Insurance
IRDA slaps Rs49 lakh penalty on Tata-AIG Life Insurance

IRDA has found lapses in various rules, including non-adherence to norms of referrals and preparation of financial statements, by Tata-AIG Life Insurance Company


New Delhi: The Insurance Regulatory and Development Authority (IRDA) has slapped a penalty of Rs49 lakh on Tata-AIG Life Insurance Company for violation of various regulatory norms, reports PTI.
 
The IRDA has found lapses in various rules, including non-adherence to norms of referrals and preparation of financial statements, by the life insurance company.
 
"...I hereby direct the insurer (Tata-AIG Life Insurance Company) to remit the penalty of Rs 49 lakh debiting shareholder's account within 15 days," IRDA Chairman J Hari Narayan said in his order.
 
The penalty follows an on-site inspection of Tata-AIG in August 2010, during which the regulator found violations of the provisions and guidelines of the Insurance Act.
 
The insurance company could not be contacted for comments.
 
The regulator said Tata AIG Life has made certain payments to HSBC Bank and Citibank banks in violation of IRDA's guidelines on Group Insurance policies.
 
The life insurer, IRDA said, was also been found violating the provisions of the norms while entering into referrals arrangement with non-banking entities and utilising unlicensed entities.
 
Further, the IRDA has found lapses in the business promotion expenses under the Corporate Agency guidelines.

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Apollo Munich Health Insurance launches Optima Senior

Optima Senior provides lifelong health insurance coverage with a guarantee of no loading on change of health status


Mumbai: Apollo Munich Health Insurance has launched 'Optima Senior' for citizens above 61 years of age, reports PTI.
 
"With the onset of retirement, most people find themselves losing their corporate health insurance coverage, at a time when it is needed the most," Apollo Munich Health Insurance CEO Antony Jacob said in a release.
 
"Optima Senior caters to senior citizens who seek uncomplicated and easy to understand health insurance coverage, with minimal restrictions and maximum benefits," Jacob said.
 
Optima Senior provides lifelong health insurance coverage with a guarantee of no loading on change of health status, the release said, adding, it also offers hassle-free, uncomplicated coverage for those Indian citizens who are in their golden years and seek the best-in-class solution for their medical needs.
 
A person over 61 years can choose from three sum insured levels that is Rs2 lakh, Rs3 lakh or even Rs5 lakh.
 
Policy holders can also enjoy a 5% non-cumulative discount on the renewal premium payable under the policy after every claim free year, provided that the policy is renewed with the company without a break.
 
Apollo Munich Health Insurance is a joint venture between Apollo Hospitals Group and Munich Health, Munich Re's newest business segment.

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Finance Ministry want ailing banks, insurers out of CCI purview

Finance Ministry has asked Corporate Affairs Ministry to exempt ailing insurance and banking firms from the scope of Competition Act


New Delhi: The Finance Ministry has asked Corporate Affairs Ministry to exempt ailing insurance and banking firms from the scope of Competition Act, Parliament was informed, reports PTI.
 
The Competition Act, 2002 does not provide exemption to any sector, including banking, from its ambit.
 
"The Department of Financial Services has approached this Ministry (Corporate Affairs) for granting exemption to loss making and failing organisations in the insurance sector and the banking sector from the purview of Competition Act, 2002," Minister of State for Corporate Affairs RPN Singh said in a written reply to the Rajya Sabha.
 
However, no such specific communication has been received from the Department of Telecommunications (DoT) seeking exemption in telecom sector, he added.
 
He was replying to a question on whether government was deciding to bring all sectors, including telecom and banking, under the ambit of Competition Commission of India (CCI).
 
To resolve conflict between regulators, he further said, "in the proposed Draft National Competition Policy, a Cabinet Committee on Competition has been proposed to inter-alia to look into conflicts between regulators".
 
The draft policy is at a consultation stage at present, Singh said.
 
The CCI is empowered by sections 3 and 4 of the Competition Act, to check anti-competitive practices and abuse of dominant position.

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