Weekly Insurance Round-up Tuesday, September 20, 2022
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We're back with the next edition of Beshak's Weekly News Round-up - an analysis of all Insurance News & Updates, straight from our research desk! Don't forget to share your feedback with us, and give us a thumbs up if you find this helpful!
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✴️ IRDAI reduces the number of returns to be filed for health insurance 👨🏻⚕️
✴️ Insurers see an increase in claims in aftermath of the Bengaluru Floods ⬆️
- On the 13th of September 2022, IRDAI rationalised the health insurance business returns reporting norms by reducing the number of returns that need to be filed in a year.
- IRDAI took this step to promote ease of doing business for insurance companies.
- As per the circular from now on general and health insurers will have to file 8 returns and life insurance will have to file 3 returns in place of the 17 returns being filed currently.
- With this, the insurers will be able to focus more on their business rather than excess compliance, which will help increase the insurance penetration in the country.
- These revised reporting norms will be applicable with immediate effect.
- Insurers in India are mandated to submit various reports to IRDAI which include financial statements on annual basis, valuation of assets and liabilities as well as solvency margin and actuarial reports.
Source: Business Standard
- As floodwater decreases in Bengaluru, insurance companies are bracing themselves against a massive rise in claims for damaged cars and properties. The initially losses are estimated to be of a million rupees.
- However, insurance providers have said that the final estimates on the claims filed will be known only in the next couple of weeks.
- Many insurance companies have said that they are already handling hundreds of requests from the affected areas and are expecting more claims.
- With insurance companies having to handle a huge number of claims, customers who have registered claims are also facing delays in the claim settlement process.
Source: Business Standard
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