|
||||||
| Home | Everything | News | Blogs | Jobs | Ask Questions | Submit Article or Question | About Biharscoop | Register |
|
|||||||||
|
|||||||||
Menu. submit article or question. create account . Help - What is this site about? . Using The Free Member Diaries
Who's Online? (12). Unregistered Visitors (12)Note: You may cloak yourself from appearing here in your Display Preferences. Recent Comments. mungur (khyrahTakooree). This is the fact (Rajesh Kumar) . Investment in Bihar (abhishekpandey) . Investment in Bihar (abhishekpandey) . About strikes of govt. Doctors in Bihar (abhishekpandey) . problems are there. The challenge is to fix them (kanhaiya) . Investment in Bihar (Dangi) . My Experince Till date with Investment in Bihar (SUNNY) . Investment in Bihar (bachapan) . Under Construction (prastogi) Recent Member DiariesPlease Don't think in a different way alwaysby Rajesh Kumar - December 13 How to use the "Free Member Diaries" feature. by Rajesh Kumar - August 20 More Diaries... Front Page
Monday May 5th
Saturday May 3rd
Friday May 2nd
Thursday May 1st
Wednesday April 30th
Tuesday April 29th
Monday April 28th
Friday April 25th
Thursday April 24th
Tuesday April 22nd
Monday April 21st
Random Stories. Patna Women's College (PWC) launches six professional courses. On Jamalpur - Anglo-Indian Railway Officers . Roadmap To Boost Agriculture Produce In Bihar: Modi . Over 45 Minutes on PC is Surfing For Trouble . Nitish Sticks to his Guns on Pension Issue . Four Murders and 2 Rapes in an Hour . Chhath Festival Begins with 'Nahai-Khai' . Fernandes on Mission to Target Nitish Government in Bihar . Nitish Asks Doctors to Perform their Duties Diligently . No Rate Cut For Housing Finance Companies |
General Insurance Premiums Likely To Come Down, IRDA lifts pricing controls from Jan 1
Giving further freedom to insurance companies, sector regulator IRDA has announced removal of all pricing controls on general insurance products, including fire and engineering, beginning next year, which is expected to bring down premiums.
The new regime is likely to usher in intense competition among the players leading to reduction in premiums. However, any revision in rates will only be effective on renewal date of the insurance and insurers shall not be permitted to cancel existing insurances and replace them by new insurances at revised rates, it said. This is the second round of detariffication in the general insurance sector as the regulator had earlier allowed limited price freedom to the players beginning this year. "Except for Motor Third Party risks, for all other new insurances and renewals effective on or after January 1, 2008, insurers shall be free to quote rates of premium in accordance with the rate schedules and rating guidelines that have been filed with the Authority," IRDA said in a release. The move by insurance regulator is expected to bring down the premium rates on motor own damage (insurance cover over the vehicle), fire and engineering. Click on "Full Story" For More... By Unregistered Visitors, Section Finance & Taxes Posted on Sat Dec 22, 2007 at 02:08:43 AM EST
IRDA, however, said the premium rates for Motor Third Party risks will continue to be regulated by the Authority.
Insurers would be free to quote premium rate as per the schedule of rates and rating guidelines with the IRDA or can maintain the schedules and rating guidelines that have already been filed. Boards of general insurance companies will assume effective control of the underwriting policy of the insurer. IRDA will accept the rate schedules and rating guides as filed by the insurer on the premise that these are in compliance with the underwriting policies approved by the board. "All the CEOs have given an assurance that insurers will maintain high standards of underwriting and market conduct even after price controls are removed," the release said. Besides, IRDA also said, the terms and conditions of cover and the wordings of policies, endorsements, warranties and clauses set out in the erstwhile tariffs shall continue to apply until fresh market wordings are examined and accepted after considering the views of various stakeholders. -- PTI Source: Tribune News Service, December-22-07
General Insurance Premiums Likely To Come Down, IRDA lifts pricing controls from Jan 1 | 0 comments (0 topical, 0 hidden)
|
|
||||||||||||||||||||||||||||||
