Business Daily from THE HINDU group of publications
Thursday, Sep 24, 2009
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Business Daily from THE HINDU group of publications Thursday, Sep 24, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Money & Banking
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Life Insurance IRDA seeks details of premium-awaited policies Our Bureau Hyderabad, Sept. 23 The Insurance Regulatory and Development Authority (IRDA) has asked the insurers to furnish information on polices in which premium was due for a quarter or more. The data, including that of individual business of non-single premium type, should provide details of premium-awaited on the policies sold under rural and social sector obligations. The information for 2009-10 should be furnished separately for linked and non-linked policies with slab-wise break-up of annual premiums. “Beginning from the first quarter of 2009-10, the insurers are required to submit data with linked, non-linked, premium slab-wise, mode-wise with a clear break-up of business achieved through different distribution channels,” Mr G. Prabhakara, Member (Life), IRDA, said in circular. “The move would help understand the nature and health of the life-insurance industry as well as that of the individual companies. It is important as it comes in the wake of de-growth of life insurance business, especially in the case of private life insurers,” said a senior official of Life Insurance Corporation of India. More Stories on : Life Insurance | Regulatory Bodies & Rulings
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