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    Personal Insurance

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    Sumit Kumar Sharma
    irda regulations,meaning of rural and social sectors, Provisions Related to Insurance Business in Rural and Social Sectors Insurance Regulatory and Development Authority (Obligations of Insurers to Rural or Social Sectors) Regulations, 2002

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    Personal Insurance

    Uploaded by

    Sumit Kumar Sharma
    33 views11 pages
    irda regulations,meaning of rural and social sectors, Provisions Related to Insurance Business in Rural and Social Sectors Insurance Regulatory and Development Authority (Obligations of Insurers to Rural or Social Sectors) Regulations, 2002

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    irda regulations,meaning of rural and social sectors, Provisions Related to Insurance Business in Rural and Social Sectors Insurance Regulatory and Development Authority (Obligations of Insurers to Rural or Social Sectors) Regulations, 2002

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    33 views11 pages

    Personal Insurance

    Uploaded by

    Sumit Kumar Sharma
    irda regulations,meaning of rural and social sectors, Provisions Related to Insurance Business in Rural and Social Sectors Insurance Regulatory and Development Authority (Obligations of Insurers to Rural or Social Sectors) Regulations, 2002

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 11

    Practice of

    Session 20

    Micro-insurance
    Regulations, Products Current Scenario

    Insurance Regulatory and Development Authority (Micro-Insurance) Regulations, 2005

    IRDA (Micro-Insurance) Regulations, 2005

    This Regulation permits an insurer carrying on life insurance business to offer life micro-insurance products as also general micro-insurance products. Similarly, an insurer carrying on general insurance business may offer general micro-insurance products as also life microinsurance products.

    IRDA (Micro-Insurance) Regulations, 2005

    TIE-UP
    Tie-up between the life and non-life insurer Collection of premium directly or through intermediary Remittance of premium to life / non-life insurer Forwarding the claim to life / non-life insurer Offering all assistance for the expeditious disposal of the claim
    4

    IRDA (Micro-Insurance) Regulations, 2005

    Appointment of Micro-insurance Agents


    An agent appointed by an insurer to act as a microinsurance agent for distribution of micro-insurance products
    A Non-Government Organization (NGO) A Self Help Group (SHG) A Micro-Finance Institution (MFI)

    A code of conduct has also been laid down for micro insurance agents
    5

    IRDA (Micro-Insurance) Regulations, 2005

    Appointment of Micro-insurance Agents


    Not to work for more than one life insurer and one non-life insurer A deed of agreement clearly specifying the terms and conditions of appointment, including the duties and responsibilities of both the micro-insurance agent and the insurer, should be executed. At least twenty-five hours of training at companys expense and in the local language to all micro-insurance agents and their specified persons in the areas of :
    insurance selling policy holder servicing claims administration
    6

    IRDA (Micro-Insurance) Regulations, 2005

    Remuneration to Micro-insurance Agents


    Not to exceed the limits as specified: For Life Insurance Business:
    Single Premium policies Ten per-cent of the single premium Non-single premium policies Twenty per cent of the premium for all the years of the premium paying term

    Non-Life Insurance Business:


    Fifteen per cent of the premium.

    IRDA (Micro-Insurance) Regulations, 2005

    Obligations of the Insurers


    Every insurer shall ensure that all transactions in connection with micro-insurance business are in accordance with the provisions of the Act and the rules and regulations made there under. Also required to furnish information in respect of micro-insurance business in such form and manner as may be required by the Authority from time to time.
    8

    IRDA (Micro-Insurance) Regulations, 2005

    Handling of Complaints By the Insurers


    To handle and dispose of complaints against a micro-insurance agent with speed and promptitude. A quarterly report to IRDA regarding the handling of complaints/grievances against the micro-insurance agents. If in a particular quarter, there are no complaints/grievances, a Nil report shall be sent.
    9

    IRDA (Micro-Insurance) Regulations, 2005

    Schedule I
    Types of cover ASSETS
    Dwelling, livestock, tools, crop etc.

    Min Cover
    ( Rs.ooos)

    Max cover
    ( Rs.ooos)

    Min term 1

    Max term 1

    Min age NA

    `Max age NA

    5
    Per asset / cover

    30
    Per asset / cover

    Health (Individual) Health (Family) Accident Benefit

    5 10 10

    30 30 30

    1 1 1

    1 1 1

    Insurers Discretion Insurers Discretion

    Insurers Discretion Insurers Discretion

    70

    10

    IRDA (Micro-Insurance) Regulations, 2005

    Schedule II
    Types of cover TERM ENDOWMENT HEALTH (IND) HEALTH (FAM) ACC. BEN. Min Cover 5,000 5,000 5,000 10,000 10,000 Max cover 50,000 30,000 30,000 30,000 50,000 Min term 5 5 1 1 3 Max term 15 15 7 7 15 Min age 18 18
    Insurers Discretion Insurers Discretion

    `Max age 60 60
    Insurers Discretion Insurers Discretion

    18

    60

    11

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