonstrates its supremacy over others. The muscular rear end with its wide shoulder line appends to the appearance, interpreting the athletic character of the New CLS. The sporty aura is a combination of the prevailing shoulder line that develops from the heavily contoured wheel arches and wide LED tail lights drawn well into the sides sweeping around the rear end. The design of the lights rightly delineates royalty on the road. From the side and from the front, the car is sculpted to rise and glide likes a powerful machine, emanating its lively, sporty presence.
The interior is plush and spacious, with an exquisite instrument cluster. The multi-function steering wheel is fused with the gear shift paddles. The ambient lights in neutral, solar and polar augments the mood to a different world altogether. Additional standard features provided in the New CLS includes-the command APS with colour display with 17.8 cm screen diagonal, Harman Kardon Logic 7 surround sound system, media interface & host of safety measures including the attention assist making it a compelling proposition for the discerning customers. Added to the list of unique features offered as standard, the CLS is also equipped with airmatic suspension to offer uncompromising ride comfort. The driver is additionally able to alter the vehicle's characteristic by means of the damping programme switch in a broad range extending from comfortable to sporty handling. The ride height control is a feature of the airmatic that enables increased ground clearance, on rough roads or difficult upward slopes as well.
Principal MF new issue closes on 12th September
Principal Mutual Fund has launched Principal Pnb Fixed Maturity Plan-Series A2, a close-ended income scheme.
The investment objective of the scheme is to build an income oriented portfolio and generate returns through investment in debt/money market instruments and government securities.
The new issue closes on 12th September. The minimum investment amount is Rs5,000.