Dear Sir / Madam,

Link-K Monthly Bulletin — May 2019

Royal Sundaram General Insurance, has decided to offer a new product which will allow customer to give insurance policy to loved ones. While most insurance companies emphasise on fear to sell products, Royal Sundaram tool a different path and decided to push the envelope and make people rethink on the idea of gifting. A health insurance is an ‘unusual’ gift to our loved ones, so hat they can enjoy life without any financial anxiety.

The new government has formed and the merger of the Three public Sector insurance companies will be given thrust and expected to be completed before 2020 March.

A day after polling concluded, insurance regulator IRDAI proposed an increase in third party (TP) motor insurance premium rates for various categories of automobiles from cars, two-wheelers and school buses to trucks. The upward revision proposed for cars is in excess of 14% — for two-wheelers it is up to 21.11 % and public goods carriers (trucks) over 11%. The increase recommended for school buses is 5.29% in basic rate and 5.34% per licensed passenger.

Aworking Group of the IRDA has suggested modifications in the norms for surveyors and loss assessors for speedy settlement of claims. On timelines for submission of survey report, the panel said that within seven working days of the claim intimation, “the Surveyors shall inform insurer / claimant of the essential documents and other requirements that the claimant should submit in support ofthe claim.

Indiabulls integrated general insurance business has been issued RI license by IRDA. Indiabulls is a wholly owned subsidiary of Indiabulls Integrated Services/ The company will start its business with a capital of Rs. 100 crore. In December 2018, the group received the IRDA nod for starting its life insurance business. According to industry players the first level approval, called RI in market parlance, is given after strict cross referencing with other financial sector regulators. Unlike in most private sector life and general insurance ventures in India, it has no foreign insurance partner.