There has been lot of chaos in the Surveyors Community regarding the exposure draft released by IRDAI. The surveyors’ community is extremely dissatisfied with IRDAI exposure draft as it has increased the base limit for insurance survey which will result into loss of business for surveyors. The Surveyors staged a protest on Jantar Mantar and held protest rallies in several parts of India against the draft. They are demanding a rollback in the increase of limit and also review of several provisions in the exposure draft which is detrimental to the interest of the Insurance Surveyors. 

According to the information from sources, the Indian Space Research Organisation (ISRO) is eying to buy its first insurance policy for a domestically launched spare satellite, the first since it began launching satellite in 1975. 

Finance Minister Nirmala Sitaraman has recently stated that the government will bring legislation on raising insurance cover on bank deposits from the current Rs. 1.00 Lakh. The legislation will amend the necessary Acts and the laws to make sure that banking functions undertaken by cooperatives sector will be brought under the Banking Regulation Act for Complying with prudential norms, she added. 

Shares of life insurance companies including HDFC Life Insurance, SBI Life Insurance, and ICICI Prudential Life Insurance were trading higher on Tuesday on report that the government may propose to raise foreign direct investment (FDI) limit in the sector to 74 per cent from 49 per cent currently in the Union Budget for 2020-21. 

The public sector general insurance firms have highlighted the need for immediate recapitalization in order to maintain the regulatory solvency ratio and wipe out losses before the merger. 

With effect from 3rd January 2020, the ministry of Labour and employment has notified via a Gazette, an amendment to the Employees Compensation Act with respect to monthly wages from Rs. 8,000 to Rs. 15,000. This change will have an impact on underwriting including rating all WC policies incepting on or after 03.01.2020. 

Happy reading 

Thanking you for the opportunity given to serve you,

Yours faithfully For Link-K Insurance Broker Co. (Pvt.) Ltd 

V.P. Mohankumar Principal Officer and Managing Director