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July 2010 Volume VIII, No. 7 ’Ë◊Ê ÁflÁŸÿÊ◊∑§ •ı⁄U Áfl∑§Ê‚ ¬˝ÊÁœ∑§⁄UáÊ Ever Ready to Help - Policyholder Protection
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July 2010
Volume VIII, No. 7
’Ë◊Ê ÁflÁŸÿÊ◊∑§ •ı⁄U Áfl∑§Ê‚ ¬˝ÊÁœ∑§⁄UáÊ
Ever Ready to Help- Policyholder Protection
Editorial Board
Editor
J. Hari NarayanR. KannanS.V. MonyS.B. MathurS.L. MohanVepa KamesamAshvin Parekh
U. Jawaharlal
Hindi Correspondent
Kamal Chowla
Printed by G. Venugopala Krishna and
published by J. Hari Narayan on behalf of
Insurance Regulatory and Development Authority.
Editor: U. Jawaharlal
Printed at Vamsi Art Printers Pvt. Ltd.
(with design inputs from Efforts)
11-6-872, Red Hills, Lakdikapul, Hyderabad.
and published from
Parishram Bhavan, 3 Floor
Basheer Bagh
Hyderabad - 500 004
Phone: +91-40-23381100
Fax: +91-40-66823334
e-mail: [email protected]
rd
© 2010 Insurance Regulatory and Development Authority.Please reproduce with due permission.Unless explicitly stated, the information and views published in thisJournal may not be construed as those of the Insurance Regulatoryand Development Authority.
From the Publisher
For any business entity, the bottom-line is
profit. However, corporate houses realize
that it is not merely profit-making that their
strategic planning aims at rather than the ways
and means through which to achieve that.
Rendering efficient services and protecting the
interests of the customer have been hogging
the limelight world over. There has been an
increasing emphasis on being fair to the
customer, irrespective of the type of business
that one pursues. In the domain of
manufacturing, this issue has been
successfully addressed by several measures
like a guaranteed performance of the
commodity; and in extreme cases, even a
replacement with a suitable product.
When it comes to the domain of services, the
inherent complexities of the business make it
not-so-easy to ensure such a straight forward
mechanism. Managements have to put in
place practices to ensure that the interests of
the customers are protected and also to
demonstrate it effectively. Where the client is
h ighly l i te ra te , i t a lmost happens
automatically thereby simplifying the process.
In the Indian domain where the awareness
levels are not very high in the field of financial
services in general, and insurance in
particular; to accomplish such a transparency
in dealing with clients is not an easy task.
Various measures have been taken by players on an on-
going basis to render the best service to the policyholders
and to ensure that their interests are protected. There is
no need to emphasize that the players should ever be
vigilant in this dynamic business environment that needs
a constant assessment of the policyholders' needs. There
is also a major role to play for all the other stakeholders in
order to ensure that the efforts taken do result in
successful implementation of the processes. Ever since
the formation of the regulator's office, it has been our
constant endeavour to make sure the interests of the
policyholders – whether corporate or retail – are
protected; and in this direction, we have put several
measures in place. Let me hasten to add, however, that
the task is not of a small order and we look forward to
working in unison with all the stakeholders towards
achieving an insurance industry that is as complaint-free
as can be visualized.
'Policyholder Protection' is the focus of this issue of the
Journal. The issue of Claims Management that we
focused on in the recent past has left some unfinished
agenda that we hope to cover up. Accordingly, 'Claims
Management' will be the focus of the next issue of the
Journal.
J. Hari Narayan
inside
Issu
e F
oc
us
Changing the Way Insurance is Transacted
Yegnapriya Bharat
Need to Demonstrate and Deliver
Vishwavijay Singh
Contours of World Class Organizations
Prof. Rajni M. Shah
Pro-active Customer Service
Anand Pejawar
Commitment towards Protection
CP Udayachandran
A Myth or a Reality?
K.Nagaraja Rao and Dr Y.Raja Ram
Statistics - Life Insurance 04
In the Air 06
Vantage Point U. Jawaharlal 17
thou chek esa xzkgd fgr j{kkS>m°. gw~moY Hw$‘ma, hare MÝÐ aVyS>r 41
Statistics - Non-Life Insurance 47
Round up 48
Statistical Supplement (Monthly) 49
18
22
24
29
32
34
from the editor
- Essential Management Imperative
There is an increasing emphasis world over on
ensuring that the customer is rendered the best
of services, irrespective of whether it is
demanded or not. This puts the onus on the
providers to be proactive on assessment of the
client's needs; and then put in place an
efficient mechanism to enable the fulfillment
of those needs. The urge to be perfect led to the
evolution of such business management
strategies as Six Sigma which has become
synonymous with corporate managements
seeking perfection. While it would not be easy
to emulate these models in the services
industry entirely, several organizations still set
their benchmarks at a high pedestal so that they
hardly leave any space for consumer
disenchantment.
In the domain of financial services in India,
several service providers have defined pre-set
goals in terms of quality and timelines; and
these are re-visited and reviewed from time to
time to be in tune with the developments
taking place in the corporate world. The
performance of the organizations is assessed
vis-à-vis these standards in order to gauge the
level of their accomplishment and it functions
as a good tool to ensure that there is a constant
attempt to perform well. It necessarily
presupposes that the customer is literate and
capable of taking care of his need-fulfillment,
at least to some extent. However, in a domain
where the financial literacy levels are not very
high, there is need for organizations to be
additionally devoted to render the best
services. Policyholder protection in the
insurance industry occupies even a more
important place considering the fact that
despite the growth in volumes of business,
insurance is still not greatly understood by the
masses.
Further, the need for legal intervention in several disputes pertaining
to the insurance industry bears silent testimony to the fact that the
degree of consumer dissatisfaction is still high. And if a majority of the
verdicts go against the insurers, it gradually leads to a situation where
the policyholder begins to lose confidence in the system. This trend is
detrimental to the growth of the industry and should be arrested
forthwith. Insurers and other stakeholders of the industry should
realize the importance of the spirit of the contracts rather than what is
merely stated in the documents; in order that policyholder protection
in its truest sense is achieved.
'Policyholder Protection' is the focus of this issue of the Journal. As
the regulator of the industry, IRDA has been taking several measures
constantly to ensure the protection of the policyholders' interests.
Could there be a better way of opening the debate than looking at
some of the regulator's initiatives? Ms. Yegnapriya Bharat gives a vivid
account of the various steps taken by the regulatory authority towards
ensuring policyholder protection. In the next article, Mr. Vishwavijay
Singh lays emphasis on the importance of transparency in dealing
with the policyholder at every stage of the policy lifecycle. Prof. Rajni
M Shah brings in the concept of adding value to the customer and
speaks about how to bring it out.
Mr. Anand Pejawar is the author of the next article in which he gives
details of the various services rendered to a life insurance
policyholder; and on how to attain the best degree of client servicing.
In the next article, Mr. C.P. Udayachandran speaks about the punitive
measures to be adopted in case the service providers deliberately
default on rendering the desired service to the customer. In the last
article of the issue, Mr. K. Nagaraja Rao and Dr. Y. Raja Ram throw
light on what the rural policyholder feels about the services being
rendered by insurers.
It was not long ago that the focus of the Journal was on Claims
Management. However, looking at the various issues associated with
the hugely important aspect of insurance business, it is proposed to
focus on 'Claims Management' once again in the next issue of the
Journal.
U. Jawaharlal
Ensuring Wholesome Protection
from the editor
- Essential Management Imperative
There is an increasing emphasis world over on
ensuring that the customer is rendered the best
of services, irrespective of whether it is
demanded or not. This puts the onus on the
providers to be proactive on assessment of the
client's needs; and then put in place an
efficient mechanism to enable the fulfillment
of those needs. The urge to be perfect led to the
evolution of such business management
strategies as Six Sigma which has become
synonymous with corporate managements
seeking perfection. While it would not be easy
to emulate these models in the services
industry entirely, several organizations still set
their benchmarks at a high pedestal so that they
hardly leave any space for consumer
disenchantment.
In the domain of financial services in India,
several service providers have defined pre-set
goals in terms of quality and timelines; and
these are re-visited and reviewed from time to
time to be in tune with the developments
taking place in the corporate world. The
performance of the organizations is assessed
vis-à-vis these standards in order to gauge the
level of their accomplishment and it functions
as a good tool to ensure that there is a constant
attempt to perform well. It necessarily
presupposes that the customer is literate and
capable of taking care of his need-fulfillment,
at least to some extent. However, in a domain
where the financial literacy levels are not very
high, there is need for organizations to be
additionally devoted to render the best
services. Policyholder protection in the
insurance industry occupies even a more
important place considering the fact that
despite the growth in volumes of business,
insurance is still not greatly understood by the
masses.
Further, the need for legal intervention in several disputes pertaining
to the insurance industry bears silent testimony to the fact that the
degree of consumer dissatisfaction is still high. And if a majority of the
verdicts go against the insurers, it gradually leads to a situation where
the policyholder begins to lose confidence in the system. This trend is
detrimental to the growth of the industry and should be arrested
forthwith. Insurers and other stakeholders of the industry should
realize the importance of the spirit of the contracts rather than what is
merely stated in the documents; in order that policyholder protection
in its truest sense is achieved.
'Policyholder Protection' is the focus of this issue of the . As
the regulator of the industry, IRDA has been taking several measures
constantly to ensure the protection of the policyholders' interests.
Could there be a better way of opening the debate than looking at
some of the regulator's initiatives? Ms. Yegnapriya Bharat gives a vivid
account of the various steps taken by the regulatory authority towards
ensuring policyholder protection. In the next article, Mr. Vishwavijay
Singh lays emphasis on the importance of transparency in dealing
with the policyholder at every stage of the policy lifecycle. Prof. Rajni
M Shah brings in the concept of adding value to the customer and
speaks about how to bring it out.
Mr. Anand Pejawar is the author of the next article in which he gives
details of the various services rendered to a life insurance
policyholder; and on how to attain the best degree of client servicing.
In the next article, Mr. C.P. Udayachandran speaks about the punitive
measures to be adopted in case the service providers deliberately
default on rendering the desired service to the customer. In the last
article of the issue, Mr. K. Nagaraja Rao and Dr. Y. Raja Ram throw
light on what the rural policyholder feels about the services being
rendered by insurers.
It was not long ago that the focus of the was on Claims
Management. However, looking at the various issues associated with
the hugely important aspect of insurance business, it is proposed to
focus on 'Claims Management' once again in the next issue of the
Journal
Journal
Journal.
U. Jawaharlal
Ensuring WholesomeProtection
statistics - life insurance
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05
irda
journ
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ly2010
in the air
06
irda
journ
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ly2010
EXPOSURE DRAFT
Re: Exposure draft regarding proposed amendment to IRDA
Regulations for Protection of Policyholders Interests, 2002 -
Issuance of Key Feature Documents for insurance products.
Ensuring fair treatment to policyholders:
Contractual documents issued by insurers:
In line with the nation's approach to economic reforms, the IRDA has
initiated reform measures around the principle of sustainable growth
along with public accountability. Therefore protecting the interests of
policyholders is the main mission of IRDA and the Authority's efforts
have been constantly directed towards this end.
In 2002, the Authority brought out the IRDA (Protection of
Policyholders' Interest) Regulations. The Regulations define the
obligation of insurers and intermediaries and lay down time-frames
for compliance that cover the entire life cycle of a product, starting
from its sale to servicing, including at the point of claim.
The opening up of the insurance sector has given insurers the
opportunity to bring about many innovative designs and concepts in
product development. Spurred by competition triggered by this
opportunity, the market has seen a plethora of new products. This has
raised new concerns regarding availability of information to prospects
and policyholders.
While IRDA has made continuous efforts to demystify complex
products by requiring insurers to follow certain guidelines relating to
disclosures especially in respect of the new breed of products such as
ULIPs and carry out adequate safeguards while advertising about
products etc, there is a need to constantly scale up the efforts to ensure
that the required information is made available to prospects and
policyholders and that the “information gap” between them and the
insurers is reduced or removed.
The Authority is sensitive to the fact that information asymmetry is a
reality in the market and that it is necessary for all stakeholders to
work towards its removal. In this backdrop, the importance of giving
policyholders clear and precise information with regard to insurance
products needs no further emphasis. The Authority has brought out
the IRDA (Insurance Advertisement and Disclosure) Regulations in
2000 to ensure that asymmetry is addressed. It has been IRDA's
constant endeavour to permit only correct, easily understood
depiction of the product features. Apart from the Regulations, IRDA
has also issued guidelines in this regard.
There should be utmost
transparency at the time of sale and promotion so that the
policyholder is made to feel confident that he or she is being given
complete information regarding the product. Provision of clear and
complete information about products is not only a fundamental
expectation but also a necessity to ensure fair treatment to
policyholders by insurance companies. It is a necessary disclosure
obligation of insurance companies.
Contractual documents
developed by insurance companies should take care of the interests of
policyholders by giving them the required information in a clear and
4th June, 2010 ALL INSURERS/CONSUMER BODIES/GENERAL PUBLIC
simple manner. Legal documents are complex
and not comprehensible to the insured
persons. It is observed that insurance policy
documents are long and run into several pages
making it almost impossible for policyholders
to read them.
While, more than 30% of the Indian
population is illiterate, even the literate
population will not understand complex legal
language. In view of this, providing product
information in a simple and easy to understand
manner is very crucial.
To ensure fair
treatment to policyholders, it is necessary for
insurers to bring out Key Feature Documents in
simple language. This document will have the
same legal sanction that a comprehensive
policy document will have. Towards this end,
it is proposed to incorporate a provision in
IRDA Regulations for Protection of
Policyholders Interests that would require
insurance companies to issue Key Feature
Documents for various insurance products to
policyholders.
It is
necessary that the proposed Key Feature
Documents are developed in a clear format
with an appropriate title and sub-titles that
makes it easy for policyholders to
comprehend. The language used should be
simple. Illustrations relating to cover/benefits
offered should be part of the Key Feature
Document. The ultimate test of a Key Feature
Document is whether or not the target
customer for a particular product understands
its main features and is able to take a decision
as to whether the product is suitable for
him/her. A good example of a Key Feature
Document is one that clearly captures the aim
of the product or in other words, what the
product seeks to cover. It would clearly bring
out the risks involved for the policyholder and
the obligations or commitments required of
him/her. A Key Feature document should not
be too long as to lose the precision nor should
it be too short thereby missing out on key facts.
The document should avoid jargon, should be
easy to read and most of all be attractive for the
consumer to peruse. It should be titled
prominently and should use easy to
Key Feature Documents:
Format of Key Feature Document:
07
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EXPOSURE DRAFT4th June, 2010
understand language. It should be in at least 14
size font (of Times New Roman, as an
indication). Key Feature Document shall be
available in local languages depending on the
region where the policy holder resides.
It is necessary to have the Key Feature
Document as a separate item and not part of
other literature. Model Key Feature
Documents in respect of 4 products are
enclosed as indicative formats to communicate
the intention behind the proposed regulations.
Insurers, general public and consumer bodies are requested to
E-mails may be forwarded to
Model Key Feature Documents1. Jeevan Anand 2. Wealth Plus3. Forever Life 4. Family Care
Sd/-
Executive Director, IRDA
respond by 20th June, 2010.
Encl:
(A.Giridhar)
Re: Exposure Draft on Guidelines on Distance
Marketing and Sale Process Verification of
Insurance Products
The Authority proposes to come out with the
Guidelines on Distance Marketing and Sale of
Insurance Products to streamline the manner of
sale of insurance products and to address some
of the issues which are specific to protection of
interests of policyholders buying insurance
over distance modes such as telephone and the
internet.
The exposure draft on the above guideline is
hereby published to elicit opinion of
policyholders, consumer organisations, general public, distributors,
insurers and various other stakeholders.
It is therefore requested that the comments may be forwarded to Mr. V.
Sai Kumar, OSD (Life) or e-mail to [email protected] in on or before
20th June, 2010.
Exposure Draft on Guidelines on Distance Marketing and Sale
Process Verification of Insurance Products
Sd/-
ED (Admin)
Encl:
(A. Giridhar)
CIRCULARDate: June 10, 2010 Ref: IRDA/F&I/CIR/DATA/091/06/2010
To,
Dear Sir,
Attention is drawn to section 31B(2) of the
Insurance Act, 1938 by virtue of which “Every
insurer shall before the close of the month
following every year, submit to the Authority [a
statement, in the form specified by the
Regulations made by the Authority,] showing
the remuneration paid, whether by way of
commission or otherwise, to any person in
cases where such remuneration exceeds (such
sum as may be specified by the regulations
made by the Authority.)”
2. The Authority has now decided that the
details of remuneration paid whether by
The CEOs of All Insurance Companies
Section 31B(2) of the Insurance Act, 1938
way of commission or otherwise to any person, in cases where
such remuneration exceeds Rs. 1 lakh per annum may be furnished
to the Authority in the format prescribed in the Annexure.
3. The said details pertaining to the financial year ending 31st March
may be furnished by 30th April of every year. However, for the year
ending 31st March 2010, details may be furnished by 30st June
2010.
4. Employee remuneration details which are being furnished as part
of the Director's Report as required under Section 217 (2A) (a) of
the Companies Act, 1956 read with the Companies (Particulars of
Employees) Rules, 1975 may continue to be provided along with
Director's Report.
5. This circular supersedes the circular dated 9th May 2003 on the
subject.
Sd/-
Member (F&I)
(R. K. Nair)
in the air
08
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CIRCULAR
June 16, 2010 Ref: Ref:IRDA/F&I/CIR/100/06/2010
To
Authority vide its Circular No. IRDA/F&A/064/JAN/05 dated 12th
January, 2005 and IRDA/CIR/F&A/073/FEB-05 dated 22nd February,
2005 had mandated all the insurers to submit the detail of the
shareholding of the insurance company and the Indian promoter (s) of
the insurance company in the prescribed format.
The prescribed format for the submission of the shareholding pattern
is revised to capture the information about the pledge or any other
encumbrance, if any created on the shares. The revised format is
The CMDs/ CEOs of All Insurance Companies
Details of Equity Holding Pattern of Insurance Companies
attached herewith. The revision in the format
shall come into force with immediate effect
and the reporting as per the revised formats
shall start from the quarter ending 30th June,
2010.
All insurers are requested to take note of the
above for compliance.
Sd/-
Member (F&I)
(R. K .Nair)
To
In order to streamline the system of Issue/Renewal of License to
Corporate Agents, the Authority has, in addition to the Regulations
and Guidelines already in force, decided to issue the following
instructions under Section 14 of the IRDA Act, 1999 for compliance
by the Insurers while issuing / renewing Licence to Corporate Agents.
These guidelines shall for part of Cir.No.017/IRDA Circular/CA
Guidelines/2005, dated 14.07.2005 and further circulars/
clarifications issued from time to time.
The following procedure shall be adopted by all the Insurers for
seeking prior approval from the Authority, before issuing Fresh
Licence / Renewal of Licence to the Corporate Agents:
1. All the Insurers shall send to the Authority, the Checklist-cum-
Certification as per Annexure-1, in respect of all Fresh Licences
and the Renewals to obtain prior approval of the Authority.
2. The Checklist shall be duly filled in and signed by the Corporate
Compliance Officer, who shall be designated as the Corporate
Designated Person of the Insurer.
3. The scanned copy (.pdf document) of Checklist along with
Certification shall be mailed to the Authority at the email address
[email protected] for the purpose of processing at the office
All the Insurers
Subject: Guidelines on Issue/Renewal of Licence to Corporate
Agents.
CORPORATE AGENTS - GUIDELINES
of the Authority.
4. The relevant documents supporting the
facts of the Checklist shall be maintained at
the Corporate/Head Office of the Insurer
and shall be made available to the Officers
of the Authority for Inspection, as and when
required by the Authority.
5. On receipt and scrutiny of the Checklist-
cum-Certification from the Insurer, the
Authority shall intimate its decision of
Approval or otherwise with in 7 (seven)
working days from the date of receipt, to the
Insurer in respect of the Fresh/Renewal of
Licence to act as Corporate Agent.
6. Fresh/Renewal Licence shall be issued by
the Corporate Designated Person of the
Insurer from the IRDA portal (as per the
existing procedure) only after obtaining
prior approval of the Authority.
These Guidelines will apply with immediate
effect.
Sd/-
Executive Director
(A Giridhar)
28th June, 2010 Ref: IRDA/CAGTS/GTL/LCE/106/06/2010
09
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Guidance notes on recent regulatory changes
related to unit linked insurance products
(ULIPs)
Introduction:IRDA has, from time to time, taken various
initiatives for protecting the interests of
policyholders by bringing out Regulations,
Guidelines, Circulars etc applicable to insurers
and intermediaries covering the various stages
in the lifecycle of an insurance product,
commencing from solicitation, sale, policy
servicing, to claims servicing and grievance
redressal.
With expansion of the insurance sector and
more and more innovative insurance products,
in particular the Unit Linked Insurance
Products coming into the life insurance
market, IRDA has been sensitive to the
changing scenario and the challenges that go
with it. In particular, IRDA has been conscious
of how these changes have been impacting the
policyholder and has taken several steps to
bring in changes in the regulatory framework
to address various concerns of the
policyholder.
IRDA had stipulated that insurers must provide
the prospect/policyholder all relevant
information regarding amounts deducted
towards various charges for each policy year so
that the prospect could take an informed
decision. Insurers were required to provide
Benefit Illustrations giving two scenarios of
interest rates, 6% and 10% respectively. The
prospect was required to sign on the
illustration while signing the proposal form.
This was done to ensure transparency and
proper disclosures by the insurers.
It is necessary to demystify complex products
and ensure that proper product disclosures are
made to the prospect/policyholder. Towards
this end, IRDA has already come out with an
exposure draft on need to issue Key Features
Documents. Responses received by the
Authority are under examination and the
initiative will be taken forward further.
Similarly, Needs Analysis is another initiative
identified by IRDA as a step in curbing wrong
advice and mis-selling. An exposure draft on
this requirement is already circulated and
responses are coming in. Whilst on mis-
UNIT LINKED INSURANCE PRODUCTS
selling, IRDA has identified Distance Marketing as yet another area of
concern and draft guidelines in this regard have been put up as an
exposure note for all stakeholders to respond to.
Mention must be made of what is perhaps the most important step that
the Authority has taken keeping in view the interests of policyholders.
IRDA set up an exclusive Consumer Affairs Department that focuses
on consumer related issues and initiatives including grievance
redressal and consumer education through Insurance Awareness
Campaigns. With a view to creating a central repository of industry-
wide insurance grievance data and facilitating monitoring of disposal
of grievances by insurers, IRDA is on the verge of implementing the
Integrated Grievance Management System (IGMS). IGMS will not
only help monitor the redress systems of insurers but also create a
gateway for policyholders to register complaints with insurance
companies first and if need be escalate them to the IRDA Grievance
Cells. The Consumer Affairs department goes beyond facilitation and
works towards taking grievances to their logical end by calling for
explanations where required, carrying out enquiries and inspections
etc. It is proposed to make the institution of the Insurance
Ombudsman handle all types of complaints including those relating
to policy sale and servicing rather than just restricting it to claims.
IRDA is also shortly making its Call Centre operational for
policyholders to lodge their grievances and also seek their status over
phone/e-mail.
Further, keeping in view the need for efficient functioning of the
insurance sector for protecting the interests of policyholders, it is
necessary to have reliable, timely and accurate data relating to
insurance. In order to ensure that proper data is collected, processed
and disseminated in the manner required, IRDA has set up an
independent body, namely the Insurance Information Bureau (IIB).
The IIB has started functioning and has already made good progress.
More recently, IRDA has taken a holistic view of the features of ULIPs
and addressed issues impacting the policyholders including the way
such products are sold/bought; how ULIPs can be better financial
instruments for providing risk coverage; how sale by unlicensed
personnel and several other malpractices existing in this market may
be curbed by plugging legal loopholes and tightening of the
regulatory ambit; legal mandate to initiate direct penal action against
Corporate Agents etc. IRDA therefore initiated exposure drafts
covering these areas and received considerable feedback from
various stakeholders on the issues put forth. The issues were then
presented to and discussed with the members of the Insurance
Advisory Committee as well as the members of the Board of the
Authority. The following regulatory initiatives have been approved by
the Authority during the Board meeting on 31.05.10.
1. IRDA has amended the IRDA (Insurance Advertisements and
Disclosure) Regulations to remove any scope for the involvement
of unlicensed personnel/entities in the sale of insurance products.
Recent Regulatory Initiatives
I. Distribution channel related changes:
Date : 28th June, 2010
in the air
10
irda
journ
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2. IRDA has amended the IRDA (Licensing of Corporate Agents)
Regulations to further tighten the Code of Conduct of corporate
agents to ensure that the prospect does not deal with any
unlicensed person. The Regulations have also been amended to
ensure that there is no scope for any kind of remuneration other
than commission where sale has been effected. This measure will
reduce the expenses of the insurer, thereby lowering premiums to
be paid by the policyholder.
3. Regulations for referrals: IRDA has also addressed the issue of
Referrals by bringing out separate Regulations leaving no scope for
misuse of the system. Companies which wish to share their
database of customers with insurers would need to get approval
from IRDA after having conformed to the requirements as laid
down in the Regulations. Further, there are restrictions on the
business activities of the referral company to ensure that there is no
misuse of the system. For instance, the referral company shall not
be in any business of extending loans and advances or accepting
deposits etc though there are exceptions such as for Regional
Rural Banks, Co-operative banks etc. The Regulations cast
obligations on the referral company as well as the insurer
including submission of data as and when called for by the
Authority.
IRDA has increased the lock-in period for all Unit Linked Products
from three years to five years, including top-up premiums, thereby
making them long term financial instruments which basically provide
risk protection.
Further, all regular premium/limited premium ULIPs shall have
uniform/level paying premiums. Any additional payments shall be
treated as single premium for the purpose of insurance cover.
Charges on ULIPs are mandated to be evenly distributed during the
lock in period, to ensure that high front ending of expenses is
eliminated.
All limited premium unit linked insurance products, other than single
premium products shall have premium paying term of at least five
years.
Further, all unit linked products, other than pension and annuity
products shall provide a mortality cover or a health cover thereby
increasing the risk cover component in such products.
Minimum Sum assured for age at entry of below 45 years
Minimum Sum assured for age at entry of 45 years and above
Single Premium (SP) contracts: 125 percent of single premium.
Regular Premium (RP) including limited premium paying (LPP)
contracts: 10 times the annualized premiums or (0.5 X T X annualized
premium) whichever is higher. At no time the death benefit shall be
II. ULIP Structure Related Changes:
(1) Lock in period increased to five years:
(2) Level Paying Premiums:
(3) Even Distribution of Charges:
(4). Minimum Premium Paying Term Of Five Years:
(5). Increase In Risk Component:
(i) The minimum mortality cover should be as follows:
less than 105 percent of the total premiums
(including top-ups) paid.
Single Premium (SP) contracts: 110 percent
of single premium
Regular Premium (RP) including limited
premium paying (LPP) contracts: 7 times the
annualized premiums or (0.25 X T X
annualized premium) whichever is higher. At
no time the death benefit shall be less than 105
percent of the total premiums (including top-
ups) paid.
(In case of whole life contracts, term (T) shall be
taken as 70 minus age at entry)
Minimum annual health cover for age at entry
of below 45 years
Minimum annual health cover for age at entry
of 45 years and above
Regular Premium (RP) contracts: 5 times the
annualized premiums or Rs.100,000 per
annum whichever is higher,
At no time the annual health cover shall be less
than 105 percent of the total premiums paid.
Regular Premium (RP) contracts: 5times the
annualized premiums or Rs.75,000 per annum
whichever is higher.
At no time the annual health cover shall be less
than 105 percent of the total premiums paid
As regards pension products, all ULIP
pension/annuity products shall offer a
minimum guaranteed return of 4.5% per
annum or as specified by IRDA from time to
time. This will protect the life time savings for
the pensioners, from any adverse fluctuations
at the time of maturity.
With a view to smoothening the cap on
charges, the capping been rationalized to
ensure that the difference in yield is capped
from the 5th year onwards. This will not only
reduce the overall charges on these products,
but also smoothen the charge structure for the
policyholder.
IRDA has also addressed the issue of
discontinuance of charges for surrender of
ULIPs. The IRDA (Treatment of Discontinued
(ii)The minimum health cover per annum
should be as follows:
(6). Minimum Guaranteed Return for Pension
Products:
(7). Rationalisation of Cap on Charges:
III. Discontinuance Of Charges:
11
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Linked Insurance Policies) Regulations
brought out by IRDA in this regard ensure that
policyholders do not get overcharged when
they wish to discontinue their policies for any
emergency cash requirement. The Regulations
stipulate that an insurer shall recover only the
incurred acquisition costs in the event of
discontinuance of policy and that these
charges are not excessive. The discontinuance
charges have been capped both as percentage
of fund value and premium and also in
absolute value. The Regulations also clearly define the Grace Period
for different modes of premium payment. Upon discontinuance of a
policy, a policyholder shall be entitled to exercise an option of either
reviving the policy or completely withdrawing from the policy
without any risk cover. Further, the regulations also enable IRDA to
order refund of discontinuance charges in case they are found
excessive on enquiry.
These regulations are applicable to all new ULIP products approved
by IRDA after these regulations are notified.
Chairman
J Hari Narayan
CIRCULAR
DATE: 16/06/2010 REF: IRDA/F&I/CIR/AML/99/06/2010
To
A review of AML guidelines has been carried
out to address various issues identified out of
inspections carried out, interactions with FIU-
IND and FATF's Mutual Evaluation and
Assessment process.
2. The following amendments to/clarifications
on the guidelines are issued:
Various queries have been raised by insurers
on who can be termed as customer(s) for the
purposes of AML guidelines. Keeping the
objective of the PMLA and AML guidelines in
view, it is hereby clarified that details of the
person who funds/pays for an insurance
contract, either as beneficial owner or
otherwise become relevant and important
Stipulations under clause 3.1 of the AML
guidelines will therefore have to be applied to
such persons. The term customers also refer to
the Proposer/policyholder; Beneficiaries and
Assignee for the purposes of AML guidelines.
At any point in time during the contract period,
where an insurance company is no longer
satisfied that it knows the true identity of the
customer, an STR should be filed with FIU-
IND.
There have been queries on whether due
diligence requirements under clause 3.1.1 (ii)
are to be applied on 'other than individual
entities'. It is clarified that reference to
'individual' policies' to be read to mean
'individual' business. (As 'group' insurance
THE CEOs OF ALL INSURERS
Anti Money Laundering (AML) Guidelines
a. Know Your Customer (KYC):
business falls under clause 3.1.4 and is not covered under AML.
guidelines). It is emphasized that no distinction be made between
'individuals' and 'other than individual entities' for the purposes of
clause 3.1.1
Guidance has been sought on what constitutes detailed due diligence
under clause 3.1.1 (ii) of the AML guidelines. Conducting detailed
due diligence would mean having measures and procedures which
are more rigorous and robust than normal KYC. These measures
should be commensurate to the risk. While it is not intended to be
exhaustive, the following are some of the reasonable measures in
carrying out detailed due diligence:
More frequent reviews of the customers activities/
profile/transactions
Application of additional measures like gathering information
from Public available. Sources or otherwise
Review of the proposal/contract by a senior official of the
insurance company etc.,
It is further clarified that detailed due diligence should not be limited
to merely documenting income proofs. Measures laid down should
be in such a way that it would satisfy competent authorities
(Regulatory/enforcement authorities), if need be at a future date, that
due diligence was in fact observed by the insurer in compliance with
the guidelines and the PML Act based on the assessed risk involved in
a transaction/contract.
It is reiterated that while deciding on the extent of due diligence to be
carried out on any customer, risk profile of the product and the
customer should be taken into consideration as indicated at
dause3.1.3 of the AML guidelines.
Notwithstanding the above, detailed due diligence measures should
be applied in the event where there are suspicions of money
laundering or terrorist financing, or where there are factors to indicate
a higher risk.
b. Guidance on 'Detailed due diligence':
c. Reduced Customer Due Diligence (CDD) measures:
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d. Establish Sources of Funds:
e. Assignments to entities regulated by RBI, SEBI, IRDA:
f. Stand on FATF deficient countries:
It has come to the notice of the Authority, there are instances where
merely income proofs are collected as illustrated under Annexure III
of the AML guidelines in compliance with clause 3.1.5. It is clarified
that such documentation does not constitute establishing 'source of
funds'. Insurers should take appropriate measures commensurate
with the assessed risk of customer and product profile as part of their
due diligence measures which may include:
conducting independent enquiries on the details collected
on/provided by the customer where required,
consulting a credible database public or other, etc.,
Relevant records and details must be maintained in such a way that it
enables verification at a later date and support the fact of having
established sources of funds involved in the insurance contract.
Reference is drawn to clause 3.1.9 (iii) of the AML guidelines.
Notwithstanding the existing stipulation where AML checks gain
relatively lesser importance in cases where the policy has been
assigned to entities regulated by IRDA/RBI/SEBI, insurers are required
to ensure that no vulnerable cases go undetected. Especially where
there is suspicion of money laundering or terrorist financing, or where
there are factors to indicate a higher risk, AML checks will have to
carried out on such assignments and STR should be filed with FIU-
IND, if necessary.
In continuation of our circular letter ref. 30/IRDA/AML/Jan-09 dated
13th January 2009 on FATF's pubUcstatetpentdated28th February
2008, it is hereby advised that special attention should be paid to
business relationships and transactions, especially those which do
not have apparent economic or visible lawful purpose. It is imperative
to conduct detailed due diligence while taking insurance risk
exposure to individuals/entities connected with countries which do
not, or insufficiently apply, the FATF Recommendations. In all such
�
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cases, the background and purpose of such
transactions will as far as possible, have to be
examined and written findings maintained for
assisting competent authorities. Agents/
Corporate agents will have to be appropriately
alerted to ensure compliance with this
stipulation. While using the FATF Public
Statements being circulated through the
Insurance councils, insurers should go beyond
the FATF statements and consider publicly
available information when identifying
countries which do not or insufficiently apply
the FATF Recommendations.
Rule 3 (1) (C) of PMLA Rules obligates financial
institutions to report to FIU-IND the following:
'all cash transactions where forged or
counterfeit currency notes or bank notes have
been used as genuine and where any forgery of
a valuable security or a document has taken
place facilitating the transactions'
Insurance companies should therefore report
such transactions within 7 days of
identification to FIU-IND
3. This circular is being issued in exercise of
powers conferred under section 14 (1) (e) of the
Insurance Regulatory and Development
Authority Act, 1999 and would be effective
immediately. Insurance Companies shall
ensure strict compliance.
Member (F&I)
g. Reporting of Counterfeit Currency/Forged
Bank notes (CCR):
(R.K. Nair)
CIRCULAR
7th June, 2010 IRDA/CAGTS/CIR/LCE/093/06/2010
To
Instances have come to the notice of the Authority that a large number
of firms were floated by the same set of individuals under different or
similar names to act as Corporate Agents. Some of corporate agents
were observed to utilize the services of a large number of people not
having requisite Licence/Certificate to solicit or procure the insurance
business, and paid remuneration for procuring the insurance
business. The Authority has also noticed that some Corporate Agents
have resorted to the use of introducers or finders or sub-agents who, in
fact, sell the insurance contracts and that the Corporate Agents passed
on varying levels of commission to them.
All the Insurers
Re: Inspection of Corporate Agents by the Insurer.
In view of the above market practices, the
Authority hereby orders that the insurers shall
carry out regular, annual on-site Inspection of
the Corporate Agents with whom they have
Corporate Agency Agreement. The process of
Inspection of the Corporate Agents may be
completed by 30th September every year
starting from 2010. The insurer shall submit a
copy of the Inspection Report to the Authority
along with a summary of the violations of
Insurance Act, 1938, IRDA Act, 1999, IRDA
(Licensing of Corporate Agents) Regulations.
2002 and Guidelines/instructions issued by
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a) Another Corporate Agent
b) Broker or TPA or
c) Be on the rolls of an insurer as its employees or officer or
Director
5. That the specified person on his ceasing to be an employee of the
corporate agent has surrendered his certificate to the designated
person as required under Regulation 10(6). The said certificate
shall not be used by any other person and needs to be destroyed.
6. That every corporate agent has maintained a register which
contains the name, address, telephone numbers, photographs,
date of commencement of employment, date of leaving the
service, if any, salary paid to the specified person as required
under Regulation 14.
7. That the Group insurance sold through Corporate Agents
complies with the guidelines on group insurance. Circular no.
015/IRDAlLlFE/Circular/GI Guidelines/2005 dated 14-7-2005.
8. That the commission or brokerage paid within the limits on
payment of commission on general insurance business as set in
IRDA Cir 011/IRDA/Brok-comm/Aug 08 dated August 25, 2008.
9. That no payment other than the commission allowed as per law
including administration or servicing charges or payment by any
other name is paid to the agents in respect of the business for
which he is paid agency commission.
10. Where insurance is sold as an ancillary product along with a
product being sold (like any banking product) by any of the major
shareholders or their associates, (who may be Agents or
Corporate Agents of the insurer) verify that the shareholder/s or its
associates has not compelled the buyer of the other product to
necessarily buy the insurance product through such Corporate
Agent.
11. The complete set of records of sale process in respect of the
business solicited by the Corporate Agent, including proposal
forms, copies of policies or certificates of insurance, need
analysis, benefit illustrations and premium register, etc. are
available for the use of insurer as and when required by him and
for any other judicial proceedings.
12. That the agent is complying with See 64VB & Payment of advance
premium or any of the forms specified in IRDA regulations
pertaining to in manner of receipt of premium.
13. That the claims records are maintained by the Corporate Agent to
ensure compliance to Regulation 9 (1) (f), as the agent is expected
to extend all possible help and co-operation to an insured/client
in completion of all formalities and documentation in the event of
a claim.
14. That the agent or any of its persons have not violated the
provisions of section 40A, 41 and 43 of the Insurance Act.
15. That the monthly statistics of business transacted by the
Corporate Agent (At least for the preceding two full financial
years) is in order.
the Authority from time to time with regard to
each corporate agent. The report may be sent
to the corporate agent for placing before their
board. The report shall also be placed before
the Audit Committee and the Board of
Directors of the insurer along with action taken
report. The same shall be made available to
IRDA Inspection team as and when required. A
check list for such inspections is given below.
This checklist is also relevant for individual
agents with substantial distribution business
and may be used by the insurers with
appropriate changes. The insurers may add any
other relevant points to the checklist.
1. That the policies are being sold by licensed
agents or specified persons only. This is
critical and compliance shall be in letter
and spirit. It is observed that several
corporate agents are employing army of
distributors by several names, to carry out
actual sales, while the paper work is being
done by a specified person. This practice is
against the section 42 (7) of Insurance Act,
1938 and Serial number 2 of guidelines on
licensing of Corporate agents.
2. The corporate insurance executive and
Specified Person/s of the Corporate Agent
i) Possesses the qualifications as specified
under Regulation 4;
ii) Possesses the practical training as
specified under Regulation 5'
iii) Has passed the examination as specified
under Regulation 6;
iv) Has the requisite knowledge to solicit and
procure Insurance Business; and
v) Is capable of providing the necessary
service to the Policyholders.
vi) That every specified person shall be an
employee of the corporate agent as
required under Regulation 8(2).
3. That the Corporate Agent is acting as
Corporate Agent for only one life or one
non life or both (in case of Composite
Corporate Agency).
4. That no director of a company or a partner of
a firm or the chief executive or a corporate
insurance executive or a specified person
shall holdany positionwith
Checklist for on-site Inspection of Corporate
Agents:
A. The insurer shall verify and satisfy himself:
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16. Verify the audited accounts along with the schedules of the
Corporate Agent. (At least for the preceding two full financial
years). This audit shall, inter alia establish that the commission is
not shared down the line and that all the specified persons and
other employees do not get any share of the commission.
B. The Inspection should verify on the date of Inspection that:
1. Corporate insurance executive is not a minor.
2. Corporate insurance executive has not been found to be of
unsound mind by a court of competent jurisdiction;
3. Corporate insurance executive has not been found guilty of
criminal misappropriation or criminal breach of trust or cheating
or forgery or an abetment of or attempt to commit any such
offence by a court of competent jurisdiction;
4. Corporate insurance executive has not been found guilty of or to
have knowingly participated in or connived at any fraud.
dishonesty or misrepresentation against an insurer or an insured
in the course of any judicial proceeding relating to any policy of
insurance or the winding up of an insurance company or in the
course of an investigation of the affairs of an insurer;
5. Corporate insurance executive has not violated the code of
conduct specified under Regulation 9 of Insurance Regulatory
and Development Authority (Licensing of
Corporate Agents) Regulations. 2002;
C. Inspect the status of compliance of
relevant Regulation 3, 4, 6, 8, 12, 13 of
IRDA (Insurance Advertisements and
disclosure) Regulations, 2000 and
recommend action under regulation 11 of
the said regulations.
D. Inspect the conduct of agents in respect of
compliance of IRDA (Protection of
Policyholders' interests) Regulations,
2002. In respect of matters pertaining to
proposal from prospectus; point of sale;
claims servicing & other general
parameters of policy holders servicing
including their duties to address the
policyholder's complaints.
The above list is only illustrative and not
exhaustive. The Insurers may add any
other relevant item to the above list which
they deem fit in this regard.
Executive Director
A. Giridhar
CIRCULAR
June 28, 2010 Cir. No. IRDA/ACT/CIR/ULIP/102/06/2010
To
Please refer following circulars:
1. IRDA/Actl/032/ Dec 2005 dated December 21, 2005 and
subsequent clarifications issued
2. 061/IRDA/Actl/March-2008 dated 12th March, 2008
3. IRDA/Actl/ULIP/055/2009-10 dated 24th September, 2009,
4. IRDA/Actl/CIR/ULIP/071/066/04/2010 dated 27th April, 2010
and
5. IRDA/Actl/CIR/ULIP/071/05/2010 dated 3rd May, 2010
In order to meet the emerging needs of prospective insurance
policyholders, this circular specifies certain elements which shall be
incorporated in all ULIPs which may be offered for sale to the public
commencing from September 1, 2010.
1. The three year lock-in period for all Unit Linked Products will be
increased to a period of five years, including top-up premiums.
During this period, no residuary payments on policies which are
lapsed/surrendered/discontinued will be made. The residuary
payments for policies arising out of policies which stand
lapsed/surrendered/discontinued during the lock-in period shall
CEOs of All Life Insurance Companies
Sub: Unit Linked Insurance Products (ULIPs)
be payable on the expiry of the lock in
period and in accordance with the
relevant Regulations of IRDA.
2. All regular premium/limited premium
ULIPs shall have uniform/level paying
premiums. Any additional payments shall
be treated as single premium for the
purpose of insurance cover.
3. All limited premium unit linked insurance
products, other than single premium
products, shall have premium paying term
of at least 5 years.
4. The insurers shall distribute the overall
charges, in ULIPs in an even fashion
during the lock-in period.
5. All unit linked products, other than
pension and annuity products shall
provide a minimum mortality cover or a
health cover, as indicated below:
6. All top-up premiums made during the
currency of the contract, except for
pension/annuity products, must have
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Minimum Sum assured for age at entry of below 45
years
Single Premium (SP) contracts:
Regular Premium (RP) including limited premium paying
(LPP) contracts:
125 percent of single
premium.
10 times the annualized premiums or
(0.5 X T X annualized premium) whichever is higher. At
no time the death benefit shall be less than 105 percent of
the total premiums (including top-ups) paid.
(i ) Minimum mortality cover should be as follows:
Minimum Sum assured for age at entry of below 45
years
Single Premium (SP) contracts:
Regular Premium (RP) including limited premium paying
(LPP) contracts:
110 percent of single
premium
7 times the annualized premiums or
(0.25 X T X annualized premium) whichever is higher. At
no time the death benefit shall be less than 105 percent of
the total premiums (including top-ups) paid.
(In case of whole life contracts, term (T) shall be taken as 70 minus age at entry)
Minimum annual health cover for age at entry of below
45 years
Regular Premium (RP) contracts: 5 times the annualized
premiums or Rs. 100,000 per annum whichever is
higher.
At no time the annual health cover shall be less than 105
percent of the total premiums paid.
(ii) The minimum health cover per annum should be as follows:
Minimum annual health cover for age at entry of below
45 years
Regular Premium (RP) contracts: 5times the annualized
premiums or Rs. 75,000 per annum whichever is higher.
At no time the annual health cover shall be less than 105
percent of the total premiums paid
insurance cover treating them as single
premium, as per above table.
7. The accumulated fund value of unit linked
pension/annuity products is the fund value
as on the maturity date. All ULIP
pension/annuity products shall offer a
minimum guaranteed return of 4.5 per
cent per annum or as specified by IRDA
from time to time, on the maturity date.
This guaranteed return is applicable on the
maturity date, for policies where all due
premiums are paid. Mortality and/or
health cover could be offered along with
the pension/annuity products as riders,
giving enough flexibility for the
policyholders to select covers of their
choice.
8. In the case of unit linked pension/annuity
products, no partial withdrawal shall be
allowed during the accumulation phase
and the insurer shall convert the
accumulated fund value into an annuity at
the vesting date. However, the insured
will have an option to commute up to a
maximum of one-third of the accumulated
value as lump sum at the time of vesting. In
the case of surrender, only a maximum of
one-third of the surrender value can be commuted after the lock-
in period. The remaining amount 2 must be used to purchase an
annuity, subject to the provisions of Section 4 of Insurance Act,
1938.
9. Vide circular 3rd cited above, caps on charges were fixed on Unit
Linked contracts with a tenor of 10 years or less and for those with
tenor above 10 years. However, taking into account the
discontinuance/lapsation/surrender behavior and with a view to
smoothen the cap on charges, the following limits are prescribed
starting from the 5th policy anniversary:
5 4.00%
6 3.75%
7 3.50%
8 3.30%
9 3.15%
10 3.00%
11 and 12 2.75 %
13 and 14 2.50 %
15 and thereafter 2.25 %
10.The net reduction in yield for policies with term less than or equal
to 10 years shall not be more than 3.00% at maturity. For policies
Annualized Premiums Paid Maximum reduction in yield
(Difference between Gross and
Net Yield (% pa))
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CIRCULAR
07th June, 2010 IRDA/CAGTS/CIR/LCE/092/06/2010
To
IRDA has issued instructions vide its Circular Ref: 31/IRDA/CA/CIR/
SEP09 dated 02.09.09 to all the Insurers and Agents/Corporate Agents
on the steps be taken to ensure the policyholders' interest are
protected before issuing 'No Objection Certificate' to the Agent/
Corporate Agent who is leaving their organization.
In order to bring in uniformity in processing the applications for
transfer of Corporate Agency, the following procedure shall be
adopted by all the Insurers.
1. The decision to engage any 'Person' who is holding a valid
License to act as Corporate Agent, on transfer from other insurer,
will be taken only in the Corporate Office of the Insurance
Company.
2. The proceedings appointing the 'Person' as Corporate Agent will
be issued by the CEO/CFO/Chief Marketing/Sales Officer, Chief
of Channel Operations etc, designated for that purpose by the
board.
3. The Officer so designated shall carry out due diligence of the
Corporate Agent with whom they are proposing to enter into a
Corporate Agency Agreement and record the same while taking a
decision to engage the services of that Corporate Agent.
4. The Officer so designated shall obtain and. record, from all the
available sources, the reasons leading to cancellation of
Corporate Agency Agreement with the earlier Insurer.
5. The Officer so designated shall fully satisfy and record that the
provisions of Point No.4 of the Circular Ref: 31/IRDA/CA/
CIR/SEP09 dated 02.09.09 are complied by the Corporate Agent.
6. The Officer so designated shall obtain, prior to entering into an
agreement, all the periodical returns mentioned at Point Nos.24,
All the insurers
Re: Transfer of Corporate Agency from one Insurer to another.
25 & 26 of the Guidelines on Licensing of
Corporate Agents issued vide IRDA
Circular Ref: 017/IRDA/Circuiar/CA
Gudelines/2005 dated 14th July, 2005 for
at least two preceding financial years from
the Corporate Agents who are intending to
have a Corporate Agency agreement with
them.
7. The Officer so designated shall be
responsible for ensuring that the Corporate
Agents comply with the relevant
provisions of the Insurance Act, 1938,
IRDA Act, 1999, Regulations/Guidelines
and instructions issued by the Authority
from time to time.
8. These guidelines shall form part of Cir
017/IRDA/Circular/CA Gudilenes/2005
dated 14th July, 2005 and further
Circulars/instructions issued from time to
time.
9. All the insurers are here by directed to
notify IRDA, details of designated officer
so designated for Licensing of Corporate
Agents on or before 30.06.2010.
Executive Director
A. Giridhar
with term above 10 years, the net reduction in yield at maturity
shall not be more than 2.25%.
11.The maximum loan amount that can be sanctioned under any
ULIP policy shall not exceed 40% of the net asset value in those
products where equity accounts for more than 60% of the total
share and shall not exceed 50% of the net asset value of those
products where debt instruments accounts for more than 60% of
the total share.
12. Circular No: 2 cited above will stand superseded by this circular
and circular numbers 1, 3, 4 and 5 will stand modified to the
extent prescribed in this circular.
13. All insurers are directed to conform to
these features so that they can introduce
the products with due approval from
IRDA. From September 1, 2010 all unit
linked products offered for sale shall
conform to this circular,
Member (Actuary)
R. Kannan
vantage point
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- Managing Claims Efficiently
Using the Right Discretion
'While it is very essential for the insurers to weed out fraudulent claims, they should be
careful in ensuring that genuine claims are not repudiated indiscriminately which
could lead to the detriment of the industry' says U. Jawaharlal.
The debate on claims management is a never-ending one. If not for the
adverse claims ratios that has become a perennial feature for various
classes of business, the continuing nature of the controversies
associated with insurance claims begs a frequent revisiting. It is not
unusual to observe that many of the disputes that lead to a legal
intervention end up against the insurers. Is it that the courts take a
lenient view of the low awareness levels of the insuring public and
hence support them; or that insurers are necessarily at the wrong end
of the case; or a combination of both? In any case, if it has become a
trend; there is strong reason to look for avenues to arrest the trend.
On the part of the insurers, it is necessary to be transparent in laying
down the terms of the contract; and where the policyholder is not
given to understand the terms easily, put in place measures to be
additionally explicit so that controversies at a later stage are reduced.
It has been uttered and written that absolute openness at
the beginning of the contract would certainly lead to a drastic
reduction of claims related disputes. We all need to look back and
analyze whether we have achieved any progress in this regard.
The element of fraudulent claims is a bothersome factor affecting the
health of claims ratios. Managements should work on keeping in
place efficient systems to fight this evil. One thing that stands out in
this regard is the weak punitive action that is meted out to a willful
fraudulent claimant – thereby almost encouraging the average
individual to take a chance. How often does this happen in a more
advanced society where one is conscious of the deterrent punishment
that is in store for such a fraudulent attempt? Particularly, when it is
observed that there is either a direct or a tacit support of an insider;
necessary stringent action should be taken. White collar crime sounds
ad nauseum
a death knell – for an organization, and for the
society at large; and should be unpardonable.
The incidence of additional hazards has to be
addressed properly in order that both the
selection and the classification of such risks are
made objectively. While physical hazards call
for being compensated properly, the real threat
comes from the moral hazard which no
amount of additional premium can
compensate. Insurers would however do well
not to be over-zealous in accepting/rejecting
risks as also in the admission and repudiation
of claims. An indiscriminate rejection of a
claim for an inadvertent lapse on the part of an
average policyholder is bound to dent the
confidence of the policyholder community.
There is need for insurers to be additionally
alert in identifying fraudulent elements from
genuine policyholders. In a nutshell,
fraudulent claims as also excessive claims are a
big drain on the resources of an insurer and
lead to their bleeding. There must be effective
practices in place to keep a check on such
claims in order that managements can boast of
healthy claims ratios.
'Claims Management' will be the focus of the
next issue of the . We will look at some
areas that have not been covered earlier.
Journal
Claims Managementin the next issue...
issue focus
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Yegnapriya Bharat emphasizes the need for better policyholder education in order that
the overall levels of policyholder protection take a quantum jump.
Changing the Way Insuranceis Transacted- Enabling Policyholder Protection
The insurance sector is rapidly moving towards a scenario wherein
the maxim –'Insurance is sold and not bought' would soon fade away.
The consumer and market dynamics; and the regulatory interventions
triggered by them would ensure that insurance is bought rather than
sold.
One of the most important components of a sound and competitive
insurance market is effective policyholder protection. Where this is
lacking, prospects and policyholders would be exposed to unfair
treatment by insurers. They would become an easy prey to abusive
market practices, especially when the products are complex. The
crux of the problem, from the consumer protection point of view, is
the imbalance of the power, information and resources between
policyholders and insurers. Prospects and policyholders are at a
disadvantage though theoretically (and sometimes in practice), the
information asymmetry may work the other way round as well.
However, most times it is the policyholder who is vulnerable to the
asymmetry.
The Regulator, therefore, has the duty of not only preventing market
failure but also ensuring that there is no imbalance or asymmetry in it.
A pre-requisite for this is a well designed policyholder protection
framework. The Insurance Regulatory and
Development Authority (IRDA) has ensured
that such a framework, in the form of
regulations, guidelines, circulars etc, is in
place. While the basic framework to some
extent could remain static, the dynamic
elements created by the ever changing market
scenario need periodical review and revisiting.
IRDA has been carrying this out to meet the
new challenges and concerns that are created
in the market for the policyholder.
Consumer protection is deemed to have
succeeded if certain basic parameters are
achieved. The primary one is transparency in
transactions. This cannot be truer for
insurance. A prospect should be provided with
full, plain, adequate and comparable
information about the rates, terms and
conditions, risks involved etc. There should be
utmost transparency at the time of sale and
promotion so that the policyholder is made to
feel confident that he or she is being given
complete information regarding the product.
Provision of clear and complete information
about products is not only a fundamental
expectation but also a necessity, to ensure fair
treatment to policyholders by insurance
companies. The IRDA (Protection of
Policyholders Interest) Regulations, 2002
define the obligations of insurers and
intermediaries regarding matters to be stated in
life and general insurance policy and lay down
time-frames for compliance of various
Transparency
The consumer and market dynamics; and the
regulatory interventions triggered by them would
ensure that insurance is bought rather than sold.
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policyholder servicing parameters covering
the life cycle of the insurance product, from
sale to servicing - including claims servicing.
The regulations for the intermediaries—agents,
corporate agents and brokers, among other
things, lay down the Code of Conduct
including at the point of sale. The IRDA
(Insurance Advertisement and Disclosure)
Regulations, 2000 address advertising and
disclosure requirements at the point of sale.
The File and Use procedure of IRDA is also a
drill from the point of view of product
simplicity and its understanding, apart from
other parameters. One of the recent initiatives
of IRDA, to ensure that clear information
regarding products is given to the prospect or
policyholder in a way he or she can
understand, is the proposal to introduce Key
Feature Document (KFD) in simple language.
The test of a KFD is whether or not the target
customer for a particular product understands
its main features and is able to take a decision
as to whether the product is suitable for him or
her. A KFD would also ensure disclosure by
insurers of other important information such as
premium details, payment modes, various
charges, risks involved, what happens in the
event of discontinuance etc.
Another important element of policyholder
protection is that insurers and intermediaries
shall be non-coercive while selling. Not only
shall they be non-coercive but more
importantly, they shall not mis-sell. The
Policyholder Protection Regulations, and
regulations for the various intermediaries,
brought out by IRDA are geared to address
these issues. However, given the complexity of
some of the products, IRDA felt the need for
more specific solutions for mis-selling.
IRDA has taken certain initiatives in further
tightening the policyholder protection norms
by amendment of regulation. There are several
distribution related improvements which
ensure that there is no scope for the
involvement of unlicensed personnel or
entities in the sale of insurance products. Any
scope for payment of any remuneration other
than commission where sale has been effected
has been eliminated by amending regulations.
These measures will reduce the expenses of
the insurers, thereby lowering the premiums to
be paid by the policyholder. Further, IRDA has
also addressed the issue of referrals with the
proposed IRDA (Sharing of database for
Sales and Distribution
distribution of insurance products) Regulations, 2010 that will ensure
that sale process is as per the standards prescribed.
Needs Analysis is another initiative identified by IRDA as a step in
curbing wrong advice and mis-selling. The proposed guidelines to
deal with issues relating to distance marketing would address new
challenges of mis-selling that have cropped up with the advancement
of technology. While the benefits of having new and faster channels
need to be reaped, the loopholes created by them need plugging. This
is precisely what the draft guidelines on the subject propose to do.
Fair TreatmentWhile liberalization has helped create choice, there is need to ensure
that in the name of choice, the policyholder is not inundated with
unwanted product information or ill fitting products. Insurers shall
offer stable, well designed specific products that are useful to the
consumers, meeting their needs. The terms and conditions of the
product shall ensure fair treatment to the policyholder. The Regulator
steps in, wherever required, to ensure this. Recently, IRDA has taken
several steps with regard to the product structure of ULIPs to clearly
position them as long term savings cum insurance instruments rather
than as short term speculative products. This kind of product
differentiation will ensure that the insurers have very little scope to
position them differently than what these products are.
Further, all limited premium unit linked insurance products, other
than single premium products shall have premium paying term of at
least five years. All unit linked products, other than pension and
annuity products shall provide a mortality cover or a health cover
thereby increasing the risk cover component in such products. The
minimum cover to be offered has been specified for these segments.
With a view to smoothening the cap on charges in ULIP products, the
capping been rationalized by IRDA to ensure that the difference in
yield is capped from the 5 year onwards. This will not only reduce
the overall charges on these products, but will also ensure
smoothening of the charge structure for the policyholder.
IRDA has also addressed the concerns of policyholders who are
unable to continue premium payment by drafting IRDA (Treatment of
Discontinued Linked Insurance Policies) Regulations, 2010. These
regulations ensure that policyholders do not get overcharged when
they wish to discontinue their policies for any emergency cash
requirement. The regulations stipulate that an insurer shall recover
only the incurred acquisition costs in the event of discontinuance of
policy and that these charges are not excessive. The discontinuance
th
There are several distribution related
improvements which ensure that there is no scope
for the involvement of unlicensed personnel or
entities in the sale of insurance products.
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charges have been capped both as percentage of fund value and
premium, and also in absolute value. The regulations also clearly
define the grace period for different modes of premium payment.
Upon discontinuance of a policy, a policyholder shall be entitled to
exercise an option of either reviving the policy or completely
withdrawing from the policy without any risk cover. Further, the
regulations also enable IRDA to order refund of discontinuance
charges in case they are found excessive on enquiry.
The other significant area where the regulator has recently intervened
is the pensions. A pension contract is a form of savings vehicle that
caters to the needs of retired or the aged population. The
contributions that have been used to fund the pension contracts shall
not only be intact but also increase, to enable the individual to
purchase an annuity which can at least meet his or her basic needs.
Unit linked pension contracts without any guarantee of return may
either provide increased benefits or erode the funds accumulated.
The downside risk is too much to be ignored. If the US example where
the pension funds nose-dived due to the global financial crisis is
anything to go by, government authorities and regulatory bodies
would do well to ensure that any major crisis which could involve
unexpected calls for huge infusion of money into the system to
safeguard the old age provisions and retain the system confidence, is
prevented. Hence IRDA has introduced a prudential regulatory
approach whereby it has stipulated that all ULIP pension or annuity
products shall offer a minimum guarantee of 4.5% per annum or as
specified by IRDA, from time to time. Although such guarantee may
result in 1% hike in risk charge, the policyholders will receive
protection for their lifetime savings from severe market risks. This will
protect the life time savings for the pensioners, from any adverse
fluctuations at the time of maturity.
Public disclosure of risks faced by the insurers is critical for
policyholder protection. They help policyholders make informed
decisions before entering into insurance contracts. Reliable and
timely disclosures also ensure a fair and orderly insurance sector.
With this in view, early this year, IRDA stipulated public disclosure
requirements for all insurance companies.
Public disclosures
The disclosures were made effective from the
period ended 31st March, 2010. Insurers shall
publish the Balance Sheet, Profit & Loss
Account, Revenue Account and Key Analytical
Ratios on a half yearly basis in at least one
English daily newspaper circulating in the
whole or substantially the whole of India; and
in one newspaper published in the regional
language of the region where the registered
office is situated or in Hindi in the stipulated
font size and within the time-frame laid down.
Insurers shall also host all the forms including
Revenue Account, Profit & Loss Account,
Balance Sheet, segmental reporting, schedules
to accounts and other forms on their website as
per the periodicity and other parameters
stipulated.
Policyholders must be provided with
inexpensive and speedy mechanisms for
complaints disposal. The IRDA (Protection of
Policyholders Interests) Regulations, 2002
require insurance companies to have in place,
effective and speedy grievance redress
mechanisms. However, the effectiveness of
the mechanisms needs to be monitored by the
Regulator. To enable this as well as create a
central repository of industry-wide insurance
grievance data, IRDA is on the verge of
implementing the Integrated Grievance
Management System (IGMS). IGMS will not
only help monitor the redress systems of
insurers but also create a gateway for
policyholders to register complaints with
insurance companies first; and if need be,
escalate them to the IRDA Grievance Cells.
IRDA is also shortly introducing the IRDA
Grievance Call Centre (IGCC) which will
provide an addi t ional channel for
policyholders to lodge their grievances and
also seek their status over phone or e-mail.
With a view to going beyond facilitation of
complaints resolution, IRDA has begun to drill
down into details of complaints to identify
instances of violation or non-compliance of
various provisions of the applicable
regulations through enquiries and inspections.
The institution of Ombudsman is also being
reviewed for possible changes and expansion
of jurisdiction, to ensure that grievances that
are not resolved by insurers and get escalated
to the Regulator and/or Ombudsman are
decided conclusively, except where they
would fall necessarily within the ambit of the
courts.
Grievance Redress
With a view to going beyond facilitation of
complaints resolution, IRDA has begun to drill
down into details of complaints to identify
instances of violation or non-compliance of
various provisions of the applicable regulations
through enquiries and inspections.
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Further, insurers are advised to strengthen their
redress procedures where they are found
weak. The mandatory requirement of a
Policyholder Protection Committee as one of
the Board committees as part of the corporate
governance guidelines issued by IRDA is
another step in the direction of ensuring that
the insurers have their own internal systems
monitored effectively at the highest level.
The insurance industry must have access to
reliable, timely and accurate data for its
efficient functioning. In order to ensure that
proper data relating to policies and claims is
collected, processed and disseminated in the
manner required, IRDA has set up an
independent body, namely the Insurance
Information Bureau (IIB). The IIB has started
functioning and has already made good
progress. The data that is disseminated is
generic, with the privacy and confidentiality
issues being addressed adequately, both from
the policyholder as well as the insurer point of
view.
Consumer protection and consumer education
complement each other. They have the same
goal, namely the well-being of the consumer.
Consumer education not only helps
individuals understand the products and the
risks involved better but is also a necessity for
market efficiency as it contributes to more
efficient, transparent and competitive practices
by the financial service providers. It also
produces better educated citizens who can
monitor markets through their own decisions.
It may not be out of place to mention that in an
OECD survey of the members of the
International Network on Financial Education
(INFE) composed of financial education
experts from 110 public authorities in over 50
OECD countries and non-member economies,
a vast majority of respondents indicated that
financial illiteracy was a determinant of the
Insurance Data
Consumer Education
recent financial crisis. The importance of consumer education,
therefore, needs no further emphasis.
In the insurance sector; liberalization, leading to the entry of several
new insurance companies and introduction of hordes of new
insurance products created a very strong case for scaling up efforts in
the area of consumer education on the part of all stakeholders
involved. Consumer education and policyholder protection being
two sides of the same coin, the Regulator has as onerous a
responsibility towards consumer education as it has for policyholder
protection. In fact, consumer education is a part and parcel of
policyholder protection. Towards this end, IRDA has, over the years
taken several initiatives through various media. IRDA also
encourages and supports consumer bodies to conduct seminars on
insurance, thereby not only educating the consumer but also
providing a platform for the consumer to interact with its
representatives who it makes sure participates in such seminars. This
apart, the IRDA itself conducts or participates and supports several
national level seminars on different insurance topics or subjects as
well as consumer related issues through which it reaches out to the
public.
In the insurance sector; liberalization, leading to
the entry of several new insurance companies and
introduction of hordes of new insurance products
created a very strong case for scaling up efforts in
the area of consumer education on the part of all
stakeholders involved.
The author is Joint Director, Consumer Affairs Dept., IRDA. The views
expressed in the article are her own.
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Legalese is never easily understood and there is
always potential scope of misunderstanding the
contract, on the part of the customer.
Vishwavijay Singh suggests that a persistent practice of customer support, whenever
needed, will go a long way in building up the reputation of the insurers.
- Protection of Policyholders' Interests
Need to Demonstrate and Deliver
The Policyholder Protection Act 2002 was formed by the Insurance
Regulatory and Development Authority (IRDA) to safeguard the
interests of the policyholders at large. The act comprises a set of
guidelines for insurers including areas of point of sale, proposal
details, grievance redressal, policy details, claims process and policy
servicing. These guidelines facilitate transparency and fair business
practices, thus establishing a healthy business environment. The
guidelines cover the entire policy lifecycle, allowing the insured to
make an informed buying decision and avail of the policy benefits.
The act mandates insurers to provide sufficient information to
prospects and customers regarding the aforementioned areas.
The context of policy holder protection becomes clear once
insurance is seen as a promise made by the insurance company to pay
the insured at the time of the claim. This promise is governed by the
policy wordings and insurance is as such a legal contract between the
insurer and the insured. However the policy wordings are drafted by
legal teams while the closure is done on the ground between the
advisor and the customer. Legalese is never easily understood and
there is always potential scope of misunderstanding the contract, on
the part of the customer. It is incumbent on the insurance company to
ensure that transparency and trust is engendered throughout the
process keeping the customer's interests in mind. This is essential
from a longer term perspective to build customer confidence on the
core proposition of insurance.
Insurance is a promise
In a wider context, the protection of policy
holders' interests would cover three areas:
a) transparency of information
b) customer centric service and
c) ability to settle genuine claims.
Insurance companies that are investing in
these areas are creating customer trust leading
to loyalty, advocacy and superior lifetime
value. Furthermore, as competition increases
giving customers wider choice, differentiation
in these areas would become a source of
competitive advantage.
Customers need to have transparency of
information at every stage of the policy
lifecycle. All touch-points can be 'information
empowered' - be it website, call centre, branch
or channel. For customers who are net savvy,
the website is a powerful source of information
giving clarity on policy coverage, exclusions,
premiums and claims process. For instance,
some players publish all policy wordings
online in downloadable PDF format which the
customer can peruse even before buying the
policy. The insurer's website can also be
supported with 24x7 support via online chat
and toll free telephone access which allows the
customer direct access to the insurer at any
time of day or night, weekday or weekend as
per their convenience. Audit of all interactions
with the customer is much easier with
electronic channels as chat transcripts are
easily available and calls can be recorded for
later reference. Regular training and quality
control of call centre executives becomes a
critical aspect to ensure that right
Transparency
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Along with the willingness to pay genuine
claims, insurers also need to demonstrate the
ability to service the risk on their books.
communication is delivered to the customer
after proper understanding of their needs.
Appropriate CRM applications are able to
guide the call centre executives appropriately
through a knowledge tree on what to say to the
customers in different scenarios.
The policy sale process represents the start of
the insurance contract; and clarity of the terms
to the customer is important to avoid
dissonance later at the time of claim. Correct
presentation of the policy terms through
promotional material before the sale, proper
information capture during the sale and
availability of all details of risk assumption after
the transaction help build a strong foundation
to the insurer-insured relationship.
Insurance being a legal contract can be subject
to amendment through endorsements or even
cancellation. Insurers must set up options and
processes for policy servicing that are
convenient and hassle free for the customer
who has entered into the insurance contract in
good faith.
Technology plays an important role in making
the process easy, quick and frictionless. Robust
CRM systems allow the provision of service
request reference numbers that can then be
tracked till closure. Status updates via sms and
email are now the norm which keeps the
customer abreast of the progress of their
request. The internet is increasingly being used
to lodge and track service requests.
Regardless of the channel from which the
policy may have been purchased, companies
are now offering their customers 24x7 access
via a single toll free number providing the
confidence to the insured that the insurer is just
a call away.
Contactability is the anchor for all customer
communication and both the insurers as well
as insured need to take ongoing measures to
ensure contact details are kept current so that
service updates and renewal notices are
delivered on time. The insurance product goes
beyond just the sale transaction and extends to
the post sales service as well as renewal.
Service processes must be designed by
stepping into the customer's shoes. For
instance, an endorsement request for travel
insurance should be executed speedily in time
before the departure of the trip. An emergency
cashless pre-authorisation request will require
a shorter turn-around time as compared to
planned treatment. Replacement cars or
Customer Centric Service
garage cash covers are designed to give the customer mobility even
while their vehicle is under repair.
Customer centric service also hinges around delivering on the
promise and ISO certification undertaken by insurance companies is
an indication of their commitment to deliver on their service
promises.
Settlement of genuine claims
In conclusion
Insurance is the business of distress management and the process of
claims settlement is the final moment of truth. The insurer's first step is
to ascertain if the claim is genuine and sensitivity is required at this
stage. The policy terms come in to play here and if the customer has
been well educated of what he has bought into, the claims process
should be smooth and hassle free with minimal dissonance. The
ability of an insurer to put in place a robust claims assessment process
ensures that genuine claims are cleared speedily and fraudulent
claims are identified and blocked. Moral hazard is a burden on honest
policy holders who would finally end up paying a higher premium to
make up for the portfolio imbalance.
Along with the willingness to pay genuine claims, insurers also need
to demonstrate the ability to service the risk on their books. Positive
ratings from agencies such as ICRA and A M Best are an indicator of
being in a fundamentally strong position with the ability to pay large
claims. Maintaining a higher solvency ratio above the regulator's
norms is also a signal to the customer of the stability of the insurer. The
reinsurance program must be built on a robust foundation with
adequate cover with the objective of protecting value at risk at all
times.
Finally, it would be pertinent to highlight that policy holders also have
the responsibility of understanding the contract they are entering with
their insurer. They have a right to ask for information and must ensure
that they provide correct and complete information to the insurer.
Doing so will also assist them while seeking redressal of grievances if
any, be it with the insurance company or through the ombudsman.
Keeping in mind the interests of the policy holder is a core tenet of
customer centricity. This philosophy should become a governing
principle of the industry's approach to designing insurance products
and services. The pay off would be seen over time in the form of
enhanced image of the industry as well as long term growth and
penetration of insurance in the country.
The author is Vice President, Process Excellence, ICICI Lombard General
Insurance Co. Ltd.
World class is a journey, not a destination. Jim Collins takes us
through this journey in his three classics - “Build to last” followed by
another bestseller “From Good to Great”. And as if to reflect upon all,
his next Title “How the mighty fall”. In the process, some truisms
unfold by themselves. In summary, new focus for value creation rests
with customer at the centre stage. This constitutes the main theme for
this article.
�
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its organizing principles
its people processes.
It is this passion to compete that has seen great
companies graduating from 'Good to Great'
and from Great to 'World-class' status. This
status denotes setting new benchmarking
standards of performance in terms of product
design, delivery, quality, customer satisfaction
and value creation. Striving continuously to
improve its own benchmark standards of
performance is the hallmark of world-class
organizations. As for insurance industry
domain, Protection of Policyholders' interests
thus becomes a matter of prime concern.
When rules of a game change, the player's
strategies and actions must also change so as to
win that game. The same goes for business. In
the 21 century the nature of doing business
has tremendously changed. The new
upheavals of global financial meltdown since
September, 2008 have transformed the
financial services sector for ever and proven to
be an eye opener to economies across the
globe.
For organizations, good is no more good
enough, and excellence has lost its meaning to
a new phenomenon called “world class
organizations”.
World Class Motto: Passion and commitment
to excel
st
Prof. Rajni M. Shah asserts that the world order is changing and there is increasing
emphasis on finding newer methods to ensure that the best service is being rendered.
What is World Class Organization?
World-Class in India:
In order to win, companies must win at three very different stages of
competition.
competition for markets
competition for competencies
competition for dreams.
To manage sustainable growth, a company needs to create an
effective alignment between three key elements:
its value creation logic
�
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Contours of World ClassOrganizations- New Practices in Value Creation
It is this passion to compete that has seen great
companies graduating from 'Good to Great' and
from Great to 'World-class' status.
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World class organization status is a new ideal
relentlessly pursued by ambitious and daring
organizations worldwide because this status
alone promises maximum rewards and the
victor's stand. World-class organizations do
not emerge by chance. People build them by
design. They are created by vision, nurtured by
ambitions and perfected by actions. They
believe in being 'Best of the Bests'; and seeking
continuous improvement, redefine own
benchmarking standards of performance with
relentless focus on consumer with a high
passion and commitment. Characterized by
high performance leadership, world-class
organizations strive to raise the bar all through.
For reaching the zenith of excellence,
companies need to carefully formulate
strategies and deliberately implement them so
as to arrive at the desired destination. The
following are some of the few strategies and
terms of reference which are instrumental in
developing best of the best companies.
Consumers have greater product variety today
than ever, yet they are less satisfied. Top
management has more strategic options, yet
they deliver less value. What do these
paradoxes suggest about future of competition?
Despite unbounded opportunities for
innovation, companies still can't satisfy
customers and sustain profitable growth. The
explanation for this apparent paradox lies in
recognizing the structural changes brought
about by the convergence of industries and
technologies; ubiquitous connectivity and
globalization; and, as a consequence, the
evolving role of the consumer from passive
recipient to active co-creator of value.
Managers need a new framework for value
creation. And, all said and done, this is
considered as the building block for world-
class organizations. Let us examine further.
Increasing individual customer's interaction
with a network of firms and consumer
communities can co-create value. No longer
can firms autonomously create value in
isolation. Neither is value embedded in
products and services per se. Products are but
an artifact around which compelling
A New Paradigm of value creation:
individual experiences are created. This is more so for 'services'
rather than products. As a result, the focus of innovation will shift from
products and services to experience environments that individuals
can interact with to co-construct their own experience. These
personalized co-creation experiences are the source of unique value
for consumers and companies alike.
To compete in this complex marketplace, companies must
fundamentally alter their value creation architecture. They ought to
make information and operations transparent and accessible to all
collaborators, and transform their interactions with customers from
transactions to meaningful dialogues. For their part, customers must
be able to understand and assess all the risks, as well as the rewards, of
the choices they make.
This is the future of competition as articulated by Prof. C.K. Prahlad in
his path-breaking Title “The Future of Competition: co-creating
unique value with customer”. Let us elaborate.
A profound but silent transformation of our society is afoot. With the
burgeoning complexity in offerings, services, risks, rewards and
information the consumer is confounded and frustrated. Product
variety has not necessarily resulted in better consumer experience.
The paradox of the 21 century lies in the fact that the consumers have
more choices that yield less satisfaction and top management has
more strategic options that yield less value. Are we on the cusp of a
new industrial system with characteristics different from those we
now take for granted - towards a new paradigm shift?
What is the evolving role of the customer in the value creation
process? No longer do customers receive value through the purchase
of products and services alone. Instead, individual customers are
interacting with a network of firms and consumer communities in
order to satisfy their unique preferences – and the value they obtain
comes from the sum total to those personal experiences.
Traditional notion of value and its creation that firms create and
exchange value with consumers does no longer hold good.
Increasingly, the joint efforts of the consumer and the firm are co-
creating value through personalized experiences that are unique to
each individual consumer.
Co-Creation of Value:
st
Products are but an artifact around which
compelling individual experiences are created.
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Protection of Insurance Policyholders' interests:
Policyholders are a major stakeholder for insurance companies and
protecting their interests becomes a major priority. It becomes
obligatory for insurers as service providers to protect interests of
policyholders, as 'consumers' of insurance services. Insurance
Regulatory and Developmnet Authority (IRDA) has notified
regulations for Protection of Policyholders' Interests in 2002. As per
the regulations, all insurers have to set up grievance redressal
mechanisms to address complaints and grievances of policyholders
efficiently with a sense of urgency. IRDA has been monitoring such
systems in operation with insurance companies to ensure their
efficacy. Such regulations empower policyholders for a hassle-free
and transparent interface with insurance companies to safeguard their
legitimate interests and going beyond that to suggest proactive
measures and practices for insurance industry. Setting up of
Ombudsmen across the country is a major milestone as an institution
set up to safeguard interests of insurance policyholders. What is
needed is greater awareness and understanding on the part of service
providers and policyholders – service users - to be proactive and
benefit from such set up. Yet another recent milestone on the part of
IRDA relates to corporate governance domain which is crucial not
only for insurance industry but for India Incorporated; and in similar
context, IRDA guidelines on Anti-Money Laundering (AM) effective
1 July, 2005 for insurance companies relating to important aspects to
protect interests of customers.
One simple tenet for organizations to move from 'good to great' is to
provide customer orientation in every possible way. At the heart of
this tenet is customer orientation. One decade of liberalized
insurance industry in India has seen some turbulent times for most of
the players. Organizations are therefore moving from organization
orientation to customer orientation and protection of policyholders in
the case of insurance service providers.
As is common knowledge, consumer awareness for insurance in India
is far too low, and surprisingly, quite so even for urban populace in
general. Claims is the defining moment when insurance
policyholders specially need to be protected – to be treated fairly and
expeditiously for settlement of claims, with insurers providing
facilitation to do so.
st
Insurance as a 'service', unlike a product, has
its own characteristics. Insurers ought to follow
the Rule Book of Services Management &
Marketing to assist and protect interests of
policyholders. This will go a long way to retain
clients, add on through word of mouth and
relate to them as a part of relationship
management - in the process, building trust
and, hopefully, customer loyalty.
It is time to re-examine the traditional system to
company-centric value creation that has
served organizations so well over the past
hundred years. We now need a new frame of
reference for value creation. The answer lies in
a different premise centered on co-creation of
value. It begins with the changing role of the
consumer in the industrial system - from
isolated to connected, from unaware to
informed, from passive to active.
Companies can no longer act autonomously,
designing products, developing production
processes, crafting marketing messages, and
controlling sales channels with little or no
interference from consumers. These
personalized co-creation experiences with
new-age customers are the source of unique
value for consumers and companies alike.
Thus organizations need to move from the
traditional approach of value creation to the
new frame of reference for value creation. The
focus is on people interacting with people and
serving the consumer what he expects through
newer experiences. Co-creation is possible by
merging the company think with the consumer
think.
Many companies rarely seem to consider
aspirations, frustrations and wishes of the
heterogeneous group of consumers who
experience their product or service. Instead
they focus on the efficiency of production and
logistical systems. Misled by company think,
operational managers cluster the marketplace
with products that are feature rich but
experience poor. For the consumers,
technology convergence can create
experience divergence. These are some new
learning for Indian insurers and India
Incorporated in the domain of product
It is time to re-examine the traditional system to
company-centric value creation that has served
organizations so well over the past hundred years.
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innovation; more so at this point of time when
insurance industry in India is poised for
charting new growth curve through financial
inclusion and seeking transformation.
Understanding nuances of 'services'
management and marketing, in contrast to
'products', is vital to accelerate growth of
services segment. Service industry of which
insurance forms a significant constituent forms
the backbone of social and economic
development of a nation. It has emerged as the
largest and fastest growing sector in world-
economy, so also in India. Insurance services
are intangible. Managing a service requires
knowledge and understanding of its four
characteristics: intangibility, inseparability,
variability and perishability. For each one
there are important implications for marketing
mix and reaching a 'scale' and volume of
operations to sustain accelerated and
profitable growth.
Growth story of insurance industry in India is
inspiring, never mind some hiccups on the
way. The upswing observed in business
growth curve is robust what with impressive
GDP for the economy with sound
fundamentals and business optimism
unabated. The greatest challenge is how to
achieve accelerated and sustainable growth in
the backdrop of huge untapped market
potential, intrinsic strength to seek inclusive
growth. To sustain this level of performance
and provide a fillip for inclusive growth, it is
imperative to overhaul traditional 5 Ps of
m a r k e t i n g - m i x a n d m a s t e r n e w
comprehension for services marketing and
management per-se.
In today's complicated, differentiated
marketplace, success often means tailoring
service offerings to the price level and
expectation level of new age customers. Great
companies know how to discern the difference
and give specific customers exactly what they
want at the price they can bear.
That's why every service organization such as
in insurance segment in its quest to become
world-class should develop a service strategy
Services Sector: Insurance industry in India
and implementation plan; distinct from what traditionally applies to
'products' of manufacturers.
Global economic awareness
The first requirement to venture into this journey is to acquire
knowledge and understanding of global business environment
and global market place.
Quality Excellence
Quality is a dynamic state associated with products, service,
people processes, and environments that meet or exceed
customer's expectations. In today's market place quality is the
creed for winning.
Strategies for developing world-class organizations - some pointers:
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The greatest challenge is how to achieve accelerated
and sustainable growth in the backdrop of huge
untapped market potential, intrinsic strength to seek
inclusive growth.
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Focus on Performance Management: output oriented organization
Innovation: a gateway to growth
In a dynamic business environment, a reinvention exercise is the
only way to avoid demise and obtain eternal organizational life, as
practised by most of the top companies in the world.
World Class Leadership
High Performance Leadership is at the centre-stage to strive for
world-class. And trust is the foundation of leadership. Leaders
who are fiercely ambitious and driven by passion have their
ambitions directed towards their company and industry rather
than themselves.
Growth dynamics at the emerging market place provide a context
around which leaders and captains of industry do visioning and
strategizing. What does fundamentally determine growth and profit
potential of business? What does a company do to protect its territory
from another firm seeking to dislodge it and from designs of new
entrants? How is it able to forecast its future under shifting and
uncertain conditions – or predict how its rivals will behave under
those same conditions? Insurance industry ought to ponder on these
key riders and respond proactively.
Summation: Concluding observations
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Indian insurance industry is a reservoir of great
talent and resourcefulness. Over the past ten years
since private sector participation, the industry has
been on the move to create new pace in the
emerging market.
Major concerns of organizations are with regard to survival, growth,
managing business cycles, corporate governance and corporate
citizenship with varying degree of emphasis. Emerging market
dynamics shape the color and shade of competition. Also a series of
new initiatives unleashed by the regulator will have far reaching
implications to foster growth and development, apart from inventive
genius of insurance companies.
The change in the global canvass has changed the way the world
perceives India surging ahead with robust growth propelled by a
booming economy with sound fundamentals. The need of the hour is
to rethink and revisit strategy - to review business models, processes
and products and innovate at every stage to gain and sustain
advantage over competitors; and to re-engineer human capital and
human resource through inventive HR policies and practices that
empower 'people' and 'organizations'. Briefly put, HR policies that
are people oriented and 'Put People First'.
Organizations ought to have a re-look at their present strengths and
weaknesses in a market that has been on the move, and go back to
basics. The changes underway that shape market equilibrium are only
a tip of an iceberg. Soon the insurance market is expected to witness
new equations of supply, demand, distribution matrix and
overwhelming might of customers - a total paradigm shift.
And it is time to get into a state of readiness on all fronts to meet new
challenges and benefit from vast opportunities. The competitive
landscape of the industry has been changing rapidly. Public sector
enterprises are back in saddle with all their might and continue to
drive market both life and non-life insurance. So also private insurers,
more so life insurers, who are set to garner market share and achieve a
scalability for break-even and operating surplus. The next decade of
free insurance market in India is expected to witness major re-
engineering drive on all fronts including product design and pricing,
distribution matrix, new business models,
customer centricity and possibly mergers and
acquisitions. The game is changing.
Indian insurance industry is a reservoir of great
talent and resourcefulness. Over the past ten
years since private sector participation, the
industry has been on the move to create new
pace in the emerging market. Yet the path
ahead needs to be pursued head-on with zeal
and passion to earn world-class status. Hyper
competition is a key feature of the new
economy. Customers want it quicker, cheaper
and want it their way. Hyper competition
ensures a fast changing equilibrium where no
organization's competitive advantage lasts for
long. Early mover advantage has become
transitory with market forces moving at a
galloping speed. And the best open secret is
that insurance industry constituents and
thought leaders are aware of this proposition.
Interesting, isn't it?
As Asia emerges from the global economic
crisis faster than the rest of the world, it is
increasingly clear that the world's centre of
gravity is shifting from the Atlantic to the
Pacific. This could be Asia's hour. And this
could be India's hour to build a super economy
bestowed by world-class organizations and
industries. For insurance industry in India, this
is destined to be a long drawn journey. And the
best is yet to come.
'First break all the Rules' – Coffman
'From Good to Great' – Jim Collins
'The New Age of Innovation' – C K Prahalad
'The Future of Competition: Co-creating
Unique Value with Customers ' –
C K Prahalad, V. Ramaswamy
IRDA Journals
Source References :
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The author is Sr. Consultant,Asia Insurance Post; and
Former GM, GIC of India.
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- Key to Success in Life Insurance
Pro-active Customer Service
Anand Pejawar opines that there is increasing emphasis on prompt customer service
and adds that companies have to be imaginative in finding new ways of rendering it.
industry more knowledgeable and demanding.
The role of the customer is also very important as he / she needs toknow the rights, privileges and obligations of the customer in a muchbetter manner so that it can be exercised more effectively.
In spite of this, certain aspects which the customer needs to keep inmind and attentively look at in terms of pre sales service areenumerated below:
In every service industry, customer is alwaysthe king and customer service is the key to thesuccess. This is also true in the Indian lifeinsurance industry. In other segments, whichare non-service in nature or where there is a'tangible object' available with the customer,the question of 'service' does not arise largely,though it cannot be completely ruled out.However, in segments like hospitality industryand insurance (both Life and Non life), thisword 'service' attains great importance.
Especially in life insurance industry, this word'service' has a different connotation dependingupon the stage at which the sale is and can beroughly bifurcated into two categories:
a) Pre Sale Service
b) Post Sale Service
The pre sale service, though of a differentnature is equally important as the post saleservice, unlike other service industry. In caseof life insurance, the post sale service is quiteunique and attains more importance due to itslong nature / tenure of the product, as it has torun throughout the tenure of the policy. This,as we all know, could range anywherebetween 3-5 years to life long i.e. 40 -50 years.
In today's jet speed technical environment,where the customer expects things at the clickof the button, this aspect of service has gainedhigher prominence. Especially with the privatesector insurance companies opening shop andbringing in latest technology and newermethods of providing service, this is beingused by the industry as a cutting edge over theircompetitors. The Regulator is also playing avery important role in educating the generalpublic of its rights and obligations which hasalso made today's consumer in insurance
A) Right product offering:
In today's scenario where the nature and type of life insuranceproducts have undergone a sea change and each one having a variedstructure, it has become imperative for the customer to first fullyunderstand the basic features of the product. A proper “FABingexercise” (Features, Advantages and Benefits) with the advisor will bemore beneficial to the customer. Customer should also find out whatadvantages do the features in the product provide him and whatbenefits can be derived from the same to meet his insurance “needs”.The customer must also understand how the product performs on acomparative basis with the similar product lines available in theindustry, in case of an investment product offered.
What is the insurance requirement? How much insurance do I need?Is the advisor recommending the right product to me? How will theproduct look like in its full term? What are the survival and deathbenefits and how will the same function and fall due? How would theproposed product stand out? These are certain questions that wouldhit the mind of the customer. Such an intangible product runs for a
The pre sale service, though of a different nature
is equally important as the post sale service,
unlike other service industry.
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long tenure and most of the time the benefits are derived by the familymembers and not seen by the person who is actually taking the policy.
The Regulator has brought in adequate regulation, which now takescare of all these questions, exclusively for the benefit of the customer.This requires the customer to provide the insurance advisor fullinformation on his family background, investments, insurance needs,etc., and the output generated, based on the information provided(called need analysis), from such tools are rightly understood by thecustomer in the right way / manner.
With effect from July 1, 2010 this is a very importanttool available to the customer wherein after answering the questionsand giving relevant information, the customer along with his advisorcan fully understand the insurance needs and decide upon how therecommended product will help the customer to meet his “need”.This then becomes the basis for recommendation of the requiredproduct.
Once the need analysis is done and the desired insurance need hasbeen identified, the product which meets the need is suggested /recommended and accepted, if found suitable, by the customer. Thisneed analysis has to be signed, both by the customer and the advisorconfirming the data provided for and accepting recommendationgiven by the advisor. In case the customer does not wish to providethe data required then the same has to be noted on the same andsigned by the customer. Here the onus is on the customer to providethe correct data which will enable the advisor to identify the need andthen recommend the right product to meet the requirement.
i) Need Analysis:
ii) Customised Benefit Illustrator (CBI): Once having decided to go infor a particular product, which is based on the outcome of the NeedAnalysis, the customer would be given a CBI which clearlydemonstrates the true picture of the policy and how it would run overits entire tenure. This typical CBI would include all the requiredinformation like the premium amount payable, tenure, theperiodicity/mode of premium, survival benefits payable, if any, deathclaim etc. In case of an investment plan, it would also give anindicative return at a predetermined rate of 6% and 10% p.a.(mandated by the Regulator). It would also show the mortality riskcover charges, administration charges, policy servicing charges,service tax, etc., that would be deducted at regular intervals from suchinvestment. This CBI also needs to be signed by customer in token ofhis acknowledging having read and understood the data/information
provided in the CBI. From 1 July 2010, all CBI's also provide thedetails of commission payable to the advisor on that particularproduct which will be seen by the customer in the CBI.
st
Both these documents, i.e. Copy of needanalysis and CBI would then form a part of thefinal policy document and will be sent to thecustomer for his record.
The customer is expected to and must gothrough the policy document and if the same isnot as per the agreed terms and conditions or asexplained and understood by the Advisor, thecustomer has the option of canceling thepolicy under the Free Look Cancellation (FLC)option. This can be exercised by the customerwithin the first 15 days of the receipt of the saidpolicy document.
This is what should be known by the customerin the first leg of the transaction which startsfrom Pre Sale (sourcing of business) to sales(conversion of proposal into actual policy).
Some of the companies have also started theservice of 'Welcome calls', which also helpsthe companies to verify the details mentionedin the proposals and ensure proper selling.This has reduced the instances of mis-selling toa large extent.
The policy bond itself is a veryimportant document and must contain all therelevant information pertaining to the productin a simple and lucid language. It is alsopreferred, if the full or important pages of thepolicy bond are printed in local language, so asto make it easy for the customer to understand.It is also recommended that technical jargonsused, if any, should be clearly defined /clarified to make proper sense to the customer.This policy bond is very important as in manycases; the usage of the document would arisewhen the purchaser of the policy (life assured)is no more. The policy document is actually theculmination and receipt of the contract as alllife insurance policies are covered under theContract Act. The authority has recently issuedinstructions for companies to come out withsmaller versions of the bond, which shouldcontain all the necessary information that isuseful to the customer.
In the normal post sale service, issues likechange in nomination, assignment of thepolicy, reassignment of the policy, addresschange etc., are taken care of.
This is a very important notingthat needs to be done on the policy documentas the monies in case of the death of the lifeassured will be only payable to the nominee.In case the nomination is not made or thenominated person pre-deceases the lifeassured then fresh nomination needs to bedone and recorded on the original policydocument. Many a times it is seen that the
iii) Policy Bond
B) Post Sale Service:
i)Nomination:
This need analysis has to be signed, both by the
customer and the advisor confirming the data
provided for and accepting recommendation given
by the advisor.
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nomination is not done or the personnominated has already expired before the lifeassured. In such cases the payment of claimstakes a long time and in most of the cases itinvolves legal issues.
Usually when thelife insurance policy is given as a collateralsecurity to the lending organization, it isnecessary to ensure that the policy is assignedin its favour. This has to be recorded on thepolicy document. In such assigned policiesthe nomination automatically gets inoperative.
Incase where the insurance policy has beenassigned in favour of the lending organisation,and the underlying liability is cleared off; thelending institution needs to issue a NoObjection Certificate (NOC). On receipt ofthe same this has to be again notified to theinsurance company and endorsed on theoriginal policy document. Upon reassignmentthe customer must do a re-nomination. This isvery crucial activity, which the customer needsto do and which is usually missed out by thecustomer.
Any changewhich is different from the original instructionsgiven at the time of entering into the contractwith the insurance company such as Change ofaddress, change in the mode of premiumpayment, etc., have to be notified to theinsurance company and the same needs to benotified and endorsed on the original policydocument. On getting a request from thecustomer, the insurance company shouldpromptly do the necessary changes and notifythe same to the customer.
Use of Technology in customer service:Technology plays a very important role inenhancing customer service. The cell phonehas become a very important instrument andthe medium through which service is todayprovided to the customer:
When the customer provides thecell number on the proposal form, (which ishighly recommended) it can be made use of,for sending out various SMS alerts either givinginformation or certain reminders, which aredelivered to the customer at the shortestpossible time. Companies are using thisfacility to be in touch with their customers,sending birthday/anniversary greetings, detailsof the additional requirements, if any to helpfaster resolution of the policy, policy deliverydetails, lapse intimation, ECS activation/deactivation, etc.
With thecell phone technology closely interacting with
ii) Assignment of the policy:
iii) Reassignment of such assigned policy:
iv) Other services provided:
a) SMS alerts:
b) Payment of renewal premiums:
internet banking service, the payment of renewal premium hasbecome very easy. Many banks, which are in mobile bankingtechnology have the facility of making payment towards the lifeinsurance policy premium making it very convenient and hassle freefor the customer.
Companies today have designed and developed special dedicatedinteractive customer service portal wherein the customer can transact
C) Interactive Customer Service Portal:
their business with the insurance company. Through this portalservice, payment of renewal premium, redirection of future premium,switching from one fund to another, logging of partial withdrawalnotices, posting various enquiries regarding the policy, fund values,fund statement etc. can be easily seen and/ or extracted at any point oftime at the convenience of the customer. All these have been madepossible by closely integrating technology.
Certain companies have also tied up with banks to enable theircustomer to pay the renewal payment through large ATM network inthe banking segment.
When we talk of serviceindustry, there are chances of customer's dissatisfaction, wrongselling, mis-selling, deficiency in service etc. resulting in customerdissatisfaction. Almost all life insurance companies have set upeffective customer Grievance Redressal System, which is also closelymonitored by the Regulator from time to time. The Regulators havealso instituted a Quasi – judicial redressal system by appointingInsurance Ombudsman where customer can approach for redressal oftheir grievances, if they are not satisfied with the insurancecompanies. IRDA is also in the process of setting up an integratedcustomer grievances mechanism (ICGM) and the process is expectedto be completed very soon. This will bring further transparency intothe system and customer service is expected to drastically improvefurther.
Though this seems to be a long list of things available with thecustomer to 'demand' better customer service, there is still a largescope for improvement. With the help of better technology and spirit,the company can work/aim towards the change of 'customersatisfaction' to 'customer delight', which will be the slogan of thefuture in customer service.
D) Grievance Redressal Mechanism:
On getting a request from the customer, the
insurance company should promptly do the
necessary changes and notify the same to the
customer.
The author is Executive Director – Marketing, SBI Life Insurance Company Ltd.
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CP Udayachandran observes that while there are provisions for protecting the
interests of policyholders in the regulations, there is need for stronger methods of
ensuring their implementation.
- Interests of Policyholders
Commitment towards Protection
The existing legislation has, beyond any
reasonable doubt, helped create and sustain faith
and confidence among the insurance customers.
The ULIP affair has had an interesting fallout. It has brought out into
focus the issue of protection of policyholders. There were large-scale
complaints about non-ethical selling and lack of transparency in
policy terms that took centre-stage of the debate. The questions that it
raised also were substantial and significant from the viewpoint of the
insurance consumers.
There are two pieces of legislation available to the insurance
consumers for protection of their rights and interests. The first one is
the institution of Insurance Ombudsman set up under the Redressal of
Public Grievances Rules 1998; and the other one, the Protection of
Policyholders' Interests Regulation introduced in 2002 under the
IRDA Act 1999. While there is no denying the fact that these two aim
at legally safeguarding and protecting the policyholder's interests, the
essential question that remains is whether the existing legal
provisions are contemporary and adequate enough.
The existing legislation has, beyond any reasonable doubt, helped
create and sustain faith and confidence among the insurance
customers. However, curiously, these two pieces of legislation (are
and) remain separate and independent of each other. The
Policyholders' Interests Regulation contains a legally binding set of
rules for regulated entities, and does not offer any remedial measures
for the consumers. These include overarching general principles
concerning the manner in which a regulated
entity is required to operate in its dealings with
customers, such as:
Sales (Point of Sale),
Documentation (Proposal and Policy
document)
Claims procedure
Response deadline to certain identified
processes.
Other than the general directions contained, it
only mentions that the Regulator shall initiate
action against insurers for breaches and
violations. Notwithstanding the clause [Clause
11(4)] that the Regulator may initiate action
against the insurer, it leaves one guessing as to
how the regulation proposes to locate
digression/s on the part of insurers and initiate
action.
The compliance and the corrective facets
should go hand in hand with exemplary
punitive measures whenever and wherever
there is a digression; and especially so, if the
digression is patent and deliberate. Without a
definite mechanism to collect or examine the
cases of service deficiency at a regular interval,
would it offer definite clues on the breaches?
How would the Regulator get timely and
proper feedback on the deficiency and assess
whether the same is a serious breach and also,
if there is a steady pattern to the service-
deficiency cases and initiate class action to
address the generic deficiency, if noticed?
While so, parallelly, the institution of
Insurance Ombudsman is aimed at providing
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remedial action to individual customers, but in
respect of personal line insurances, and
confining to defined areas, like:
Any partial or total repudiation of claims by
an insurer.
Any dispute in regard to premium paid or
payable in terms of the policy.
Any dispute on the legal construction of the
policies in so far as such disputes relate to
claims.
Delay in settlement of claims.
Non-issue of any insurance document to
customers after receipt of premium.
A reading of the lists would reveal that there are
apparent gaps that need to be filled to make the
protection of consumers wholesome and
comprehensive. Ideally, both can and need to
be brought under a single umbrella and a
single piece of legislation to address the issues
in a holistic and comprehensive manner.
Instead of having multivarious channels for
remedies like Ombudsman and consumer
forum, the remedial action should be kept
under a single channel, which should be kept
as an extended arm of regulation. All the cases
currently falling under the Consumer Forum
and the Ombudsman can be transferred to the
new arm. The new position attached to the
Regulator may continue to be called the
Ombudsman or the Registrar of Complaints
and shall open an easy channel for conclusion
of cases swiftly and act as the repository of
cases offering a steady feedback on the cases
coming up against the insurers. This can be
analyzed for breach of regulatory mandates
and action appropriate initiated.
Where the Registrar determines that there has
been a breach of the disclosure rules after an
enquiry suo motu or a complaint lodged by a
consumer, the Registrar can require the insurer
by written notice, to take corrective steps
within a specified time table, and may also take
any other step in connection with the breach
which is available to the Registrar in law.
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Maybe what happened in ULIP came out into the open as there was a
general uproar on account of a mass of digressions falling in the same
category and a few Public Interest Litigations, thanks to active
individuals and organisations. But, without a system like what is
suggested earlier, how would the Regulator get to know of digressions
by insurers, if the breaches are individual in nature, yet grave in effect?
Maybe, the forum and the Ombudsmen may give fair decisions in
such cases presented to them and they may award damages and
compensations, but is there presently any mechanism for these cases
The author works for Star Health and Allied Insurance Co. Ltd. The views are
strictly personal.
to be compiled and collected by the Regulator, and examined and
analyzed for breaches in terms of the Regulation? In the absence of it,
how can the Regulator honour the commitment of fairness given
under the Regulation, to the insuring public?
Irrespective of the fact that the legal and regulatory aspects are tough
and stringent, growth of the industry would also depend on how
quickly its members start internalizing and practicing self-regulation
for the benefit of creating confidence and trust on the consumers. Fair
treatment of customers must be central to the way in which the
industry members regulate themselves and their businesses.
The core principle driving regulation of the insurance industry
together with the enforcement of insurance laws ought to be
protection for consumers. For this, the regulatory system and the
monitoring that go hand in hand should be compatible with the
common law and offer a well ordered redressal system. Such a system
alone would ensure that all insurance industry members conduct
their insurance activities in a fair and equitable manner, while being
legally and financially responsible for errors and/or wrongful actions.
Fair treatment of customers must be central to
the way in which the industry members regulate
themselves and their businesses.
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The intangibility of the product is an added
concern and people in general still prefer to keep
insurance as a last priority.
- Rural Policyholder Protection
A Myth or a Reality?
K.Nagaraja Rao and Dr Y.Raja Ram write that in spite of all the measures taken, the level
of confidence of the rural customer as regards the private players is still very low; and
add that there is need for arresting this trend forthwith.
Customer retention is the upper-most concern for any industry and
insurance is not an exception to this general rule. An informed and a
satisfied customer is a brand ambassador for the industry. The
opening up of insurance industry in the last one decade to private
players and the establishment of IRDA are the landmark events in the
insurance sector towards innovations in designing need-based
policies and laying down regulatory obligations towards policyholder
protection. An attempt is made in this article to analyze the existing
policyholder protection mechanism on the basis of secondary data
and the rural realities through primary data collected from 500 policy
holders of two rural districts of Karnataka.
For studying the behavior of the rural customers, a study is made by
contacting 500 customers of Bangalore rural and Kolar rural districts.
Since almost all private life insurance companies have operations in
these two districts, it provided an opportunity to study the customer
preferences. For collecting the responses from the customers, 'Cluster
Sampling' technique followed by 'Simple Random Sampling' is
adopted by the author to ensure the representation of the data for the
Methodology for collecting primary data:
whole population. Based on 2001 census, the
villages contiguous from North West to South
East covering approximately 20,000
population were identified as a cluster. From
the data of insured population taken from the
records of the agents, one out of 500
policyholders is taken out by simple random
sampling to ensure that all policyholders in the
population have an equal chance of being
selected. The secondary data is taken from
insurance journals, magazines, insurance
websites and books on insurance.
Policyholders pay for a future promise that is
redeemable at a later date. The intangibility of
the product is an added concern and people in
general still prefer to keep insurance as a last
priority. The low levels of awareness about
insurance and the regulating body tend to keep
them investing in government companies and
also in government brand companies. The
regula tory mechanisms re la t ing to
policyholder protection are confined to urban
environments and there is a need to address
rural policyholders in this aspect.
The results obtained are based on the
information provided by the customers and
agents of life insurance at the time of
survey.
Introduction:
Limitations:
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The area covered is representative and not
exhaustive.
As it is not possible to cover the entire
population of customers, a cluster sampling
method of population is adopted to select
the clusters; and questionnaires are
collected from 250 Bangalore rural district
and 250 Kolar rural district customers,
selected by simple random sampling to
represent the whole population of these
two rural districts.
Any life insurance company, or for that matter
any financial institution, cannot think of
keeping its shop open in the market without
the trust of its customers. Trust is reinforced
when the pledges are redeemed. The contract
of insurance ordains the insurance company to
settle the maturity claims on the due date and
all the death claims within a reasonable time
frame. A hassle free simple claim process
mechanism with a provision of simple
redressing systems in case of delays instills
confidence in the minds of the people.
The public sector life insurance behemoth has
developed and perfected a robust claim
intimation procedure. An auto list of claims
payable for the entire year is generated at the
beginning of the year itself. At least 3 months in
advance one more auto list with additions and
deletions is generated at the policy servicing
department for sending auto generated letters.
If requirements do not come forth at least a
month before the due date, a registered letter is
sent and would be entrusted to the agent.
Vigorous follow up is made until the
requirements are received; and claims are
settled within one month before due date. For
all survival benefits up to Rs.2 lakh, a hassle
free settlement without calling for the basic
requirements of policy bond and discharge
voucher is devised. For death claims, all non
early claims that arise after two years from the
date of acceptance of risk need to be settled
immediately on the strength of abridged
The existing policyholder protection
mechanisms:
claimant form (Claim form A) and death certificate. (Source: The
Stream by V.V.S. Rama Sharma).
For any repudiation of claim, the corporation writes a detailed letter to
the claimant stating therein the reason for repudiating the claim. It is
compulsory for the insurer to provide the address of Claims Review
Committee for appeal in case the claimant prefers an appeal. On
receiving the appeal, the Review Committee, consisting of Zonal
officials and the retired judges of District Court or High Court once
again go through the claim papers and review the decisions of the
lower office. If the claim is still not payable, the claimant is given the
option to appeal to the Chairman. The repudiations are however very
low. All this ensures trust in the minds of the people.
In order to solve customer grievances, a grievance redressal
mechanism is also perfected with the formation of various forums at
different levels of operation – starting from the branch office right up
to the corporate office. A Citizen's Charter also is in place which
reiterates its commitments to customers and the standards for general
procedures, the standards of policy servicing, the standards for easy
access to information and standards for fairness in dealing with
customers. All this goes to instill trust in the general public.
Some of the private players have developed a robust IT department
and generate claim intimation letters in advance. To avoid pitfalls and
loopholes, there is an IT backed initiative of generating policy specific
claim forms with bar codes to be dispatched to the claimants. This
ensures curbing the unethical practice of not registering claims until
receiving the requirements at the branch level for avoiding delays.
The other different life insurance companies have similar hassle free
claim settlement procedures suiting to their convenience for building
and sustaining the trust levels.
a. In order to understand the pattern of life insurance sales in rural
areas, a specific question (question no) is asked to the policy
holders and the results are tabulated and discussed in the
following Table 1.
Bangalore 128 122 51.20%
Rural
Kolar Rural 101 149 40.40%
Totals 229 271 45.80%
Source: Primary data.
The marketing problems:
Table 1 showing whether the customers feel that the agents
have resorted to deceptive sale of the policies.
Name of Agents Agents not Percentage of agents
the District resorted to resorted to who resorted
mis selling mis selling to mis selling
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51.20% of Bangalore rural and 40.40% of Kolar rural customers felt
that the agents sold the policies by distorting facts of the policies.
Though there is a provision in the policy terms and conditions that the
policyholders can take full refund of the premiums within the cooling
period of fifteen days from the date of receipt of the policy bond
which is also called as free look cancellation, this is rarely done in
rural areas, thanks to low levels of insurance awareness. Most of the
people do not read the terms and conditions in full. Some normal
deceptive sales practices are as follows:
Canvassing single premium policies and while presenting the
proposal, the mode of premium is mentioned as regular.
Policyholder will generally know the deceptive sale when he
receives renewal notice. Since the commission for single
premium is less (only 2%) when compared regular mode (ranging
15% to 35%), agents some times resort to this deceptive selling.
Canvassing one product and taking signature of the customer for
another product.
Forging customer signature in benefit illustrations presented to the
companies.
Unofficial benefit illustrations with rate of yields showing 18% to
24% which are normally not attainable.
Canvassing high sum assured for low premiums to attract
customers, who in the process, would not know that more
mortality charges would be deducted for higher sum assureds.
In Bancassurance, the documents provided by the customers for
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some purpose are mis-utilized for getting
new policies.
Presenting a healthy customer before
medical examiner in place of the real
customer who has medical history of major
diseases to ensure issuing of policy.
b. Insurance Regulatory and Development
Authority (IRDA) was established by an act
of Parliament (IRDA Act, 1999) to protect
the interests of the policyholders and bring
about speedy and orderly growth of the
insurance industry in India. People can
look for justice if the insurance companies
violate the prescribed norms and rules or
commit f rauds or commit other
malpractices. A question is asked to all
respondents whether they think that their
investments in life insurance companies
shall be protected by the regulatory body,
i.e., IRDA. It revealed that 131 out of 250
respondents constituting 52.4% from
Bangalore rural district and 129 out of 250
respondents constituting 51.6% from Kolar
rural district do not believe in the efficacy
of IRDA in safe guarding their investments.
It can be referred from Table 2.
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Table 2 showing the responses of customers with regard to
efficacy of IRDA in protecting the investments.
Name of the Number of respondents Values in percentages.
District
IRDA can IRDA cannot Percentage of people Percentage of people
guarantee guarantee believing in the not believing in the
investments investments efficacy of IRDA in efficacy of IRDA in
taking care of their taking care of their
investments investments
Bangalore rural 119 131 47.6 52.4
Kolar rural 121 129 48.4 51.6
Total 240 260 48 52
Source: Primary data.
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It can be seen from the above table that
majority of the rural customers still doubt the
efficacy of regulating body. If this is the case
the rules framed for policyholder protection
are not taken with all seriousness in the rural
areas. They still look at only government
companies with respect before investing their
hard earned monies.
It can be assumed that customers in rural areas
still go by brand name before investing. An
analysis of the marketing problem from the
primary data indicate that the insurance
awareness levels are still low and customers by
and large go by brand image and tend to invest
in government companies. The role of IRDA is
still not well appreciated. In this back ground it
is doubtful whether regulatory protections
have their impact on the rural customers.
The Insurance Regulatory and Development
Authority (IRDA) has been consistently taking
efforts and imposing regulatory obligations to
all insurers with a view to protect the interests
of the customers. Some of the important
measures are as follows:
A mandatory pre recruitment training to
agents to professionalize the agency force.
The obligation of the agent to disclose his
commission structure.
The need of dispatching the photo copy of
the proposal to the customer along with the
policy bond.
The necessity of obtaining duly signed
benefit illustration before the issue of the
policy.
Capping of expenses under ULIPs.
The disclosure norms with regard to
company profile, which, inter alia seek the
companies to disclose company financials,
shareholding pattern, the management
structure to the IRDA.
The disclosure norms with regard to
c. The regulatory protections:
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investment profile, the net asset values, the assets under
management etc.
The disclosure norms with regard to solvency margins and
solvency ratios.
The grievance redressal structure, the pending complaint details
and the efficacy of the company in closing the complaints to the
satisfaction of the customers.
Five year lock in period for ULIPs.
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d. Some suggestions for better customer protection:
The initiatives of the regulatory body are laudable from the
perspective of the policyholder. They have certainly minimized the
deceptive selling and helped in better yields to the customers. Still in
order to increase insurance awareness and for better protection
norms, the following points may be thought of.
The IRDA can unleash a publicity campaign in mass media such
as print media (news papers and magazines), broadcast media
(radio &TV), electronic media (audio& video tapes to be played in
village Panchayats) and display media (hoardings, sign boards
and posters). A sense of trust towards the regulatory body can be
instilled in the minds of the rural population.
The IRDA can insist the insurers to print in the policy bonds the
Grievance Redressal Mechanism available for grievances and the
role of the regulatory authority in the policy document in a
separate ink and font understandable in the local language.
A disciplinary mechanism should be introduced in the system to
check wrong selling of policies and each company has to provide
the statistics related to free look cancellation of policies related to
deceptive selling and the action taken report thereon.
The IRDA can think of networking with the systems of insurance
companies and personally supervise the grey areas viz, free looks,
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The initiatives of the regulatory body are laudable
from the perspective of the policyholder. They have
certainly minimized the deceptive selling and
helped in better yields to the customers.
issue focus
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claims repudiations, customer complaints and certain other
things.
In order to educate the rural customers, a consortium of all
insurance companies may be encouraged and the object of the
consortium would be to educate the customers with pure
professionalism.
Encourage the companies to print the policy bonds both in English
and the regional languages for better understanding by the
customers.
The training to agents may be re oriented in rural marketing, rural
product need analysis, the rural aspirations etc. The consortium of
life insurance companies can think of establishing a Rural
Insurance Academy on the lines of NIA, Pune exclusively for the
training needs of rural agents.
Ambiguity in nomenclature, allocations, charges levied,
periodicity of charges etc are to be carefully monitored by IRDA;
and a note of the IRDA about the particular product be attached
to the policy document for more clarity for the benefit of the
customers.
An analysis of primary and the secondary data indicate that there is
much to be done at the ground level. The insurance awareness in rural
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Summary:
areas is still low and the efficacy of IRDA in
guaranteeing the returns is yet to be
appreciated by the majority. The deceptive
selling is still practised and very little has been
done on this front. The regulations on
policyholder protection, though laudable, are
still urban-centric in the absence of low
insurance literacy. The IRDA needs to take pro-
active steps in insurance education and
monitor the grey areas of the insurance
companies with an eagle eye to ensure that the
regulations are not a myth but a reality.
K.Nagaraja Rao is Manager (Risk Control Unit), Bajaj
Allianz Life Insurance Company Ltd, Coimbatore;
and Dr Y.Raja Ram is Dean, Ramaiah Institute of
Management Sciences, Bangalore.
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S m°.gw~moY Hw _maEd§ hare M§Ð aVy‹Sr Ho emoYmZwgma ~r_m J«mhH d ~r_m H Vm© XmoZm| njm| na na_gX² ^mdH m {Z`_ bmJy hmoVm h¡, `Wm CZH mH V©ì`h¡ {H g§{dXm V` H aVog_` g_ñV _hËdnyU©VÏ`m| H monyU©ê noUàH QH a|&
thou chek esa xzkgd fgr j{kk- miHkksDrk jkT; vk;ksx fu.khZr ekeyksa ds vkyksd esa
chek ds {ks= esa u;s m|fe;ksa ds vkus ds ckn] nksiz'u cgqr egRo ds gSa& igyk] lkoZtfud {ks= dsmiØe viuh l'kDr fLFkfr dks fdl izdkj v{kq..kj[ksa( nwljs] u;s cheknkrkvksa ds O;olk; esa miHkksDrkfgr lajf{kr jgsA xzkgd fgr iks"k.k ds fy, lHkhchekdrkZvksa ij fuxjkuh dh t:jr gSA cSafdaxm|ksx esa bl fn'kk esa ,d igy dh xbZ ftlesa ^cksMZvkWQ dksM ,.M LVSUMMZ~l bu cSafdax vkWQ bf.M;k*dh LFkkiuk dh x;hA cksMZ us O;fDrxr xzkgdksa dsfy, dksM vkSj LVSUMZM~l cukdj tqykbZ 2006 esaizpkfjr dj fn;s gSaA ,slk gh iz;kl chek m|ksx esaok¡fNr gS] rkfd lHkh cheknkrk ,d:i dksM vkSjekudksa ds nk;js esa vk tk;saA miHkksDrk fgr lEo/kZudh n`f"V ls ,sls mik; 'kh?kz gh fd;s tkus visf{krgSaA xzkgd lEcU/k izcU/ku fo"k; nksuksa i{kdkjksa dsfy;s leku :i ls fgrdkjh gSA ,d rjQ] O;kikjlEo/kZu dk dkjxj mik; gS] nwljh vksj xzkgd fgrlaj{k.k ds fy, ltx izgjh gSA miHkksDrk fgrlaj{k.k dh n`f"V ls lsok xq.koRrk lEcU/kh v/;;umi;ksxh gksrs gSaA xzkgd lUrks"k dk ijh{k.k iwjsO;olk; ds fy, iks"k.k dk dk;Z djrk gSA cnyrsO;olkf;d i;kZoj.k esa xzkgd lEcU/k vf/kdizklafxd gq;s gSaaA bl n`f"V ls xzkgd lEcU/kksa dhtk¡p fdlh Hkh O;olk; ds fy, vkSj mldsmiHkksDrk ds fy, leku :i ls fgrdkjh gksxhA
vk;q dk izek.ku ¼vYio;½ lEcU/khvk;q dk izek.ku ¼vf/ko;½ lEcU/khfufoZokfnrk [k.M lEcU/kh
jkT; vk;ksx esa thou chek esa fu.khZr miHkksDrk
ekeys�
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nq?kZVuk fgrykHk lEcU/kh^iw.kZ izdVu fu;e* lEcU/kh
iHkksDRkk laj{k.k vf/kfu;e] 1986] /kkjk 2 ¼1½ lh ds vUrxZr ifjokn ntZ gqvkfd chek lafonk fof/k ekU; ugha gS D;ksafd chfer }kjk izLrko i= esa viuhvk;q ds ckjs esa xyr lwpuk nh x;hA ikWfylh ysus ds le; chfer usvV~Bkjg o"kZ dh vk;q izkIr ugha dh FkhA chek/kkjd chek lafonk esa 'kkfeygksus ds fy, oS/kkfud :Ik ls gdnkj ugha Fkk] bl vk/kkj ij nkok fujkd`rfd;k x;kA ftyk Qksje us nkosnkj ds i{k esa fu.kZ; fn;kA jkT; vk;ksx }kjk
vk;q izek.ku ¼vYio; lEcU/kh½
vkns'k fn;k x;k fd dsoy cheknkj}kjk fn;k x;k izhfe;e ifjoknh dksHkqxrku fd;k tk;sA Hkkjrh; thou chek fuxe dh vksj ls jkT; vk;ksx esavihy nk;j dh x;h tks fd ftyk miHkksDrk Qksje gfj}kj ds fu.kZ; dsfo:) FkhA Hkkjrh; thou chek fuxe cuke Jh jkedqekj ¼2007] ;w,Mh 152½
ekeys esa lat; dqekj dk nl gtkj :Ik;s dk chek fd;k x;kA mlus N% lkSfN;kuCcs :Ik;s izhfe;e dk Hkqxrku dj fn;kA pkj ekg ckn lk¡i ds dkVusds dkj.k lat; dqekj dh e`R;q gks x;hA e`rd ds HkkbZ jkedqekj us chek nkokizLrqr fd;k] ftls chek dEiuh us bl vk/kkj ij fujLr dj fn;k fdcheknkj us viuh vk;q ds ckjs esa vlR; o.kZu fd;k vkSj og chek lafonkdjrs le; vV~Bkjg o"kZ ls de vk;q dk FkkA cheknkrk us nkosnkj dks lwfpr
J«mhH {hV
xzkgd lEcU/k izcU/ku fo"k; nksuksa i{kdkjksa ds fy;s leku:i ls fgrdkjh gSA ,d rjQ] O;kikj lEo/kZu dkdkjxj mik; gS] nwljh vksj xzkgd fgr laj{k.k ds fy,ltx izgjh gSA
thou chek lafonk vfuok;Z :Ik ls fyf[kr gksrh gS]ftldk vk/kkj izLrko i= gksrk gSA
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fd;k fd bl ekeys esa cheknkj }kjk tek dh x;h izhfe;e dh jkf'k ykSVk nhtk,xhA
nkosnkj us ftyk miHkksDrk Qksje esa cheknkrk ds fu.kZ; ds fo:) f'kdk;rntZ djds lEiw.kZ chek jkf'k dk Hkqxrku djk;s tkus dh ek¡x dhA ftykQksje esa ekeys dh lquokbZ gqbZ fuxe dh vksj ls fnoaxr cheknkj dh tUefrfFk dk izek.k i= izLrqr fd;k x;k tks fd cheknkj ds Ldwy ds iz/kkukpk;Zdh vksj ls fuxZr FkkA tUefrfFk izek.k i= esa iz/kkukpk;Z ds gLrk{kj ds uhpsvafdr frfFk esa ,d vad esa vksoj jkbfVax FkhA chek dEiuh dh vksj ls izLrqrvfHkys[k esa iz/kkukpk;Z ds 'kiFk i= dk vHkko FkkA bl izdkj cheknkrk }kjknkok [kkfjt fd;k tkuk] lsok esa U;wurk ekuh x;h vkSj cheknkrk dks vkns'kfn;k x;k fd chek jkf'k 10]000 :i;s nq?kZVuk fgrykHk vkSj cksul dkHkqxrku nkosnkj dks fd;k tk,A lkFk gh 2000 :Ik;s {kfriwfrZ o 1000 :Ik;sokn O;; ds :Ik esa ,d ekg ds vanj Hkqxrku djuk lqfuf'pr fd;k tk;sA
lEcU/k esa dksbZ okn ugha dj ldrkA fdUrq] diV}kjk rF;ksa dks fNikus ij cheki= dHkh Hkh O;FkZfd;k tk ldrk gSA ;g fu;e vfuok;Z :Ik lsizLrkod dks crk;k tkuk pkfg,A bl lUnHkZ esa]chek vfHkdrkZ dh Hkwfedk cgqr izklafxd gks tkrhgSA oLrqr%] vfHkdrkZ dk nkf;Ro gS fd lafonklEcU/kh egRoiw.kZ izko/kkuksa dks izLrkod ds lEeq[kHkyhHkk¡fr Li"V dj ns] vU;Fkk ;g chek lsok esaU;wurk dk ekeyk cu ldrk gSA
miHkksDrk laj{k.k vf/kfu;e] 1986] /kkjk 15 dsvUrxZr vihy dh x;h tks fd ftyk miHkksDrkQksje gfj}kj ds ml fu.kZ; ds fo:) Fkh ftlesaf'kdk;rdrkZ dk cheknkok Lohdkj fd;s tkus dkvkns'k FkkA nkosnkj] fnoaxr chfer dk nRrd iq=vkSj ikWfylh dk ukekafdrh gSA chek dEiuh usnÙkd iq= gksus ds izek.kd dh ek¡x dh] ftlsnkosnkj izLrqr ugha dj ldk] fdUrq Qksje usukekafdrh gksuk i;kZIr ekukA ukekafdrh dksbZ HkhO;fDr gks ldrk gSA cheknkrk dh vksj ls nwljhvkifRr Fkh fd chek izLrko ds le; izLrkod dhvk;q 73 o"kZ Fkh tcfd chek izLrko i= esa 64 o"kZfy[kdj feF;ko.kZu fd;k x;k vkSj 73 o"kZ dh vk;qesa izLrkod dk chek ugha gks ldrk FkkA vr%Hkkjrh; thou chek fuxe us nkok fujkd`r djfn;kA vk;q izek.ku ds fy, oksVj fyLV lk{; ds:i esa izLrqr dh x;h vkSj Jh fot;iky flag dksxokg ds :i esa izLrqr fd;k x;kA Qksje us oksVjfyLV dks vk;q izek.kd ds :i esa Lohdkj ugha fd;kcfYd nkosnkj }kjk izLrqr ifjokj jftLVj dhizfof"V dks ekU;rk iznku dhA nkosnkj vkSjfot;iky flag ds e/; lEifRr lEcU/kh dbZ fooknU;k;ky; esa py jgs FksA vr% fot;iky flag dkfo}s"k Hkkouk ls izsfjr gksuk LokHkkfod Fkk vkSjmudh xokgh vLohdkj dj nh x;hA Qksje usfuxe dks nkok Lohdkj djus dk vkns'k fn;kAjkT; vk;ksx us Qksje ds fu.kZ; esa dksbZ gLr{ksi ughafd;k vkSj fuxe dh vihy dks [kkfjt dj fn;kAHkkjrh; thou chek fuxe cuke Jh jktsUnz flag¼2005 ;w,Mh 173½
vihy esa ftyk miHkksDrk Qksje gfj}kj ds fu.kZ;dks pqukSrh nh xbZ ftlesa nkosnkj dh f'kdk;r dksLohdkj djrs gq, Hkkjrh; thou chek fuxe dksnkos dk Hkqxrku djus dk vkns'k fn;k x;kA JhQwy flag us thou chek djk;k Fkk] ftudh ckn esa
vk;q izek.ku ¼vf/ko;½ lEcU/kh
cheknkrk us ftyk miHkksDRkk Qksje ds fu.kZ; ds fo:) jkT; vk;ksx esavihy nk;j dhA ekeys dh lquokbZ gqbZA nkosnkj dh vksj ls vk;ksx esa dksbZmifLFkr ugha gqvkA chek dEiuh }kjk izLrqr tUefrfFk izek.k i= dks mfprekurs gq, vkSj iz/kkukpk;Z ds 'kiFk i= dh vko';drk u ekurs gq, vihyLohdkj dj yh xbZA ekeys esa chek nkos dks vLohdkj djuk lsok esa U;wurkugha ekuk x;k vkSj cheknkrk dks vkns'k fn;k x;k fd dsoy tek izhfe;edh jkf'k dk Hkqxrku nkosnkj dks dj fn;k tk,A
thou chek lafonk vfuok;Z :Ik ls fyf[kr gksrh gS] ftldk vk/kkj izLrkoi= gksrk gSA vkbZvkjMh, ¼xzkgd fgr j{kk½ fofu;e 2002 ds fu;e 4 ¼1½ esamYys[k gS fd izLrko dh Lohd`fr ds 30 ds vanj cheknkrk }kjk izLrko i=dh izfrfyfi chfer dks fu%'kqYd miyC/k djkbZ tk,xhA ;g fu;e cheknkrkvkSj cheknkj nksuksa ds fgrksa dh j{kk djrk gS vkSj Hkfo"; esa chek lafonk esalEHkkfor fooknksa dk U;wuhdj.k djrk gSA lkFk gh bl fu;e ls foØsrk oØsrk ds e/; xzkgd lEcU/kksa esa ikjnf'kZrk dk iks"k.k lqfuf'pr gksrk gSAxzkgd lEcU/k izcU/ku ds Øe esa *VªhVhax dLVej Qsvjyh* vo/kkj.kk dsvUrxZr ikjnf'kZrk dks izeq[k vo;o ekuk x;k gSA thou chek esa vk;q dkizek.ku vfuok;Z gS] ftlds fy, ekud vkSj miekud izek.kdksa dh lwph gSALdwy }kjk fuxZr tUefrfFk izek.k i= dks ekud izek.kd ekuk x;k gSAthou chek lafonk ds ckjs esa xzkgd f'k{kk esa ;g vfuok;Z :Ik ls lfEefyrfd;k tkuk pkfg, fd xzkgd dks izLrko i= vkSj tUefrfFk izek.kd ds egRovkSj nwjxkeh izHkko ls voxr djk fn;k tk,A chek vf/kfu;e 1938] /kkjk 45ds vuqlkj chekdrkZ cheki= tkjh djus ds nks o"kZ ckn] vKkuo'kfeF;ko.kZu vFkok egRoiw.kZ rF;ksa ds izdV u djus ds vk/kkj ij chek i= ds
foe'kZ
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e`R;q gks x;hA f'kdk;rdrkZ] chfer ds nRrd iq=vkSj ukekafdrh us nkok izLrqr fd;kA Hkkjrh; thouchek fuxe us nkosnkj ds nRrd iq= gksus dk izek.ki= ek¡xk tks fd nkosnkj ds ikl ugha FkkA Qksje usnRrd iq= gksus lEcU/kh rF; dks bl izlax esafujFkZd ekuk vkSj fu.kZ; fn;k fd nkosnkj dkukekafdrh gksuk i;kZIr gSA lkFk gh] ukekafdrh dksbZHkh O;fDr gks ldrk gSA nkok fujkd`r djrs le;cheknkrk dh nwljh vkifRr Fkh fd chfer us izLrkods le; izLrko i= esa viuh vk;q 64 o"kZ fy[khtcfd mldh vk;q 73 o"kZ Fkh vkSj bl vk;q esamldk chek ugha gks ldrk FkkA fuxe us Qwy flagdh vk;q ds izek.ku ds fy, oksVj fyLV izLrqr dhAnkosnkj us chfer ds vk;q izek.ku ds fy, iapk;r}kjk fuxZr ifjokj jftLVj dh izfof"V izLrqr dhAcheknkrk }kjk Jh fot;iky flag dks vk;q ds fo"k;esa xokg cuk;k x;kA Qksje us vk;q izek.ku ds fy,oksVj fyLV dks Lohdkj ugha fd;kA iapk;r }kjkfuxZr ifjokj jftLVj dh izfof"V dks vk;q dki;kZIr lcwr ekuk x;kA lEifRr lEcU/kh eqdneksads dkj.k xokg] fot; iky flag dh nkosnkj lsnq'euh FkhA blfy, fot;iky flag dh xokghLohdkj ugha dh x;hA
jkT; vk;skx esa ekeys dh lquokbZ gqbZ vkSj lk{;ksadk ijh{k.k gqvkA jkT; vk;ksx us Qksje ds fu.kZ;dks nqjLr ik;k vkSj fuxe dh vihy dks [kkfjtdj fn;kA vk;q izek.ku ds fy, iapk;r ds ifjokjjftLVj dks mi;qDr ekuk] oksVj fyLV dks vk;qizek.ku ds fy, mi;qDr ugha ekukA
chek lafonk esa ije ln~Hkko dk fl)kUr ykxw gksrkgS] ftldk izHkko ;g gksrk gS fd vxj dksbZ i{kdkjlafonk ls lEcfU/kr egRoiw.kZ rF; dks ugha crkrkgS] xyr crkrk gS] vFkok fNikrk gS] rc lafonkO;FkZ gks tkrh gSA bl fu;e ds vk/kkj ij chekdEiuh dk ;g vf/kdkj lnSo lqjf{kr jgrk gS fdvxj cheknkj us izLrko i= esa dksbZ feF;k o.kZufd;k gS] rc chek dEiuh vius nkf;Ro ls eqDr gkstkrh gS vkSj tek izhfe;e dh jkf'k Hkh tCr djysrh gSA ije ln~Hkko ds fl)kUr ds dkj.k thouchek esa ,slh fLFkfr vk tkrh gS fd cheknkj yEcsle; rd izhfe;e dk Hkqxrku djrk jgrk gS vkSjnkos ds le; fookn mRiUu gks tkrk gSA thou chekesa fooknksa ij n`f"V Mkyus ls ,d ladsr feyrk gSfd vxj thou chek djrs le; ,tsaV FkksM+h
foe'kZ
lko/kkuh cjrs] rc chek lsok esa fooknksa dh la[;k esa mYys[kuh; deh gksldrh gSA thou chek esa vk;q vkSj LokLF; nks egRoiw.kZ rF; gSaA chek ,tsaVds izeq[k drZO;kas esa lfEefyr gS fd og ;g ns[ks fd chek izLrko fu/kkZfjrvk;q dh vof/k lhek esa fd;k x;k gksA ;gk¡] ;g lq>ko fn;k tk ldrk gS fdvk;q ds izek.ku ds lEcU/k esa cheknkrk dk ;g vf/kdkj lhfer gksuk pkfg,fd og tUefrfFk izek.kd dks dc rd pqukSrh ns ldrk gSA chek vf/kfu;e
dh /kkjk 45 ds vUrxZr fufoZokfnrk [k.M esa lfEefyr fd;k tkuk pkfg, fdchek dEiuh ,d le; vof/k ds ckn tUefrfFk izek.kd dks pqukSrh ugha nsldsxhA izdj.k esa izLrkod dh vk;q 63 o"kZ gSA fookn esa mldh vk;q 73 o"kZgksuk crk;k x;kA vk;q esa ukS o"kZ ds vUrj dks] laHkor% ,tsaV }kjk vklkuh lsidM+k tk ldrk FkkA thou chek O;olk; esa ;g mYys[kuh; gS fd ,tsaVvius fj'rsnkjksa ds e/; chek mRiknksa dk foi.ku djrs gSaA ,slh fLFkfr esavius fudV lEcU/kh ds izfr mudh vfrfjDr mnkjrk chek lafonk esa fooknds tUe dks izsfjr dj ldrh gSA 'kk[kk dk;kZy; esa izLrko i= ds fujh{k.k dslEcU/k esa Li"V fu;e gS fd ogk¡ tUefrfFk dh tk¡p dh tkrh gSA 19 o"kZ lsde rFkk 50 o"kZ ls vf/kd vk;q ds izLrkoksa dh vk;q ds lEcU/k esa izLrqrizek.k i=ksa dh fo'ks"k lko/kkuh ls tk¡p dh tkrh gSA bl izdkj izLrko dsle; chek vfHkdrkZ dh FkksM+h lko/kkuh vkSj chek dEiuh dh FkksM+h ltxrkchek lsok esa gksus okys fooknksa dh la[;k de djus esa cgqr lgk;d gks ldrh gSA
miHkksDrk laj{k.k vf/kfu;e] 1986] /kkjk 2¼th½] ¼0½ ds vUrxZr lsok esaU;wurk ds fy,] Hkkjrh; thou chek fuxe }kjk chek nkok fujkd``r fd;stkus vkSj Qksje ls jkgr u feyus ij] Qksje ds fu.kZ; ds fo:) vihy dhx;hA fuxe us cheknkj }kjk lafonk ls lEcfU/kr egRoiw.kZ rF;ksa dkstku&cw>dj fNikus ds dkj.k nkok [kkfjt fd;kA lk{;ksa ds vk/kkj ijQksje us fuxe }kjk nkok fujkd`r fd;k tkuk mfpr Bgjk;k vkSj lsok esaU;wurk ugha ekuh xbZA jkT; vk;ksx us Hkh Qksje ds fu.kZ; dk leFkZu fd;kvkSj nkosnkj dh vihy [kkfjt dj nhA
chek vf/kfu;e] 1938] /kkjk 45 ds vuqlkj tc vfHkys[k ls iw.kZr% fl) gkstk;s fd chek djkrs le; /kks[ks ls chekfj;ksa ds rF;ksa dks tku&cw>djfNik;k x;k] rc nks lky dh vof/k chr tkus ds Ik'pkr~ Hkh ikWfylh dkspqukSrh nh tk ldrh gSA Jherh yfyrk peksyh cuke Hkkjrh; thou chekfuxe ¼2006 ;w,Mh 854½
f'kdk;rdrkZ us miHkksDrk laj{k.k vf/kfu;e 1986 dh /kkjk 15 ds vUrxZrftyk miHkksDrk Qksje ds fu.kZ; ds fo:) vihy dh ftlesa nkosnkj dks
fufoZokfnrk [k.M lEcU/kh
vxj cheknkj us izLrko i= esa dksbZ feF;k o.kZu fd;k gS]rc chek dEiuh vius nkf;Ro ls eqDr gks tkrh gS vkSjtek izhfe;e dh jkf'k Hkh tCr dj ysrh gSA
J«mhH {hV
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lHkh chek vuqcU/k ije ln~Hkko ds fl)kUr ij vk/kkfjrgksrs gSaA
gks ldrk FkkA Qksje dk ;g fu"d"kZ nqjLr ekuk x;k fd izLrkod ustku&cw>dj /kks[kk nsus ds mn~ns'; ls feF;k o.kZu djds egRoiw.kZ rF;ksa dksfNik;kA chek dEiuh us *fl) djus ds Hkkj dks* c[kwch vatke fn;kA
vihydrkZ ds vf/koDrk dk rdZ Fkk fd chek vf/kfu;e dh 1938 dh /kkjk 45ds vuqlkj chek lafonk ds nks o"kZ ckn ikWfylh fufoZokn gks tkrh gS vkSjcheknkrk feF;ko.kZu ds vk/kkj ij ikWfylh ds fo"k; esa fookn ugha djldrk] fdUrq bl /kkjk esa Li"V gS fd vKkurko'k fd;s x;s feF;ko.kZu dhn'kk esa nks o"kZ ckn ikWfylh fufoZokn gks tk,xh vkSj tku&cw>dj /kks[kk nsusds mn~ns'; ls fd;s x;s nqO;Zins'ku vFkok fNiko dh n'kk esa ikWfylhfufoZokn ugha gksxhA vr% diV dh n'kk esa chek dEiuh dk fookn djus dkvf/kdkj lnSo lqjf{kr jgsxkA fuxe us cheknkj }kjk fd;s x;s diV dksizek.kksa }kjk fl) Hkh dj fn;k fd chek djkrs le; tku&cw>dj e/kqesgvkSj fpfdRlk bfrgkl dks fNik;k x;kA e/kqesg ds dkj.k gh chfer dksân;] 'olu vkSj xqnkZ lEcU/kh jksx Hkh gq, vkSj e`R;q Hkh gqbZA fpfdRlklkfgR; esa LFkkfir rF; gS fd e/kqesg ds dkj.k 'kjhj ds izeq[k thouh vo;ojksxxzLr gks tkrs gSaA vr% fNik;h x;h chekjh dk eR;q dk dkj.k cuuk fl)gksrk gSA
chek jkf'k dk Hkqxrku djkus dh izkFkZuk vLohdkj dj nh xbZA fookn blfo"k; ij Fkk fd e/kqesg jksx gksus dh ckr u crkuk nkok fujkd`r djus dsfy, Ik;kZIr dkj.k gS vFkok ughaA ikWfylh ysrs le; izLrko i= esa cheknkjus e/kqesg u gksus dk Li"V mYys[k fd;kA chek dEiuh }kjk miyC/k djk;sx;s] fnoaxr ds fpfdRlk vfHkys[k ls fl) gksrk gS fd og chek djkus lsrhu lky igys ls e/kqesg jksxh jgk FkkA ihthvkbZ p.Mhx<+ ds fpfdRld],lksfl,V izksQslj us HkrhZ djrs le; fy[kh x;h dsl fgLVªh esa Li"V fy[kkfd og fiNys ik¡p o"kkZsa ls e/kqesg jksxh gS vkSj rhu o"kZ iwoZ risfnd dhfpfdRlk Hkh ys pqdk gSA ckn esa ijh{k.k mijkUr mls ân; vkSj xqnkZ jksx Hkhik;s x;sA e`R;q izek.k i= esa mYys[k fd;k x;k Fkk fd chfer dk nsgkUrân; vkSj 'olu lEcU/kh dfBukbZ ls gqvk vkSj mls rhoz xqnkZ jksx Hkh FkkAchek dEiuh us cheknkj ds esfMdy vodk'k ij jgus dk fooj.k miyC/kdjk;k] ftlds vuqlkj og chek djkus ls rhu o"kZ iwoZ dh vof/k esa ik¡p ckj,d lIrkg ls vf/kd jksxh izek.k i= ds vk/kkj ij NqV~Vh ij jgkA izLrkoi= esa iz'u Fkk fd fiNys ik¡p o"kkZsa esa vkius fdlh jksx dh fpfdRlk dslEcU/k esa ,d lIrkg ls vf/kd ds fy, fdlh MkWDVj ls ijke'kZ fy;k gSAbl iz'u ds mRrj esa chfer us *ugha* fy[kkA e/kqesg jksx vkSj fpfdRlkbfrgkl dks fNikuk] lafonk ls lEcfU/kr egRoiw.kZ rF;ksa dks tku&cw>djfNikuk ekuk x;k D;kasfd budh tkudkjh ls chek dEiuh dk fu.kZ; izHkkfor
Hkkjrh; thou chek fuxe ,oa vU; cuke Jherh
'kf'kckyk( ¼ ½ lhihts 91 ¼,ulh½ ekeys esa fuxeus bl vk/kkj ij nkok fujkd`r fd;k fd ikWfylhysrs le; izLrkod us e/kqesg ls ihfM+r gksus dh ckrfNik;hA chfer dh e`R;q ân;k?kkr ls gqbZA jk"Vªh;vk;ksx us ekuk fd MkbZfcVht+ eSyhVl vkSjân;k?kkr ijLij vR;f/kd vkfJr jksx gSaA e/kqesgjksx gksus lEcU/kh rF;ksa dks izdV u djuk] lafonk esaegRoiw.kZ rF;ksa dk fNiko ekuk x;kA jk"Vªh; v;ksxus jkT; vk;ksx ds nkok Hkqxrku djus ds fu.kZ; dksiyV fn;k vkSj fuxe dh vihy Lohdkj dhAHkkjrh; thou chek fuxe cuke eUlk nsoh ( f}rh;¼2003½ lhihts 135 ¼,ulh½ ekeys esa cheknkj dhnks o"kZ ckn e`R;q gks x;hA chek dEiuh us bl vk/kkjij nkok fujkd`r fd;k fd chfer us tku&cw>dj/kks[kk nsus ds mn~ns'; ls MkbZfcVht+ eSyhVl gksusvkSj rRlEcU/kh mipkj bfrgkl o`Rr dks fNik;kAog vkB o"kZ ls e/kqesg dh fpfdRlk djk jgk FkkAdk¡Vk pqHkus ds dkj.k iSj dkVuk iM+k vkSj xqnsZ Qsygksus ds dkj.k e`R;q gqbZA ekeys esa egRoiw.kZ rF;ksadk Nqiko ekuk x;kA fuxe }kjk nkok fujkd`rdjuk mfpr Bgjk;k x;kA jkT; vk;ksx ds vihyLohdkj djus ds fu.kZ; dks fujLr dj ftyk Qksjeds fu.kZ; dh iqf"V dh x;h] ftlesa nkosnkj dh vthZ[kkfjt dh xbZ FkhA ekeys ds rF;ksa vkSj iwoZ fuf.kZroknksa ds vkyksd esa nkok fujkd`r fd;k tkuk] cheklsok esa U;wurk ugha ekuh x;h vkSj ftyk Qksje }kjkf'kdk;r dks [kkfjt djuk mfpr ekuk x;kA vr%vihy [kkfjt dj nh x;hA ¼2006 ;w,Mh 854½
chek vf/kfu;e] 1938 dh /kkjk 45 ds vuqlkjchekdrkZ dks ;g 'krZ tksM+uh iM+rh gS fd cheki=tkjh djus ds nks o"kZ ckn vKkuo'k feF;ko.kZuvFkok egRoiw.kZ rF;ksa ds izdV u djus ds dkj.kcheki= ds lEcU/k esa dksbZ okn izLrqr ugha fd;k tkldrk gSA diV }kjk rF;ksa dks fNikus ij chekvof/k ds nkSjku lafonk dHkh Hkh jn~n fd;k tkldrk gSA lHkh chek vuqcU/k ije ln~Hkko dsfl)kUr ij vk/kkfjr gksrs gSaA *iw.kZ izdVu dkfu;e* nksuksa i{kdkjksa ij ykxw gksrk gS] fdUrq fQjHkh nks dkj.kksa ls chfer dk nkf;Ro izeq[k ekuktkrk gS & izFke] chfer dks chek fo"k;&oLrq ds ckjsesa vf/kd tkudkjh gksrh gS( f}rh;] chekdrkZ rkstksf[ke mBkus okyk i{kdkj gksrk gSA thou chekdEiuh vuqcU/k ds le; izLrkod ds fiNys ik¡p
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lky dk fpfdRlk bfrgkl iwNrh gSA bl vof/k dksnks vFkok rhu o"kZ rd lhfer fd;k tkuk pkfg,Aik¡p o"kZ dh vof/k bruh yEch gS fd lk/kkj.kr;kfdlh O;fDr dh Le`fr ifjf/k esa lekfo"V u gksik;sA nwljh vksj] blls chek dEiuh dk vf/kdkjvf/kd foLr`r gks tkrk gSA rhljh ckr ;g gS fdyEch vof/k xzkgd dks feF;ko.kZu ds fy, izsfjrdjrh gSA vis{kkd`r de vof/k ds lVhd fooj.kdh izLrkod ls vis{kk dh tk ldrh gSA
lh,uchlh vkokt+ pSuy ij ,d miHkksDrkftKklk lquh] ftldk mYys[k djuk cgqr mi;qDrgSA efgyk] LokLF; chek ikWfylh ysus dh bPNqdgSA bUgsa Lru dSalj gks pqdk gS vkSj vc ;s iw.kZr%jksxeqDr gSaA bUgksaus LokLF; chek ikWfylh ds fy,dbZ chek dEifu;ksa ls lEidZ fd;k] ysfdu fdlhdh vksj ls Hkh bUgsa Li"V mRrj ugha fey ldk fdbudk chek gks ldsxk vFkok ughaA cgqr jkspd ckr;g gS fd dbZ dEifu;ksa ds vfHkdrkZvksa us bUgsalq>ko fn;k fd vius iwoZ jksx dh lwpuk izdV udjsa vkSj chek djk ysaA pSuy ds chek fo'ks"kK usxzkgd dks lko/kku fd;k fd os chek djkrs le;jksx lEcU/kh rF; dks dnkfi u fNik;saA vU;Fkknkos dh n'kk esa fookn gksxk vkSj chek dEiuh viusnkf;Ro ls eqDr gks tk;sxhA vkbZlhvkbZlhvkbZyksEckMZ esa dSalj jksfx;ksa ds fy, Hkh rhu yk[k :Ik;srd dh jkf'k dh ikWfylh miyC/k gSA chekvfHkdrkZvksa dh vksj ls nh xbZ ;g lykg fdcheknkrk dks jksx fo"k;d tkudkjh u nsdjikWfylh ys yh tk;sA ;g vR;ar fpUrktud fo"k;gSA ;gk¡ ;g Hkh vuqeku yxrk gS fd vusd ekeyksaesa vfHkdrkZvksa ds blh izdkj ds ijke'kZ ds vk/kkjij chek djk;k tkrk gSA chek O;olk; esa blfLFkfr esa lq/kkj yk;s tkus dh vis{kk gSA
miHkksDrk laj{k.k vf/kfu;e 1986 dh /kkjk 14¼Mh½ds vUrxZr lsok esa U;wurk ds lEcU/k esa Hkkjrh;thou chek fuxe us ftyk Qksje ds fu.kZ; dsfo:) vihy dh ftlesa nq?kZVuk fgrykHk nsus dkvkns'k fn;k x;k FkkA chek/kkjd dh ikWfylh nksgjknq?kZVuk fgrykHk lfgr dh x;h FkhA chek dEiuh usikxyiu vkSj vkRegR;k lEcU/kh viotZu [k.M dsvk/kkj ij nq?kZVuk fgrykHk nsus ls budkj djfn;kA cheknkj dk ikxy gksuk vkSj vkRegR;kdjuk fl) ugha gqvkA nkosnkj dks nq?kZVuk fgrykHkdk gdnkj ?kksf"kr fd;k x;kA jkT; vk;skx us
nq?kZVuk fgrykHk esa viotZu [k.M lEcU/kh
pkfg,A lk/kkj.k ,dy chek jkf'k dk Hkqxrku nkosnkj dks dj fn;k x;kAfdUrq] fuxe us nq?kZVuk fgrykHk ds viotZu [k.M ds vk/kkj ij nksgjsfgrykHk dk nkok fujkd`r fd;k] ftlds vuqlkj tkucw> dj vius dks pksVigq¡pkus] vkRegR;k dk iz;kl djus] ikxyiu ;k vuSfrd vkpj.k ds dkj.kvFkok fdlh eknd nzO; inkFkZ] vkS"kf/k ;k u'khyh oLrq dk lsou djus ls gqbZe`R;q dh n'kk esa nksgjk nq?kZVuk fgrykHk ugha feyrk gSA
ikWfylh esa Li"V :i ls ^viotZu [k.M* dk mYys[k jgrk gS fd lkekU;chek jkf'k ds fy, nkok fujkd`r djus ij fl) djus dk Hkkj chek dEiuh dsÅij gksrk gS] tcfd nksgjk nq?kZVuk fgrykHk ds lEcU/k esa ;g fl) djus dkHkkj fd e`R;q viotZu [k.M dkj.kksa ls ugha gqbZ] nkosnkj ij gksrk gSAchek/kkjd ljdkjh lsok esa dk;Zjr Fkk vkSj mlds }kjk ikxyiu ds dkj.kvodk'k ij jgus vFkok vuqifLFkr jgus dk dksbZ izek.k ugha fn;k x;kAiqfyl esa ntZ izFke lwpuk fjiksVZ vkSj iqfyl }kjk yxk;h x;h QkbuyfjiksVZ ls fl) gqvk fd deys'k pUnz iar dk fnekx dqN fnu iwoZ ls dqNfod`r py jgk FkkA e`rd us vkRegR;k ugha fd cfYd vdLekr~ xaxk esa fxjiM+sA U;k;ky; us dqN fnu ls fnekx fod`r gksus vFkok ekufld vlarqyugksus dks ikxyiu ugha ekukA f'kdk;rdrkZ us 'kiFkiwoZd c;ku fn;k fdmlds ifr ikxy ugha FksA chek dEiuh dh vksj ls e`rd ds fdlh ekufldvLirky esa bykt djkus vFkok HkrhZ gksus dk dksbZ izek.k ugha fn;k x;kAjkT; vk;ksx us Qksje ds fu.kZ; dks cjdjkj j[kk ftlesa C;kt lfgr nq?kZVukfgrykHk fn;s tkus dk vkns'k FkkA
losZ{k.k esa cgqr egRoiw.kZ rF; izdk'k esa vk;k fd izcq) xzkgd oxZ esa nksgjknq?kZVuk fgrykHk lqfo/kk dk lgh vFkZ ekywe ugha FkkA izdj.k esa nkosnkj dksbl lqfo/kk dk vFkZ ekywe FkkA blfy, mUgksaus chek dEiuh ds fo:)f'kdk;r ntZ dh vkSj mipkj Hkh gkfly fd;k] vU;Fkk og lk/kkj.k ,dychek jkf'k ysdj larq"V gks tkrsA losZ{k.k esa ;g Hkh ekywe gqvk fd xzkgd dbZ
foe'kZ
Qksje ds fu.kZ; dh iqf"V dj nh] ftlesa C;kt lfgr nq?kZVuk fgrykHkHkqxrku djus dk vkns'k FkkA Hkkjrh; thou chek fuxe cuke Jherh ehukiUr ¼2005 ;w,Mh 768½
ftyk miHkksDrk Qksje mRrjdk'kh ds fu.kZ; ds fo:) jkT; vk;ksx esa vihydh x;hA Qksje esa nkosnkj us f'kdk;r dh] fd mlds ifr 'kkjhfjd oekufld :i ls LoLFk O;fDr Fks vkSj mUgksaus vkRegR;k ugha dh] mudh e`R;qnq?kZVuk ds dkj.k gqbZ] blfy, nkosnkj dks nksgjk nq?kZVuk fgrykHk feyuk
lk/kkj.kr;k e`R;q gksus ij chek dEiuh lk/kkj.k ,dyjkf'k dk Hkqxrku djsxh vkSj nq?kZVuk ls e`R;q gksus ijnksxquh chek jkf'k dk Hkqxrku fd;k tk;sxkA
thou chek esa tksf[ke dk p;u djrs le; izLrko esafufgr HkkSfrd vkSj uSfrd nksuksa izdkj ds ladVksa dkewY;kadu fd;k tkrk gS]
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2
MkW lqcks/k dqekj] jhMj] okf.kT; foHkkx gs u c xdsUnzh; fo'ofo|ky;] Lokeh jkerhFkZ ifjlj]ckn'kkghFkkSy] fVgjh x<+oky] ¼m kjk[k.M½ 249199gjh'k pUnz jrwM+h] 'kks/k Nk=] gs u c x dsUnzh;fo'ofo|ky;] Lokeh jkerhFkZ ifjlj] ckn'kkghFkkSy]fVgjh x<+oky] ¼m kjk[k.M½ 249199
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ckj nq?kZVuk fgrykHk dk cgqr HkzkfUriw.kZ vkSj xyr vFkZ dj ysrs gSaA dqNxzkgdksa us nq?kZVuk fgrykHk ls viuk vk'k; O;Dr fd;k fd nq?kZVuk ls e`R;qdh n'kk esa chek dEiuh dqN Hkh Hkqxrku ugha djsxh] tcfd lgh vFkZ ;g gSfd lk/kkj.kr;k e`R;q gksus ij chek dEiuh lk/kkj.k ,dy jkf'k dk Hkqxrkudjsxh vkSj nq?kZVuk ls e`R;q gksus ij nksxquh chek jkf'k dk Hkqxrku fd;ktk;sxkA vr% ;g vuq'kalk dh tk ldrh gS fd chek esa xzkgd f'k{kk dhfo"k;oLrq esa ikWfylh lEcU/kh 'krksZa ds vUrxZr nksgjk nq?kZVuk fgrykHk dksvfuok;Z :i ls lfEefyr fd;k tk;A
miHkksDrk laj{k.k vf/kfu;e] 1986] /kkjk 15 ds vUrxZr Hkkjrh; thou chekfuxe us jkT; vk;ksx ds lEeq[k vihy dh ftlesa ftyk miHkksDrk Qksje dsfu.kZ; dks pqukSrh nh x;hA Qksje us chfer thou dh ik¡p ikWfyfl;ksa dh dqy/kujkf'k :i;s 3]55]000 nkosnkj dks Hkqxrku djus dk vkns'k fn;kA fuxe usbl vk/kkj ij chek nkok fujkd`r fd;k fd chek/kkjd us izLrko i= esa viusth.kZ jDr vfrlkj jksx dk mYys[k ugha fd;kA vk;ksx us ekuk fd vfrlkj,slk jksx ugha gS] ftlesa lkekUr;k jksxh dh e`R;q gksrh gks] lkFk gh vfHkys[kesa ,slk dksbZ lk{; ugha gS fd chfer dh e`R;q dk dkj.k vfrlkj jgk gksAQksje ds fu.kZ; dks mfpr Bgjkrs gq, vihy [kkfjt dh xbZA Hkkjrh; thouchek fuxe cuke Jherh es?korh ¼2005 ;w,Mh 81½
^iw.kZ izdVu fu;e* lEcU/kh
vfHkys[k esa ,slk dksbZ lk{; ugha Fkk] ftllsfuf'pr gksrk gks fd e`R;q dk dkj.k vfrlkj FkkAcheknkj ds mipkj djkus] vLirky esa HkrhZ jgusvFkok fu;ksDrk ls dksbZ fpfdRlk O;; ysus dkizek.k miyC/k ugha FkkA jkT; vk;ksx us Qksje dsfu.kZ; ls lgefr O;Dr dhA vk;ksx ds laKku esa;g Hkh yk;k x;k fd tYnh&tYnh yxkrkj ik¡pikWfyfl;k¡ ysuk lansg dks LFkku nsrk gSA izhfe;e dkHkqxrku fu;ksDrk ds ek/;e ls gksrk FkkA vr%cheknkj dHkh fMQkWYVj ugha jgk vkSj ;g dguk fdchek mldh {kerk ls vf/kd Fkk] ;g mfpr ugha gSA,d gh ,ts.V] ,d gh 'kk[kk dk;kZy; vkSj ,d ghchek dEiuh }kjk vYi vof/k esa fcuk fdlhiwNrkN vFkok LokLF; ijh{k.k ds yxkrkjikWfyfl;k¡ csph xb±A vr% ,slh fLFkfr esa ckn esa chekdEiuh dk ;g iz'u djuk fd izLrkod jksxxzLrFkk] mfpr ugha gSA
thou chek esa tksf[ke dk p;u djrs le; izLrkoesa fufgr HkkSfrd vkSj uSfrd nksuksa izdkj ds ladVksadk ewY;kadu fd;k tkrk gS] ;|fi thou chek esauSfrd ladV rqyukRed :Ik ls de gksrk gS] rFkkfipkj voljksa ij thou chek esa uSfrd ladV dhlEHkkouk jgrh gS& vf/kd jkf'k dk thou chek(vf/kd vk;q esa thou chek( nwljs O;fDr dk thouchek( efgyk chekA uSfrd ladV ds ijh{k.k esa chek,ts.V vkSj chek dk;kZy; dh Hkwfedk vge~ gSA ubZikWfylh djrs le; izLrkod dh iqjkuh ikWfyfl;ksadk lanHkZ fy;k tkrk gSA ;gk¡ ,ts.V vkSj chekdEiuh nksuksa dks ;g ns[k ysuk pkfg, fd blikWfylh ds ckn /kkjd ds thou esa dqy chek jkf'kfdruh gks tk,xh vkSj ;g mldh foRrh; fLFkfrvkSj {kerk ds vuq:Ik gS vFkok ughaA izLrko dsle; gh cheknkrk }kjk HkkSfrd vkSj uSfrd ladVksadk leqfpr vkadyu fd;k tkuk pkfg,A ckn esa]nkos ds le; ek= lansg ds vk/kkj ij xgu vUos"k.kmfpr izrhr ugha gksrkA
foe'kZ
ftyk miHkksDrk Qksje us f'kdk;rdrkZ ds vkosnu dks Lohdkj djrs gq,Hkkjrh; thou chek fuxe dks chek jkf'k ds Hkqxrku dk vkns'k fn;kA fuxe}kjk jkT; vk;ksx esa Qksje ds vkns'k dks pqukSrh nh x;hA Jh ekaxsjke us nkso"kZ dh vof/k esa fofo/k frfFk;ksa ij fuxe ls ik¡p ikWfyfl;k¡ yh] ftuesa dqychek jkf'k :i;s 3]55]000 FkhA nkosnkj dh iRuh us chek nkok izLrqr fd;k]ftls fuxe us bl vk/kkj ij vLohd`r dj fn;k fd cheknkj us chek djkrsle; izLrko i= esa vius th.kZ jDr vfrlkj jksx dk mYys[k ugha fd;kAvr% og lafonk ls lEcfU/kr egRoiw.kZ rF; fNikus dk nks"kh gSA igyh chekikWfylh fpfdRldh; ijh{k.k ds mijkUr dh x;h Fkh vkSj 'ks"k lHkhikWfyfl;k¡ fcuk esfMdy ds gqbZ FkhaA chek dEiuh us chek/kkjd ds jksxh gksuslEcU/kh lk{; ds fy, mlds fu;ksDrk] ch,pbZ,y ls mldh NqV~Vh dkfjdkMZ ysdj izLrqr fd;k] ftlesa mikftZr vodk'k vkSj fpfdRlkizek.k&i= ds vk/kkj ij vodk'k dk fooj.k FkkA vk;ksx us vodk'k ijjgus dks jksx xzLrrk dk Ik;kZIr izek.k ugha ekuk D;ksafd deZpkjh izk;% fdlhnwljs iz;kstu ds fy, Hkh jksxh izek.k i= ds vk/kkj ij vodk'k ys ysrs gSaAvfrlkj lkekU;r;k ,slk jksx ugha gS] tks e`R;q dk dkj.k curk gksA lkFk gh]
(eof ^mJ AJbo A§H ‘|.....)
thou chek esa tksf[ke dk p;u djrs le; izLrko esa fufgr HkkSfrd vkSj uSfrd nksuksa izdkj ds ladVksa dk ewY;kadu fd;k tkrk gS]
1MkW. lqcks/k dqekj] jhMj] okf.kT; foHkkx gs.u.c.x. dsUnzh; fo'ofo|ky;] Lokeh jkerhFkZ ifjlj] ckn'kkghFkkSy] fVgjh x<+oky] ¼mŸkjk[k.M½ 2491992 gjh'k pUnz jrwM+h] 'kks/k Nk=] gs.u.c.x. dsUnzh; fo'ofo|ky;] Lokeh jkerhFkZ ifjlj] ckn'kkghFkkSy] fVgjh x<+oky] ¼mŸkjk[k.M½ 249199
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010
ckj nq?kZVuk fgrykHk dk cgqr HkzkfUriw.kZ vkSj xyr vFkZ dj ysrs gSaA dqN xzkgdksa us nq?kZVuk fgrykHk ls viuk vk'k; O;Dr fd;k fd nq?kZVuk ls e`R;q dh n'kk esa chek dEiuh dqN Hkh Hkqxrku ugha djsxh] tcfd lgh vFkZ ;g gS fd lk/kkj.kr;k e`R;q gksus ij chek dEiuh lk/kkj.k ,dy jkf'k dk Hkqxrku djsxh vkSj nq?kZVuk ls e`R;q gksus ij nksxquh chek jkf'k dk Hkqxrku fd;k tk;sxkA vr% ;g vuq'kalk dh tk ldrh gS fd chek esa xzkgd f'k{kk dh fo"k;oLrq esa ikWfylh lEcU/kh 'krksZa ds vUrxZr nksgjk nq?kZVuk fgrykHk dks vfuok;Z :i ls lfEefyr fd;k tk;A
^iw.kZ izdVu fu;e* lEcU/khmiHkksDrk laj{k.k vf/kfu;e] 1986] /kkjk 15 ds vUrxZr Hkkjrh; thou chek fuxe us jkT; vk;ksx ds lEeq[k vihy dh ftlesa ftyk miHkksDrk Qksje ds fu.kZ; dks pqukSrh nh x;hA Qksje us chfer thou dh ik¡p ikWfyfl;ksa dh dqy /kujkf'k :i;s 3]55]000 nkosnkj dks Hkqxrku djus dk vkns'k fn;kA fuxe us bl vk/kkj ij chek nkok fujkd`r fd;k fd chek/kkjd us izLrko i= esa vius th.kZ jDr vfrlkj jksx dk mYys[k ugha fd;kA vk;ksx us ekuk fd vfrlkj ,slk jksx ugha gS] ftlesa lkekUr;k jksxh dh e`R;q gksrh gks] lkFk gh vfHkys[k esa ,slk dksbZ lk{; ugha gS fd chfer dh e`R;q dk dkj.k vfrlkj jgk gksA Qksje ds fu.kZ; dks mfpr Bgjkrs gq, vihy [kkfjt dh xbZA Hkkjrh; thou chek fuxe cuke Jherh es?korh ¼2005 ;w,Mh 81½
vfHkys[k esa ,slk dksbZ lk{; ugha Fkk] ftlls fuf'pr gksrk gks fd e`R;q dk dkj.k vfrlkj FkkA cheknkj ds mipkj djkus] vLirky esa HkrhZ jgus vFkok fu;ksDrk ls dksbZ fpfdRlk O;; ysus dk izek.k miyC/k ugha FkkA jkT; vk;ksx us Qksje ds fu.kZ; ls lgefr O;Dr dhA vk;ksx ds laKku esa ;g Hkh yk;k x;k fd tYnh&tYnh yxkrkj ik¡p ikWfyfl;k¡ ysuk lansg dks LFkku nsrk gSA izhfe;e dk Hkqxrku fu;ksDrk ds ek/;e ls gksrk FkkA vr% cheknkj dHkh fMQkWYVj ugha jgk vkSj ;g dguk fd chek mldh {kerk ls vf/kd Fkk] ;g mfpr ugha gSA ,d gh ,ts.V] ,d gh 'kk[kk dk;kZy; vkSj ,d gh chek dEiuh }kjk vYi vof/k esa fcuk fdlh iwNrkN vFkok LokLF; ijh{k.k ds yxkrkj ikWfyfl;k¡ csph xb±A vr% ,slh fLFkfr esa ckn esa chek dEiuh dk ;g iz'u djuk fd izLrkod jksxxzLr Fkk] mfpr ugha gSA
foe'kZ thou chek esa tksf[ke dk p;u djrs le; izLrko esa fufgr HkkSfrd vkSj uSfrd nksuksa izdkj ds ladVksa dk ewY;kadu fd;k tkrk gS] ;|fi thou chek esa uSfrd ladV rqyukRed :Ik ls de gksrk gS] rFkkfi pkj voljksa ij thou chek esa uSfrd ladV dh lEHkkouk jgrh gS& vf/kd jkf'k dk thou chek( vf/kd vk;q esa thou chek( nwljs O;fDr dk thou chek( efgyk chekA uSfrd ladV ds ijh{k.k esa chek ,ts.V vkSj chek dk;kZy; dh Hkwfedk vge~ gSA ubZ ikWfylh djrs le; izLrkod dh iqjkuh ikWfyfl;ksa dk lanHkZ fy;k tkrk gSA ;gk¡ ,ts.V vkSj chek dEiuh nksuksa dks ;g ns[k ysuk pkfg, fd bl ikWfylh ds ckn /kkjd ds thou esa dqy chek jkf'k fdruh gks tk,xh vkSj ;g mldh foRrh; fLFkfr vkSj {kerk ds vuq:Ik gS vFkok ughaA izLrko ds le; gh cheknkrk }kjk HkkSfrd vkSj uSfrd ladVksa dk leqfpr vkadyu fd;k tkuk pkfg,A ckn esa] nkos ds le; ek= lansg ds vk/kkj ij xgu vUos"k.k mfpr izrhr ugha gksrkA
ftyk miHkksDrk Qksje us f'kdk;rdrkZ ds vkosnu dks Lohdkj djrs gq, Hkkjrh; thou chek fuxe dks chek jkf'k ds Hkqxrku dk vkns'k fn;kA fuxe }kjk jkT; vk;ksx esa Qksje ds vkns'k dks pqukSrh nh x;hA Jh ekaxsjke us nks o"kZ dh vof/k esa fofo/k frfFk;ksa ij fuxe ls ik¡p ikWfyfl;k¡ yh] ftuesa dqy chek jkf'k :i;s 3]55]000 FkhA nkosnkj dh iRuh us chek nkok izLrqr fd;k] ftls fuxe us bl vk/kkj ij vLohd`r dj fn;k fd cheknkj us chek djkrs le; izLrko i= esa vius th.kZ jDr vfrlkj jksx dk mYys[k ugha fd;kA vr% og lafonk ls lEcfU/kr egRoiw.kZ rF; fNikus dk nks"kh gSA igyh chek ikWfylh fpfdRldh; ijh{k.k ds mijkUr dh x;h Fkh vkSj 'ks"k lHkh ikWfyfl;k¡ fcuk esfMdy ds gqbZ FkhaA chek dEiuh us chek/kkjd ds jksxh gksus lEcU/kh lk{; ds fy, mlds fu;ksDrk] ch,pbZ,y ls mldh NqV~Vh dk fjdkMZ ysdj izLrqr fd;k] ftlesa mikftZr vodk'k vkSj fpfdRlk izek.k&i= ds vk/kkj ij vodk'k dk fooj.k FkkA vk;ksx us vodk'k ij jgus dks jksx xzLrrk dk Ik;kZIr izek.k ugha ekuk D;ksafd deZpkjh izk;% fdlh nwljs iz;kstu ds fy, Hkh jksxh izek.k i= ds vk/kkj ij vodk'k ys ysrs gSaA vfrlkj lkekU;r;k ,slk jksx ugha gS] tks e`R;q dk dkj.k curk gksA lkFk gh]
(eof ^mJ AJbo A§H$ ‘|.....)
47
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statistics - non-life insurance
Report Card: GeneralGROSS PREMIUM UNDERWRITTEN FOR AND UP TO THE MONTH OF MAY, 2010
INSURERMAY APRIL-MAY
2010-11 2009-10* 2009-10*2010-11
GROWTH OVER THECORRESPONDINGPREVIOUS YEAR
Note: Note: Compiled on the basis of data submitted by the Insurance companies.@ Commenced operations in April, 2009.
# Commenced operations in April, 2010* Figures revised by insurance companies.
(Rs.in Crores)
Royal Sundaram 81.16 64.50 171.22 142.66 20.02
Tata-AIG 84.38 59.51 245.45 206.95 18.60
Reliance General 138.16 169.23 276.80 385.62 -28.22
IFFCO-Tokio 124.35 114.59 333.37 284.18 17.31
ICICI-lombard 240.95 206.71 728.91 631.37 15.45
Bajaj Allianz 225.20 192.35 490.46 424.60 15.51
HDFC ERGO General 75.47 46.75 235.92 136.17 73.26
Cholamandalam 75.00 62.15 166.59 166.86 -0.16
Future Generali 45.15 28.70 115.41 62.49 84.70
Universal Sompo 22.03 8.60 50.04 27.24 83.71
Shriram General 47.70 17.03 90.22 44.20 104.12
Bharti AXA General 36.86 12.49 91.40 28.33 222.60
Raheja QBE 0.60 0.00 1.05 0.01 18565.94
SBI General# 0.19 0.00 0.41 0.00
New India 475.70 416.97 1365.83 1174.00 16.34
National 443.65 334.69 979.91 773.46 26.69
United India 496.94 410.24 1094.72 893.87 22.47
Oriental 380.31 345.27 954.89 836.43 14.16
PRIVATE TOTAL 1197.20 982.61 2996.84 2540.66 17.96
PUBLIC TOTAL 1796.60 1507.17 4395.35 3677.76 19.51
GRAND TOTAL 2993.80 2489.78 7392.19 6218.42 18.88
SPECIALISED INSTITUTIONS:
1. Credit InsuranceECGC 68.29 57.07 133.56 57.07 134.03
2. Health InsuranceStar Health & Allied Insurance 18.16 9.98 222.20 151.16 47.00Apollo MUNICH 12.50 9.57 31.00 14.71 110.71Max BUPA @ 0.68 0.00 1.01 0.00
Health Total 31.35 19.54 253.20 165.87 52.65
3. Agriculture InsuranceAIC 50.60 33.63 96.45 79.45 21.40
Premium underwritten by non-life insurersupto May, 2010
Note: 1. Total for 2009-10 is for 12 month period. 2. Total for 2010-11 is upto May, 2010.
40000
Pre
miu
m (R
s. In
Cro
res)
0
35000
30000
25000
20000
15000
10000
5000
April May Total
Month* Excluding ECGC, AIC & Standalone Health Insurers2009-102010-11
round up
48
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The Insurance Institute of India moved into its own premisesat Bandra-Kurla Complex, Mumbai which was
dedicated to the nation by theHon'ble Finance Minister Shri Pranab Mukherjee,
on 8 June, 2010th
Shri Sharad Shrivastav, Secretary General,Insurance Institute of India proposing a
vote of thanks
A memento being presented to
Shri J. Hari Narayan, Chairman, IRDA by
Shri M. Ramadoss, CMD, New India Assurance Co. Ltd.
Also seen in the picture are Shri Pranab Mukherjee
and Shri T.S. Vijayan, Chairman, LIC of India
Shri Pranab Mukherjee and Shri Ashok S. Chavan,
Chief Minister of Maharashtra
engrossed in a conversation
Statistical Supplement(Monthly - April, 2010)
non-life insurance
* Wherever applicable
LINE OF BUSINESS
Fire
Previous year
Marine Cargo
Previous year
Total Premium u/wTotal No. of
Policies IssuedAccretions during
the month (premium)Sum Assured
For themonth
Up tothe month
For themonth
Up tothe month
For themonth
Up tothe month
For themonth
Up tothe month
Marine Hull (IncludingOnshore & Offshore oil energy)
Previous year
Marine (Total)
Previous year (Total)
Aviation
Previous year
Engineering
Previous year
Motor Own Damage
Previous year
Motor Third party
Previous year
Motor (Total)
Previous year (Total)
Workmen's compensation /Employer's liability
Previous year
Public Liability
Previous year
Product Liability
Previous year
Other Liability Covers
Previous year
Liability (Total)
Previous year (Total)
Personal Accident
Previous year
Medical Insurance
Previous year
Overseas Medical Insurance
Previous year
Health (Total)
Previous year (Total)
Crop Insurance
Previous year
Previous year
Credit Guarantee
All Other Miscellaneous
Previous year
Grand Total
Previous year (Total)
BUSINESS FIGURES:
Name of the Insurer: Bajaj Allianz General Insurance Company Limited
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3479 3478.70 27475 27475 760.64 760.64 49363494.00 49363494.00
2718.06 2718.06 28110 28110 -1018.40 -1018.40 22026146.00 22026146.00
1164 1163.66 13092 13092 287.90 287.90 22346653.00 22346653.00
875.75 875.75 13348 13348 -747.80 -747.80 12310318.00 12310318.00
57.16 57.16 35 35 -13.37 -13.37 559583.00 559583.00
70.53 70.53 150 150 -365.32 -365.32 376633.00 376633.00
1220.82 1220.82 13127 13127 274.53 274.53 22906236.00 22906236.00
946.29 946.29 13498 13498 -1113.12 -1113.12 12686951.00 12686951.00
350.62 350.62 18 18 344.81 344.81 3959829.00 3959829.00
5.81 5.81 16 16 -94.18 -94.18 680914.00 680914.00
793.02 793.02 1291 1291 -31.11 -31.11 7662167.00 7662167.00
824.13 824.13 1387 1387 -861.59 -861.59 10890094.00 10890094.00
9752.42 9752.42 319917 319917 1284.15 1284.15 728710.00 728710.00
8468.27 8468.27 282898 282898 -1370.71 -1370.71 592518.00 592518.00
3576.66 3576.66 336464 336464 -24.84 -24.84
3601.50 3601.50 301126 301126 -139.90 -139.90
13329.08 13329.08 336464 336464 1259.30 1259.30 728710.00 728710.00
12069.77 12069.77 301126 301126 -1510.61 -1510.61 592518.00 592518.00
209.77 209.77 1762 1762 51.25 51.25 32526.00 32526.00
158.52 158.52 1427 1427 -24.76 -24.76 39788.00 39788.00
20.08 20.08 36 36 -2.30 -2.30 44104.00 44104.00
22.38 22.38 46 46 -1.29 -1.29 61709.00 61709.00
253.82 253.82 42 42 153.80 153.80 61814.00 61814.00
100.02 100.02 49 49 -22.08 -22.08 114992.00 114992.00
677.79 677.79 324 324 50.49 50.49 217609.00 217609.00
627.31 627.31 338 338 299.04 299.04 232079.00 232079.00
1161.46 1161.46 2164 2164 253.23 253.23 356053.00 356053.00
908.22 908.22 1860 1860 250.92 250.92 448568.00 448568.00
654.32 654.32 6605 6605 -103.89 -103.89 1808022.00 1808022.00
758.21 758.21 7389 7389 -125.00 -125.00 5527362.00 5527362.00
2377.18 2377.18 57470 57470 -65.77 -65.77 2488167.00 2488167.00
2442.95 2442.95 139509 139509 475.65 475.65 3060993.00 3060993.00
669.27 669.27 55717 55717 225.16 225.16 70541.00 70541.00
444.11 444.11 37961 37961 -406.81 -406.81 11180.00 11180.00
3046.45 3046.45 113187 113187 159.39 159.39 2558708.00 2558708.00
2887.06 2887.06 177470 177470 68.84 68.84 3072173.00 3072173.00
0 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
128.70 128.70 20 20 87.77 87.77 297763.00 297763.00
40.94 40.94 36 36 9.52 9.52 510422.00 510422.00
2362.75 2362.75 32925 32925 296.38 296.38 46502824.00 46502824.00
2066.37 2066.37 48546 48546 4.64 4.64 43097392.00 43097392.00
26525.92 26525.92 533276 533276 3301.05 3301.05 136143806.00 136143806.00
23224.87 23224.87 579438 579438 -4388.98 -4388.98 99532540.00 99532540.00
No. of Lives coveredin Social Sector
Amount of Premiumu/w in Social Sector
No. of Policiesin Rural Areas
For themonth
For themonth
For themonth
Up tothe month
For themonth
FOR AND UP TO THE MONTH OF APRIL, 2010
Amount of Premiumu/w in Rural Areas
No. ofLives covered *
Up tothe month
Up tothe month
Up tothe month
For themonth
Up tothe month
(Premium in Rs Lakhs)
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207.95 207.95 3858 3858 0.00 0.00 0.00 0.00
225.00 225.00 2594 2594 0.00 0.00 0.00 0.00
43.83 43.83 768 768 0.00 0.00 0.00 0.00
50.00 50.00 355 355 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
43.83 43.83 768 768 0.00 0.00 0 0 0 0
50.00 50.00 355 355 0.00 0.00 0 0 0 0
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
225.21 225.21 161 161 0.00 0.00 0.00 0.00
198.00 198.00 89 89 0.00 0.00 0.00 0.00
90.40 90.40 2900 2900 0.00 0.00 0.00 0.00
143.03 143.03 5239 5239 0.00 0.00 0.00 0.00
1196.24 1196.24 34310 34310 0.00 0.00 0.00 0.00
977.97 977.97 19619 19619 0.00 0.00 0.00 0.00
1286.64 1286.64 34310 34310 0.00 0.00 0 0 0 0
1121.00 1121.00 19619 19619 0.00 0.00 0 0 0 0
30.80 30.80 341 341 0.00 0.00 0.00 0.00
16.40 16.40 170 170 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
141.90 141.90 20 20 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
172.70 172.70 361 361 0.00 0.00 0 0 0 0
16.40 16.40 170 170 0.00 0.00 0 0 0 0
289.52 289.52 181 181 0.31 0.31 2050.00 2050.00
250.00 250.00 3576 3576 1.05 1.05 4200.00 4200.00
56.00 56.00 1313 1313 0.00 0.00 0.00 0.00 80782.00 80782.00
34.00 34.00 850 850 0.00 0.00 0.00 0.00 91554.00 91554.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0.00
56.00 56.00 1313 1313 0.00 0.00 0 0 80782 80782
34.00 34.00 850 850 0.00 0.00 0 0 91554 91554
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
285.13 285.13 10354 10354 0.00 0.00 0.00 0.00
220.00 220.00 10224 10224 0.00 0.00 0.00 0.00
2566.98 2566.98 51306 51306 0.31 0.31 2050 2050 80782 80782
2114.40 2114.40 37477 37477 1.05 1.05 4200 4200 91554 91554
non-life insurance
* Wherever applicable
LINE OF BUSINESS
Fire
Previous year
Marine Cargo
Previous year
Total Premium u/wTotal No. of
Policies IssuedAccretions during
the month (premium)Sum Assured
For themonth
Up tothe month
For themonth
Up tothe month
For themonth
Up tothe month
For themonth
Up tothe month
Marine Hull (IncludingOnshore & Offshore oil energy)
Previous year
Marine (Total)
Previous year (Total)
Aviation
Previous year
Engineering
Previous year
Motor Own Damage
Previous year
Motor Third party
Previous year
Motor (Total)
Previous year (Total)
Workmen's compensation /Employer's liability
Previous year
Public Liability
Previous year
Product Liability
Previous year
Other Liability Covers
Previous year
Liability (Total)
Previous year (Total)
Personal Accident
Previous year
Medical Insurance
Previous year
Overseas Medical Insurance
Previous year
Health (Total)
Previous year (Total)
Crop Insurance
Previous year
Previous year
Credit Guarantee
All Other Miscellaneous
Previous year
Grand Total
Previous year (Total)
BUSINESS FIGURES:
Name of the Insurer: Bharti Axa General Insurance Company Ltd
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1545.11 1545.11 709 709 1545.11 1545.11 2789996.06 2789996.06
539.62 539.62 326 326 539.62 539.62 329609.29 329609.29
233.41 233.41 149 149 233.41 233.41 921321.19 921321.19
30.29 30.29 76 76 30.29 30.29 118322.72 118322.72
0.00 0.00
233.41 233.41 149 149 233.41 233.41 921321.19 921321.19
30.29 30.29 76 76 30.29 30.29 118322.72 118322.72
0.00 0.00
0.00 0.00
99.66 99.66 103 103 99.66 99.66 405827.47 405827.47
216.09 216.09 85 85 216.09 216.09 566212.59 566212.59
1928.77 1928.77 27400 27400 1928.77 1928.77 96411.53 96411.53
481.12 481.12 5697 5697 481.12 481.12 40714.87 40714.87
359.62 359.62 27400 27400 359.62 359.62
117.56 117.56 5697 5697 117.56 117.56
2288.40 2288.40 27400 27400 2288.40 2288.40 96411.53 96411.53
598.68 598.68 5697 5697 598.68 598.68 40714.87 40714.87
21 21 132 132 21.37 21.37 3888 3888
10 9.80 72 72 9.80 9.80 1343 1343.12
0.00 0.00
0.00 0.00
14 14 19 19 13.58 13.58 3633 3633
2 1.84 14 14 1.84 1.84 1372 1371.50
34.95 34.95 151 151 34.95 34.95 7520.77 7520.77
11.64 11.64 86 86 11.64 11.64 2714.62 2714.62
360.28 360.28 940 940 360.28 360.28 1753925.90 1753925.90
99.35 99.35 302 302 99.35 99.35 535895.85 535895.85
679.88 679.88 807 807 679.88 679.88 4069.30 4069.30
80.03 80.03 271 271 80.03 80.03 1096.98 1096.98
0.00 0.00
679.88 679.88 807 807 679.88 679.88 4069.30 4069.30
80.03 80.03 271 271 80.03 80.03 1096.98 1096.98
0.00 0.00
0.00 0.00
24.12 24.12 326 326 24.12 24.12 54023.57 54023.57
17.14 17.14 191 191 17.14 17.14 92930.60 92930.60
5265.80 5265.80 30585 30585 5265.80 5265.80 6033095.78 6033095.78
1592.84 1592.84 7034 7034 1592.84 1592.84 1687497.54 1687497.54
No. of Lives coveredin Social Sector
Amount of Premiumu/w in Social Sector
No. of Policiesin Rural Areas
For themonth
For themonth
For themonth
Up tothe month
For themonth
FOR AND UP TO THE MONTH OF APRIL, 2010
Amount of Premiumu/w in Rural Areas
No. ofLives covered *
Up tothe month
Up tothe month
Up tothe month
For themonth
Up tothe month
(Premium in Rs Lakhs)
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0.08 0.08 1 1
0.00 0.00 0 0 0.00 0.00 0 0 0 0
0.00 0.00 0 0 0.00 0.00 0 0 0 0
24.08 24.08 878 878
11.64 11.64
35.72 35.72 878 878 0.00 0.00 0 0 0 0
0.00 0.00 0 0 0.00 0.00 0 0 0 0
0.00 0.00 0 0 0.00 0.00 0 0 0 0
0.00 0.00 0 0 0.00 0.00 0 0 0 0
23.86 23.86 25 25
0.90 0.90 3 3
0.90 0.90 3 3 0.00 0.00 0 0 0 0
0.00 0.00 0 0 0.00 0.00 0 0 0 0
0.40 0.40 9 9
60.96 60.96 916 916 0.00 0.00 0 0 0 0
0.00 0.00 0 0 0.00 0.00 0 0 0 0
non-life insurance
* Wherever applicable
LINE OF BUSINESS
Fire
Previous year
Marine Cargo
Previous year
Total Premium u/wTotal No. of
Policies IssuedAccretions during
the month (premium)Sum Assured
For themonth
Up tothe month
For themonth
Up tothe month
For themonth
Up tothe month
For themonth
Up tothe month
Marine Hull (IncludingOnshore & Offshore oil energy)
Previous year
Marine (Total)
Previous year (Total)
Aviation
Previous year
Engineering
Previous year
Motor Own Damage
Previous year
Motor Third party
Previous year
Motor (Total)
Previous year (Total)
Workmen's compensation /Employer's liability
Previous year
Public Liability
Previous year
Product Liability
Previous year
Other Liability Covers
Previous year
Liability (Total)
Previous year (Total)
Personal Accident
Previous year
Medical Insurance
Previous year
Overseas Medical Insurance
Previous year
Health (Total)
Previous year (Total)
Crop Insurance
Previous year
Previous year
Credit Guarantee
All Other Miscellaneous
Previous year
Grand Total
Previous year (Total)
BUSINESS FIGURES:
Name of the Insurer: Cholamandalam Ms General Insurance Company Ltd
irda
journ
alJu
ly2010
54
1,447.60 1,447.60 6,953 6,953 (292.77) (292.77) 4,433,506 4,433,506
1,740.38 1,740.38 1,190 1,190 128.01 128.01 4,555,207 4,555,207
509.08 509.08 870 870 (16.36) (16.36) 1,885,380 1,885,380
525.44 525.44 792 792 94.04 94.04 1,934,325 1,934,325
- - - - (2.61) (2.61) -
2.61 2.61 - - 2.61 2.61 2,818 2,818
509.08 509.08 870 870 (18.97) (18.97) 1,885,380 1,885,380
528.05 528.05 792 792 96.65 96.65 1,937,143 1,937,143
- - - - - - - -
- - - - - - - -
292.40 292.40 524 524 44.94 44.94 347,172 347,172
247.46 247.46 271 271 (138.54) (138.54) 432,136 432,136
3,057.32 3,057.32 55,402 55,402 320.82 320.82 178,223 178,223
2,736.50 2,736.50 41,679 41,679 430.21 430.21 121,069 857,716
1,341.70 1,341.70 - - 528.45 528.45 - -
813.25 813.25 - - 278.81 278.81 - -
4,399.02 4,399.02 55,402 55,402 849.27 849.27 178,223 178,223
3,549.75 3,549.75 41,679 41,679 709.02 709.02 124,038 124,038
41.90 41.90 198 198 (5.23) (5.23) 5,369 5,369
47.13 47.13 177 177 (29.66) (29.66) 17,897 17,897
132.26 132.26 207 207 (19.54) (19.54) 70,522 70,522
151.80 151.80 275 275 11.30 11.30 38,780 38,780
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
174.16 174.16 405 405 (24.77) (24.77) 75,891 75,891
198.93 198.93 452 452 (18.35) (18.35) 56,676 56,676
322.98 322.98 1,483 1,483 (27.30) (27.30) 299,802 299,802
350.29 350.29 1,048 1,048 56.54 56.54 118,205 118,205
1,736.95 1,736.95 2,207 2,207 (1,407.35) (1,407.35) 73,063 73,063
3,144.30 3,144.30 1,986 1,986 19.11 19.11 106,554 106,554
- - - - - - - -
- - - - - - - -
1,736.95 1,736.95 2,207 2,207 (1,407.35) (1,407.35) 73,063 73,063
3,144.30 3,144.30 1,986 1,986 19.11 19.11 106,554 106,554
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
276.52 276.52 12,057 12,057 (435.34) (435.34) 641,352 641,352
711.86 711.86 6,394 6,394 114.47 114.47 554,501 554,501
9,158.73 9,158.73 79,901 79,901 (1,312.28) (1,312.28) 7,934,388 7,934,388
10,471.01 10,471.01 53,812 53,812 966.91 966.91 7,884,460 7,884,460
No. of Lives coveredin Social Sector
Amount of Premiumu/w in Social Sector
No. of Policiesin Rural Areas
For themonth
For themonth
For themonth
Up tothe month
For themonth
FOR AND UP TO THE MONTH OF APRIL, 2010
Amount of Premiumu/w in Rural Areas
No. ofLives covered *
Up tothe month
Up tothe month
Up tothe month
For themonth
Up tothe month
(Premium in Rs Lakhs)
irda
journ
alJu
ly2010
55
- - -
0.21 0.21 1 1 459.40 459.40 - -
- - - - -
- - - - - -
- - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - -
- - 54.92 54.92 - -
162.99 162.99 2407 2407 - - - -
129.79 129.79 1917 1917 - - - -
- - - - - -
- - - - - -
162.99 162.99 2407 2407 - - - -
129.79 129.79 1917 1917 - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - -
- - - -
782.97 782.97 - 547,470 547,470
129.00 129.00 1 1 - -
- - - - - -
- - - - - -
782.97 782.97 - - 547,470 547,470 - -
129.00 129.00 1 1 - - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - -
0.40 0.40 2 2 169.96 169.96 - -
945.97 945.97 2,407 2,407 - - 547,470 547,470 - -
259.40 259.40 1,921 1,921 684.28 684.28 - - - -
non-life insurance
* Wherever applicable
LINE OF BUSINESS
Fire
Previous year
Marine Cargo
Previous year
Total Premium u/wTotal No. of
Policies IssuedAccretions during
the month (premium)Sum Assured
For themonth
Up tothe month
For themonth
Up tothe month
For themonth
Up tothe month
For themonth
Up tothe month
Marine Hull (IncludingOnshore & Offshore oil energy)
Previous year
Marine (Total)
Previous year (Total)
Aviation
Previous year
Engineering
Previous year
Motor Own Damage
Previous year
Motor Third party
Previous year
Motor (Total)
Previous year (Total)
Workmen's compensation /Employer's liability
Previous year
Public Liability
Previous year
Product Liability
Previous year
Other Liability Covers
Previous year
Liability (Total)
Previous year (Total)
Personal Accident
Previous year
Medical Insurance
Previous year
Overseas Medical Insurance
Previous year
Health (Total)
Previous year (Total)
Crop Insurance
Previous year
Previous year
Credit Guarantee
All Other Miscellaneous
Previous year
Grand Total
Previous year (Total)
BUSINESS FIGURES:
Name of the Insurer: Future General India Insurance Co. Ltd.
1553.44 1553.44 994 994 1030.27 1030.27
523.17 523.17 535 535 360.57 360.57
448.70 448.70 2144 2144 314.59 314.59
134.11 134.11 1151 1151 101.63 101.63
0.00 0.00 0 0 0.00 0.00
0.00 0.00 0 0 0.00 0.00
448.70 448.70 2144 2144 314.59 314.59
134.11 134.11 1151 1151 101.63 101.63
0.00 0.00 0 0 0.00 0.00
0.00 0.00 0 0 0.00 0.00
252.33 252.33 263 263 65.72 65.72
186.61 186.61 130 130 174.53 174.53
1635.10 1635.10 37596 37596 728.49 728.49
906.60 906.60 26436 26436 768.81 768.81
633.91 633.91 9 9 302.72 302.72
331.19 331.19 26436 26436 309.39 309.39
2269.01 2269.01 37596 37596 1031.21 1031.21
1237.79 1237.79 26436 26436 1078.20 1078.20
57.25 57.25 300 300 37.43 37.43
19.82 19.82 153 153 18 18
0.00 0.00 0 0 -1.08 -1.08
1.08 1.08 17 17 1 1
79.07 79.07 95 95 50.18 50.18
28.89 28.89 29 29 28 28
0.00 0.00 0 0 0.00 0.00
0.00 0.00 0 0
136.32 136.32 395 395 86.53 86.53
49.79 49.79 199 199 46.41 46.41
249.90 249.90 1303 1303 36.65 36.65
213.25 213.25 146 146 -431.69 -431.69
1821.88 1821.88 641 641 953.90 953.90
867.98 867.98 1056 1056 867.98 867.98
91.08 91.08 6055 6055 91.08 91.08
0.00 0.00 0 0 0.00 0.00
1912.96 1912.96 6696 6696 1044.97 1044.97
867.98 867.98 1056 1056 867.98 867.98
0.00 0.00 0 0 0.00 0.00
0.00 0.00 0 0 0.00 0.00
0.00 0.00 0 0 0.00 0.00
0.00 0.00 0 0 0.00 0.00
203.72 203.72 9751 9751 37.51 37.51
166.21 166.21 6211 6211 144.21 144.21
7026.38 7026.38 59142 59142 3647.46 3647.46
3378.92 3378.92 35864 35864 2341.84 2341.84
irda
journ
alJu
ly2010
56
No. of Lives coveredin Social Sector
Amount of Premiumu/w in Social Sector
No. of Policiesin Rural Areas
For themonth
For themonth
For themonth
Up tothe month
For themonth
FOR AND UP TO THE MONTH OF APRIL, 2010
Amount of Premiumu/w in Rural Areas
No. ofLives covered *
Up tothe month
Up tothe month
Up tothe month
For themonth
Up tothe month
(Premium in Rs Lakhs)
109.90 109.90 130 130
5.62 5.62 39 39
60.07 60.07 120 120
11.31 11.31 86 86
60.07 60.07 120 120 0.00 0.00 0 0
11.31 11.31 86 86 0.00 0.00 0 0
23.03 23.03 24 24
0.55 0.55 7 7
120.58 120.58 4067 4067
51.68 51.68 -
112.09 112.09 2783 2783
172.26 172.26 4067 4067 0.00 0.00 0 0
112.09 112.09 2783 2783 0.00 0.00 0 0
5.27 5.27 22 22
1.94 1.94 15 15
5.27 5.27 22 22 0.00 0.00 0 0
1.94 1.94 15 15 0.00 0.00 0 0
21.32 21.32 50 50
33.32 33.32 24 24
135.86 135.86 65 65
33.32 33.32 74 24 0.00 0.00 0 0 0 0
135.86 135.86 65 65 0.00 0.00 0 0 0 0
51.92 51.92 9137 9137
17.11 17.11 2101 2101
477.10 477.10 13574 13574 0.00 0.00 0 0 0 0
284.47 284.47 5096 5096 0.00 0.00 0 0 0 0
irda
journ
alJu
ly2010
57
non-life insurance
* Wherever applicable
LINE OF BUSINESS
Fire
Previous year
Marine Cargo
Previous year
Total Premium u/wTotal No. of
Policies IssuedAccretions during
the month (premium)Sum Assured
For themonth
Up tothe month
For themonth
Up tothe month
For themonth
Up tothe month
For themonth
Up tothe month
Marine Hull (IncludingOnshore & Offshore oil energy)
Previous year
Marine (Total)
Previous year (Total)
Aviation
Previous year
Engineering
Previous year
Motor Own Damage
Previous year
Motor Third party
Previous year
Motor (Total)
Previous year (Total)
Workmen's compensation /Employer's liability
Previous year
Public Liability
Previous year
Product Liability
Previous year
Other Liability Covers
Previous year
Liability (Total)
Previous year (Total)
Personal Accident
Previous year
Medical Insurance
Previous year
Overseas Medical Insurance
Previous year
Health (Total)
Previous year (Total)
Crop Insurance
Previous year
Previous year
Credit Guarantee
All Other Miscellaneous
Previous year
Grand Total
Previous year (Total)
BUSINESS FIGURES:
Name of the Insurer: HDFC ERGO General Insurance Company Ltd
irda
journ
alJu
ly2010
58
4,134.67 4,134.67 2,125 2,125 2,222.42 2,222.42 21,480,697 21,480,697
1,912.25 1,912.25 142 142 1,827.97 1,827.97 4,155,124 4,155,124
458.11 458.11 115 115 237.07 237.07 1,789,609 1,789,609
221.04 221.04 62 62 184.24 184.24 676,226 676,226
157.16 157.16 65 65 (59.57) (59.57) 46,503 46,503
216.74 216.74 5 5 216.74 216.74 2,669 2,669
615.27 615.27 180 180 177.49 177.49 1,836,112 1,836,112
437.78 437.78 67 67 400.98 400.98 678,895 678,895
699.18 699.18 2 2 652.34 652.34 89,021 89,021
46.84 46.84 - - 46.84 46.84 - -
1,253.80 1,253.80 172 172 963.01 963.01 1,268,693 1,268,693
290.80 290.80 42 42 259.44 259.44 223,560 223,560
1,479.66 1,479.66 24,265 24,265 431.15 431.15 101,753 101,753
1,048.51 1,048.51 27,294 27,294 318.43 318.43 61,043 61,043
669.66 669.66 35,975 35,975 139.41 139.41
530.25 530.25 27,294 27,294 436.01 436.01
2,149.32 2,149.32 35,975 35,975 570.57 570.57 101,753 101,753
1,578.75 1,578.75 27,294 27,294 754.44 754.44 61,043 61,043
29.40 29.40 15 15 (5.68) (5.68) 15,908 15,908
35.08 35.08 32 32 34.29 34.29 26,605 26,605
11.46 11.46 14 14 (20.45) (20.45) 17,700 17,700
31.92 31.92 23 23 29.04 29.04 11,021 11,021
8.12 8.12 5 5 2.22 2.22 3,475 3,475
5.89 5.89 4 4 5.89 5.89 3,000 3,000
1,701.26 1,701.26 85 85 498.20 498.20 312,223 312,223
1,203.06 1,203.06 68 68 953.65 953.65 154,098 154,098
1,750.24 1,750.24 119 119 474.29 474.29 349,307 349,307
1,275.95 1,275.95 127 127 1,022.87 1,022.87 194,724 194,724
1,067.75 1,067.75 50,219 50,219 662.51 662.51 119,689 119,689
405.24 405.24 389 389 335.41 335.41 1,721,082 1,721,082
4,254.39 4,254.39 20,330 20,330 2,132.65 2,132.65 106,471 106,471
2,121.74 2,121.74 399 399 2,094.78 2,094.78 100,038 100,038
69.86 69.86 531 531 16.56 16.56 811,251 811,251
53.30 53.30 299 299 (17.34) (17.34) 795,825 795,825
4,324.25 4,324.25 20,861 20,861 2,149.21 2,149.21 917,723 917,723
2,175.04 2,175.04 698 698 2,077.44 2,077.44 895,863 895,863
- - - -
- - - - - - - -
- - - -
- - - - - - - -
50.89 50.89 994 994 (767.91) (767.91) 20,412 20,412
818.80 818.80 623 623 754.70 754.70 1,061,268 1,061,268
16,045.37 16,045.37 110,647 110,647 7,103.93 7,103.93 26,183,406 26,183,406
8,941.44 8,941.44 29,382 29,382 7,480.10 7,480.10 8,991,559 8,991,559
No. of Lives coveredin Social Sector
Amount of Premiumu/w in Social Sector
No. of Policiesin Rural Areas
For themonth
For themonth
For themonth
Up tothe month
For themonth
FOR AND UP TO THE MONTH OF APRIL, 2010
Amount of Premiumu/w in Rural Areas
No. ofLives covered *
Up tothe month
Up tothe month
Up tothe month
For themonth
Up tothe month
(Premium in Rs Lakhs)
irda
journ
alJu
ly2010
59
364.25 364.25 129 129 -
- - - - - - - -
42.23 42.23 11 11 -
- - - - - - - -
- - - - - -
- - - - - - - -
42.23 42.23 11 11 - - - - - -
- - - - - - - - - -
- - - - -
- - - - - - - -
28.30 28.30 26 26 -
- - - - - - - -
123.50 123.50 2,056 2,056 -
88.37 88.37 2,697 2,697 - - - -
85.09 85.09 4,395 4,395 -
- - - - - - - -
208.59 208.59 4,395 4,395 - - - - - -
88.37 88.37 2,697 2,697 - - - - - -
3.94 3.94 2 2 -
- - - - - - - -
- - - - -
- - - - - - - -
- - - - -
- - - - - - - -
8.13 8.13 2 2 -
- - - - - - - -
12.06 12.06 4 4 - - - - - -
- - - - - - - - - -
32.73 32.73 2,283 2,283 - -
- - - - - - - -
1,110.71 1,110.71 388 388 4.78 4.78 5,262 5,262 119,533 119,533
- - - - - - - - 94,723 94,723
0.87 0.87 20 20 - 7,697 7,697
- - - - - - - - 6,735 6,735
1,111.58 1,111.58 408 408 4.78 4.78 5,262 5,262 127,230 127,230
- - - - - - - - 101,458 101,458
- - - - -
- - - - - - - -
- - - - -
- - - - - - - -
5.26 5.26 402 402 -
3.30 3.30 15 15 - - - -
1,805.00 1,805.00 9,714 9,714 5 5 5,262 5,262 127,230 127,230
91.67 91.67 2,712 2,712 - - - - 101,458 101,458
non-life insurance
* Wherever applicable
LINE OF BUSINESS
Fire
Previous year
Marine Cargo
Previous year
Total Premium u/wTotal No. of
Policies IssuedAccretions during
the month (premium)Sum Assured
For themonth
Up tothe month
For themonth
Up tothe month
For themonth
Up tothe month
For themonth
Up tothe month
Marine Hull (IncludingOnshore & Offshore oil energy)
Previous year
Marine (Total)
Previous year (Total)
Aviation
Previous year
Engineering
Previous year
Motor Own Damage
Previous year
Motor Third party
Previous year
Motor (Total)
Previous year (Total)
Workmen's compensation /Employer's liability
Previous year
Public Liability
Previous year
Product Liability
Previous year
Other Liability Covers
Previous year
Liability (Total)
Previous year (Total)
Personal Accident
Previous year
Medical Insurance
Previous year
Overseas Medical Insurance
Previous year
Health (Total)
Previous year (Total)
Crop Insurance
Previous year
Previous year
Credit Guarantee
All Other Miscellaneous
Previous year
Grand Total
Previous year (Total)
BUSINESS FIGURES:
Name of the Insurer: ICICI Lombard General Insurance Company Ltd
7,943.91 7,943.91 2,222 2,222 (959.19) (959.19) 15,060,963 15,060,963
8,903.10 8,903.10 3,034 3,034 531.56 531.56 12,143,830 12,143,830
2,209.62 2,209.62 914 914 (18.36) (18.36) 10,776,926 10,776,926
2,227.98 2,227.98 742 742 246.61 246.61 8,612,335 8,612,335
872.70 872.70 117 117 (376.14) (376.14) 871,249 871,249
1,248.84 1,248.84 97 97 (3,426.03) (3,426.03) 634,252 634,252
3082.32 3082.32 1031 1031 -394.50 -394.50 11648175.95 11648175.95
3476.82 3476.82 839 839 -3179.41 -3179.41 9246587.28 9246587.28
1,584.72 1,584.72 17 17 274.80 274.80 1,229,979 1,229,979
1,309.92 1,309.92 20 20 849.38 849.38 474,961 474,961
2,997.60 2,997.60 603 603 146.18 146.18 3,798,206 3,798,206
2,851.42 2,851.42 553 553 (657.58) (657.58) 3,287,032 3,287,032
8,065.43 8,065.43 248,014 248,014 885.52 885.52 985,628 985,628
7,179.91 7,179.91 219,921 219,921 (11.87) (11.87) 1,042,182 1,042,182
3,091.06 3,091.06 262,317 262,317 (229.73) (229.73)
3,320.79 3,320.79 244,844 244,844 120.79 120.79
11156.49 11156.49 262317 262317 655.79 655.79 985628.44 985628.44
10500.70 10500.70 244844 244844 108.93 108.93 1042181.80 1042181.80
192.27 192.27 493 493 46.18 46.18 40,539 40,539
146.10 146.10 198 198 (93.45) (93.45) 23,207 23,207
20.50 20.50 33 33 5.44 5.44 5,057 5,057
15.06 15.06 23 23 (0.83) (0.83) 30,230 30,230
19.74 19.74 7 7 (3.27) (3.27) 5,647 5,647
23.01 23.01 7 7 (4.77) (4.77) 4,951 4,951
1,580.32 1,580.32 197 197 (7.05) (7.05) 231,039 231,039
1,587.37 1,587.37 202 202 (368.68) (368.68) 192,583 192,583
1812.83 1812.83 730 730 41.29 41.29 282282.77 282282.77
1771.54 1771.54 430 430 -467.74 -467.74 250970.45 250970.45
1,532.37 1,532.37 16,464 16,464 (863.46) (863.46) 5,098,777 5,098,777
2,395.83 2,395.83 14,028 14,028 1,007.69 1,007.69 3,503,816 3,503,816
16,217.53 16,217.53 22,519 22,519 6,772.81 6,772.81 1,277,642 1,277,642
9,444.72 9,444.72 29,906 29,906 (9,332.68) (9,332.68) 741,675 741,675
531.58 531.58 40,377 40,377 55.28 55.28 895,691 895,691
476.31 476.31 24,893 24,893 (9.40) (9.40) 1,027,533.91 1,027,534
16749.11 16749.11 62896 62896 6828.08 6828.08 2173333.16 2173333.16
9921.03 9921.03 54799 54799 -9342.08 -9342.08 1769208.73 1769208.73
- 0.00 - - - 0.00 - -
0.00 0.00 - - 0.00 0.00 - -
275.88 275.88 5 5 44.93 44.93 4,368 4,368
230.95 230.95 6 6 (9.60) (9.60) 2,369 2,369
1,660.71 1,660.71 11,278 11,278 555.80 555.80 1,290,379 1,290,379
1,104.91 1,104.91 7,521 7,521 (702.86) (702.86) 1,325,221 1,325,221
48795.94 48795.94 357563 357563 6329.72 6329.72 41572092.18 41572092.18
42466.22 42466.22 326074 326074 -11861.71 -11861.71 33046176.93 33046176.93
irda
journ
alJu
ly2010
60
No. of Lives coveredin Social Sector
Amount of Premiumu/w in Social Sector
No. of Policiesin Rural Areas
For themonth
For themonth
For themonth
Up tothe month
For themonth
FOR AND UP TO THE MONTH OF APRIL, 2010
Amount of Premiumu/w in Rural Areas
No. ofLives covered *
Up tothe month
Up tothe month
Up tothe month
For themonth
Up tothe month
(Premium in Rs Lakhs)
- 0.00 - - - 0.00 - -
3.69 3.69 3 3 0.00 0.00 - -
- 0.00 - - - 0.00 - -
0.00 0.00 - - 0.00 0.00 - -
- 0.00 - - - 0.00 - -
0.00 0.00 - - 0.00 0.00 - -
0.00 0.00 0 0 0.00 0.00 0 0 0 0
0.00 0.00 0 0 0.00 0.00 0 0 0 0
- 0.00 - - - 0.00 - -
0.00 0.00 - - 0.00 0.00 - -
2.61 2.61 17 17 - 0.00 - -
6.12 6.12 43 43 0.00 0.00 - -
863.89 863.89 - - - 0.00 - -
655.87 655.87 14,720 14,720 0.00 0.00 - -
575.01 575.01 27,843 27,843 - 0.00 - -
486.81 486.81 19,334 19,334 0.00 0.00 - -
1438.90 1438.90 27843 27843 0.00 0.00 0 0 0 0
1142.69 1142.69 19334 19334 0.00 0.00 0 0 0 0
0.00 0.00 - - - 0.00 - -
0.00 0.00 - - 0.00 0.00 - -
- 0.00 - - - 0.00 - -
0.00 0.00 - - 0.00 0.00 - -
- 0.00 - - - 0.00 - -
0.00 0.00 - - 0.00 0.00 - -
- 0.00 - - - 0.00 - -
0.00 0.00 - - 0.00 0.00 - -
0.00 0.00 0 0 0.00 0.00 0 0 0 0
0.00 0.00 0 0 0.00 0.00 0 0 0 0
0.00 0.00 - - - 0.00 - -
964.83 964.83 7 7 0.00 0.00 - -
2428.22 2,428.22 632 632 0.00 0.00 - - 2,778,701 2,778,701
1,784.37 1,784.37 558 558 31.52 31.52 25,971 25,971 1,345,651 1,345,651
32.45 32.45 719 719 - 0.00 - - 40,377 40,377
30.03 30.03 1,584 1,584 0.00 0.00 - - 24,893 24,893
2460.67 2460.67 1351 1351 0.00 0.00 0 0 2819078 2819078
1814.40 1814.40 2142 2142 31.52 31.52 25971 25971 1370544 1370544
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
4 4 86 86 - - - -
149 149 132 132 - - - -
3906.44 3906.44 29297 29297 0.00 0.00 0 0 2819078 2819078
4080.84 4080.84 21661 21661 31.52 31.52 25971 25971 1370544 1370544
irda
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61
non-life insurance
* Wherever applicable
LINE OF BUSINESS
Fire
Previous year
Marine Cargo
Previous year
Total Premium u/wTotal No. of
Policies IssuedAccretions during
the month (premium)Sum Assured
For themonth
Up tothe month
For themonth
Up tothe month
For themonth
Up tothe month
For themonth
Up tothe month
Marine Hull (IncludingOnshore & Offshore oil energy)
Previous year
Marine (Total)
Previous year (Total)
Aviation
Previous year
Engineering
Previous year
Motor Own Damage
Previous year
Motor Third party
Previous year
Motor (Total)
Previous year (Total)
Workmen's compensation /Employer's liability
Previous year
Public Liability
Previous year
Product Liability
Previous year
Other Liability Covers
Previous year
Liability (Total)
Previous year (Total)
Personal Accident
Previous year
Medical Insurance
Previous year
Overseas Medical Insurance
Previous year
Health (Total)
Previous year (Total)
Crop Insurance
Previous year
Previous year
Credit Guarantee
All Other Miscellaneous
Previous year
Grand Total
Previous year (Total)
BUSINESS FIGURES:
Name of the Insurer: Iffco Tokio General Insurance Co Ltd
7358.01 7358.01 6426 6426 7358.01 7358.01 38923353.06 38923353.06
6854.00 6854.00 6259 6259 6854.00 6854.00 36257197.15 36257197.15
949.09 949.09 740 740 949.09 949.09 6887261.04 6887261.04
729.65 729.65 751 751 729.65 729.65 5294894.46 5294894.46
1530.57 1530.57 52 52 1530.57 1530.57 9931939.84 9931939.84
744.07 744.07 10 10 744.07 744.07 4828319.99 4828319.99
2479.65 2479.65 792 792 2479.65 2479.65 16819200.89 16819200.89
1473.72 1473.72 761 761 1473.72 1473.72 10123214.45 10123214.45
546.20 546.20 19 19 546.20 546.20 3610909.08 3610909.08
126.36 126.36 16 16 126.36 126.36 835396.14 835396.14
573.79 573.79 380 380 573.79 573.79 47375.18 47375.18
478.74 478.74 408 408 478.74 478.74 39527.29 39527.29
4158.17 4158.17 269763 269763 4158.17 4158.17 169214.35 169214.35
3440.19 3440.19 224631 224631 3440.19 3440.19 139996.43 139996.43
2165.00 2165.00 5216 5216 2165.00 2165.00
1385.76 1385.76 4292 4292 1385.76 1385.76
6323.17 6323.17 269763 269763 6323.17 6323.17 169214.35 169214.35
4825.95 4825.95 224631 224631 4825.95 4825.95 139996.43 139996.43
99.09 99.09 826 826 99.09 99.09 6177.98 6177.98
91 91 684 684 91 91.18 5684 5684
239.02 239.02 39 39 239.02 239.02 1136620.59 1136620.59
47 47 13 13 47 46.99 223464 223464
32.36 32.36 19 19 32.36 32.36 17540.01 17540.01
3 3 1 1 3 2.93 1590 1590
1000.00 1000.00 218 218 1000.00 1000.00 967227.19 967227.19
915 915 260 260 915 915.29 885288 885288
1370.47 1370.47 1102 1102 1370.47 1370.47 2127565.77 2127565.77
1056.39 1056.39 958 958 1056.39 1056.39 1116026.15 1116026.15
154.07 154.07 3391 3391 154.07 154.07 330317.94 330317.94
134.57 134.57 2374 2374 134.57 134.57 288505.27 288505.27
1180.70 1180.70 2246 2246 1180.70 1180.70 49821.47 49821.47
1443.52 1443.52 3144 3144 1443.52 1443.52 60911.60 60911.60
19.18 19.18 1573 1573 19.18 19.18 3190.87 3190.87
23.93 23.93 1559 1559 23.93 23.93 4384.21 4384.21
1199.88 1199.88 3819 3819 1199.88 1199.88 53012.34 53012.34
1467.45 1467.45 4703 4703 1467.45 1467.45 65295.81 65295.81
896.15 896.15 7150 7150 896.15 896.15 665333.23 665333.23
541.73 541.73 13731 13731 541.73 541.73 402199.68 402199.68
20901.38 20901.38 292842 292842 20901.38 20901.38 62746281.84 62746281.84
16958.91 16958.91 253841 253841 16958.91 16958.91 49267358.38 49267358.38
irda
journ
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62
No. of Lives coveredin Social Sector
Amount of Premiumu/w in Social Sector
No. of Policiesin Rural Areas
For themonth
For themonth
For themonth
Up tothe month
For themonth
FOR AND UP TO THE MONTH OF APRIL, 2010
Amount of Premiumu/w in Rural Areas
No. ofLives covered *
Up tothe month
Up tothe month
Up tothe month
For themonth
Up tothe month
(Premium in Rs Lakhs)
25.59 25.59 659 659
48.44 48.44 1038 1038
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
2.94 2.94 9 9
599.95 599.95 32364 32364
298.57 298.57 0 0
898.52 898.52 32364 32364 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
1 1 23 23
0 0 1 1
0 0 11 11
1.13 1.13 35 35 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
26.17 26.17 953 953 1.46 1.46 29223 29223
1794.40 1794.40 40 40
1794.40 1794.40 40 40 0.00 0.00 0 0 0 0
0.00 0.00 0 0 0.00 0.00 0 0 0 0
41.33 41.33 2243 2243 0.52 0.52 866 866
861.83 861.83 45500 45500 7.29 7.29 42726 42726
2790.08 2790.08 36303 36303 1.98 1.98 30089 30089 0 0
910.27 910.27 46538 46538 7.29 7.29 42726 42726 0 0
irda
journ
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63
non-life insurance
* Wherever applicable
LINE OF BUSINESS
Fire
Previous year
Marine Cargo
Previous year
Total Premium u/wTotal No. of
Policies IssuedAccretions during
the month (premium)Sum Assured
For themonth
Up tothe month
For themonth
Up tothe month
For themonth
Up tothe month
For themonth
Up tothe month
Marine Hull (IncludingOnshore & Offshore oil energy)
Previous year
Marine (Total)
Previous year (Total)
Aviation
Previous year
Engineering
Previous year
Motor Own Damage
Previous year
Motor Third party
Previous year
Motor (Total)
Previous year (Total)
Workmen's compensation /Employer's liability
Previous year
Public Liability
Previous year
Product Liability
Previous year
Other Liability Covers
Previous year
Liability (Total)
Previous year (Total)
Personal Accident
Previous year
Medical Insurance
Previous year
Overseas Medical Insurance
Previous year
Health (Total)
Previous year (Total)
Crop Insurance
Previous year
Previous year
Credit Guarantee
All Other Miscellaneous
Previous year
Grand Total
Previous year (Total)
BUSINESS FIGURES:
Name of the Insurer: National Insurance Company Limited
6751.35 6751.35 72469 72469 1352.12 1352.12
5399.23 5399.23 59627 59627 -571.62 -571.62
1796.79 1796.79 24318 24318 120.43 120.43
1676.36 1676.36 22108 22108 91.86 91.86
625.80 625.80 296 296 269.73 269.73
356.07 356.07 285 285 51.87 51.87
2422.59 2422.59 24614 24614 390.16 390.16 0.00 0.00
2032.43 2032.43 22393 22393 143.73 143.73 0.00 0.00
409.83 409.83 18 18 -136.21 -136.21
546.04 546.04 21 21 251.84 251.84
1882.38 1882.38 7643 7643 480.31 480.31
1402.07 1402.07 6089 6089 -28.56 -28.56
12865.24 12865.24 295416 295416 1627.13 1627.13
11238.11 11238.11 265712 265712 -1669.91 -1669.91
7639.45 7639.45 134769 134769 882.70 882.70
6756.75 6756.75 122416 122416 -506.18 -506.18
20504.69 20504.69 295416 295416 2509.83 2509.83 0.00 0.00
17994.86 17994.86 265712 265712 -2176.09 -2176.09 0.00 0.00
376.43 376.43 5976 5976 82.84 82.84
293.59 293.59 4385 4385 4.13 4.13
186.49 186.49 1263 1263 88.42 88.42
98.07 98.07 1099 1099 18.79 18.79
139.65 139.65 86 86 46.23 46.23
93.42 93.42 52 52 28.13 28.13
147.25 147.25 1139 1139 46.72 46.72
100.53 100.53 867 867 -105.06 -105.06
849.82 849.82 8464 8464 264.21 264.21 0.00 0.00
585.61 585.61 6403 6403 -54.01 -54.01 0.00 0.00
1264.64 1264.64 43691 43691 124.25 124.25
1140.39 1140.39 40281 40281 322.92 322.92
14885.78 14885.78 86573 86573 4268.93 4268.93
10616.85 10616.85 68042 68042 -74.94 -74.94
72.96 72.96 1629 1629 3.94 3.94
69.02 69.02 1502 1502 -6.17 -6.17
14958.74 14958.74 88202 88202 4272.87 4272.87 0.00 0.00
10685.87 10685.87 69544 69544 -81.11 -81.11 0.00 0.00
0.00 0 0.00
0.00 0 0.00
0.00 0 0.00
0.00 0 0.00
4581.96 4581.96 264139 264139 491.45 491.45
4090.51 4090.51 238057 238057 422.97 422.97
53626.00 53626.00 939425 939425 9748.99 9748.99 0.00 0.00
43877.01 43877.01 830543 830543 -1769.93 -1769.93 0.00 0.00
irda
journ
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ly2010
64
No. of Lives coveredin Social Sector
Amount of Premiumu/w in Social Sector
No. of Policiesin Rural Areas
For themonth
For themonth
For themonth
Up tothe month
For themonth
FOR AND UP TO THE MONTH OF APRIL, 2010
Amount of Premiumu/w in Rural Areas
No. ofLives covered *
Up tothe month
Up tothe month
Up tothe month
For themonth
Up tothe month
(Premium in Rs Lakhs)
314.03 314.03 7129 7129 168.29 168.29
285.16 285.16 6057 6057 175.07 175.07
27.86 27.86 497 497 12.43 12.43
28.09 28.09 586 586 24.31 24.31
0.00 0.00 0 0 0.00 0.00
0.00 0.00 0 0 0.00 0.00
27.86 27.86 497 497 12.43 12.43
28.09 28.09 586 586 24.31 24.31
0.00 0.00 0 0 0.00 0.00
0.00 0.00 0 0 0.00 0.00
31.45 31.45 346 346 17.39 17.39
42.71 42.71 398 398 20.16 20.16
1136.19 1136.19 43517 43517 529.76 529.76
1012.51 1012.51 40361 40361 419.82 419.82
786.02 786.02 24561 24561 364.99 364.99
675.29 675.29 21741 21741 299.46 299.46
1922.21 1922.21 43517 43517 894.75 894.75
1687.80 1687.80 40361 40361 719.28 719.28
25.33 25.33 297 297 6.00 6.00 72 72
23.51 23.51 234 234 7.33 7.33 86 86
0.00 0.00 0 0 0.00 0.00 0
0.00 0.00 0 0 0.00 0.00 0
0.00 0.00 0 0 0.00 0.00 0
0.00 0.00 0 0 0.00 0.00 0
2.00 2.00 86 86 1.03 1.03 0
1.09 1.09 57 57 0.98 0.98 0
27.33 27.33 383 383 7.03 7.03 72 72
24.60 24.60 291 291 8.31 8.31 86 86
48.37 48.37 5247 5247 62.49 62.49 31429 31429
35.46 35.46 4129 4129 45.73 45.73 26873 26873
186.43 186.43 8943 8943 333.17 333.17 43216 43216
113.63 113.63 6378 6378 217.86 217.86 15609 15609
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
186.43 186.43 8943 8943 333.17 333.17 43216 43216
113.63 113.63 6378 6378 217.86 217.86 15609 15609
0.00 0 0.00 0
0.00 0 0.00 0
0.00 0 0.00 0
0.00 0 0.00 0
719.64 719.64 39467 39467 471.38 471.38 18431 18431
628.94 628.94 35471 35471 385.48 385.48 15431 15431
3277.32 3277.32 130090 130090 1966.93 1966.93 93148 93148
2846.39 2846.39 115412 115412 1596.20 1596.20 57999 57999
irda
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65
non-life insurance
* Wherever applicable
LINE OF BUSINESS
Fire
Previous year
Marine Cargo
Previous year
Total Premium u/wTotal No. of
Policies IssuedAccretions during
the month (premium)Sum Assured
For themonth
Up tothe month
For themonth
Up tothe month
For themonth
Up tothe month
For themonth
Up tothe month
Marine Hull (IncludingOnshore & Offshore oil energy)
Previous year
Marine (Total)
Previous year (Total)
Aviation
Previous year
Engineering
Previous year
Motor Own Damage
Previous year
Motor Third party
Previous year
Motor (Total)
Previous year (Total)
Workmen's compensation /Employer's liability
Previous year
Public Liability
Previous year
Product Liability
Previous year
Other Liability Covers
Previous year
Liability (Total)
Previous year (Total)
Personal Accident
Previous year
Medical Insurance
Previous year
Overseas Medical Insurance
Previous year
Health (Total)
Previous year (Total)
Crop Insurance
Previous year
Previous year
Credit Guarantee
All Other Miscellaneous
Previous year
Grand Total
Previous year (Total)
BUSINESS FIGURES:
Name of the Insurer: Raheja QBE General Insurance Company Limited
irda
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66
1.23 1.23 8 8 1.23 1.23 2023.14 2023.14
0.01 0.01 2 2 0.01 0.01 30.00 30.00
0.04 0.04 1 1 0.04 0.04 78.67 78.67
0.00 0.00 0.00 0 0.00 0.00 0.00 0.00
0.04 0.04 1 1 0.04 0.04 78.67 78.67
0.00 0.00 0 0 0.00 0.00 0.00 0.00
1.44 1.44 2 2 1.44 1.44 864.86 864.86
0.64 0.64 10 10 0.64 0.64 104.36 104.36
0.54 0.54 38 38 0.54 0.54 0.00 0.00
1.18 1.18 38 38 1.18 1.18 104.36 104.36
0.00 0.00 0 0 0.00 0.00 0.00 0.00
1.95 1.95 1 1 1.95 1.95 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0 0
0.71 0.71 1 1 0.71 0.71 1500 1500
0.00 0.00 0 0 0.00 0.00 0 0
31.56 31.56 6 6 31.56 31.56 15403 15403
0.00 0.00 0 0 0.00 0.00 0 0
34.23 34.23 8 8 34.23 34.23 16902.50 16902.50
0.00 0.00 0 0 0.00 0.00 0.00 0.00
6.94 6.94 6 6 6.94 6.94 6427.50 6427.50
0.08 0.08 4 4 0.08 0.08 57.50 57.50
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.11 0.11 4 4 0.11 0.11 332.98 332.98
0 0 0.00 0.00 0.00 0.00
45.17 45.17 67 67 45.17 45.17 26734.01 26734.01
0.10 0.10 6 6 0.10 0.10 87.50 87.50
No. of Lives coveredin Social Sector
Amount of Premiumu/w in Social Sector
No. of Policiesin Rural Areas
For themonth
For themonth
For themonth
Up tothe month
For themonth
FOR AND UP TO THE MONTH OF APRIL, 2010
Amount of Premiumu/w in Rural Areas
No. ofLives covered *
Up tothe month
Up tothe month
Up tothe month
For themonth
Up tothe month
(Premium in Rs Lakhs)
irda
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67
0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0 0 0 0 0 0 0 0
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0 0 0 0 0 0 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
non-life insurance
* Wherever applicable
LINE OF BUSINESS
Fire
Previous year
Marine Cargo
Previous year
Total Premium u/wTotal No. of
Policies IssuedAccretions during
the month (premium)Sum Assured
For themonth
Up tothe month
For themonth
Up tothe month
For themonth
Up tothe month
For themonth
Up tothe month
Marine Hull (IncludingOnshore & Offshore oil energy)
Previous year
Marine (Total)
Previous year (Total)
Aviation
Previous year
Engineering
Previous year
Motor Own Damage
Previous year
Motor Third party
Previous year
Motor (Total)
Previous year (Total)
Workmen's compensation /Employer's liability
Previous year
Public Liability
Previous year
Product Liability
Previous year
Other Liability Covers
Previous year
Liability (Total)
Previous year (Total)
Personal Accident
Previous year
Medical Insurance
Previous year
Overseas Medical Insurance
Previous year
Health (Total)
Previous year (Total)
Crop Insurance
Previous year
Previous year
Credit Guarantee
All Other Miscellaneous
Previous year
Grand Total
Previous year (Total)
BUSINESS FIGURES:
Name of the Insurer: Reliance General Insurance Company Limited
2260.36 2260.36 2736.00 2736.00 -1928.91 -1928.91 3207760.95 3207760.95
4189.26 4189.26 2640.00 2640.00 1779.63 1779.63 8802843.88 8802843.88
399.03 399.03 860.00 860.00 -72.31 -72.31 1389926.22 1389926.22
471.33 471.33 1162.00 1162.00 3.62 3.62 2803451.25 2803451.25
18.10 18.10 0.00 0.00 -22.43 -22.43 0.00 0.00
40.52 40.52 23.00 23.00 -96.90 -96.90 7289.58 7289.58
417.13 417.13 860 860 -94.73 -94.73 1389926.22 1389926.22
511.86 511.86 1185 1185 -93.28 -93.28 2810740.82 2810740.82
1668.26 1668.26 2.00 2.00 1594.22 1594.22 110.00 110.00
74.04 74.04 18.00 18.00 -49.65 -49.65 153467.12 153467.12
-1204.41 -1204.41 350.00 350.00 -2176.14 -2176.14 1052355.49 1052355.49
971.73 971.73 508 508 -5.32 -5.32 1169981.72 1169981.72
4373.40 4373.40 108927 108927 -3860.87 -3860.87 283612.45 283612.45
8234.27 8234.27 168669 168669 -622.35 -622.35 494492.11 494492.11
2130.49 2130.49 114390 114390 -1528.19 -1528.19
3658.68 3658.68 180294 180294 293.48 293.48
6503.90 6503.90 114390 114390 -5389.06 -5389.06 283612.45 283612.45
11892.95 11892.95 180294 180294 -328.87 -328.87 494492.11 494492.11
43.44 43.44 201 201 -42.63 -42.63 6434.67 6434.67
86.07 86.07 423 423 -33.20 -33.20 14648.85 14648.85
32.56 32.56 46 46 -3.44 -3.44 24417.00 24417.00
36.00 36.00 58 58 -4.43 -4.43 19184.75 19184.75
0.00 0.00 0 0 -0.75 -0.75 0.00 0.00
0.75 0.75 1 1 -1.03 -1.03 75.00 75.00
71.48 71.48 108 108 -15.46 -15.46 7749.00 7749.00
86.95 86.95 47 47 -13.25 -13.25 15777.50 15777.50
147.48 147.48 355 355 -62.28 -62.28 38600.67 38600.67
209.76 209.76 529 529 -51.91 -51.91 49686.10 49686.10
381.26 381.26 7923 7923 -197.82 -197.82 1213308.11 1213308.11
579.08 579.08 13330 13330 -1677.46 -1677.46 1692423.70 1692423.70
2920.04 2920.04 76896 76896 550.21 550.21 68949.07 68949.07
2369.83 2369.83 32573 32573 -4468.25 -4468.25 75266.11 75266.11
324.31 324.31 47905 47905 6.29 6.29 2218753.12 2218753.12
318.02 318.02 49474 49474 21.77 21.77 436795.11 436795.11
3244.35 3244.35 124801 124801 556.50 556.50 2287702.20 2287702.20
2687.85 2687.85 82047 82047 -4446.48 -4446.48 512061.22 512061.22
0 0 0 0 0.00 0.00 0.00 0.00
0 0 0 0 0.00 0.00 0.00 0.00
0 0 0 0 0.00 0.00 0 0
0 0 0 0 0.00 0.00 0 0
445.14 445.14 4511 4511 -76.60 -76.60 785336.77 785336.77
521.75 521.75 5360 5360 -882.72 -882.72 1415899.02 1415899.02
13863.46 13863.46 255928 255928 -7774.82 -7774.82 10258712.85 10258712.85
21638.28 21638.28 285911 285911 -5756.05 -5756.05 17101595.69 17101595.69
irda
journ
alJu
ly2010
68
No. of Lives coveredin Social Sector
Amount of Premiumu/w in Social Sector
No. of Policiesin Rural Areas
For themonth
For themonth
For themonth
Up tothe month
For themonth
FOR AND UP TO THE MONTH OF APRIL, 2010
Amount of Premiumu/w in Rural Areas
No. ofLives covered *
Up tothe month
Up tothe month
Up tothe month
For themonth
Up tothe month
(Premium in Rs Lakhs)
175.52 175.52 72 72
436.78 436.78 105 105
2.83 2.83 14 14
0.00 0.00 0 0
0.00 0.00 0 0
0.00 0.00 0 0
2.83 2.83 14 14 0.00 0.00 0 0 0 0
0.00 0.00 0 0 0.00 0.00 0 0 0 0
0.00 0.00 0 0
0.00 0.00 0 0
51.43 51.43 23 23
7.66 7.66 26 26
372.46 372.46 8822 8822
862.78 862.78 16153 16153
203.98 203.98 392 392
436.62 436.62 739 739
576.45 576.45 8822 8822 0.00 0.00 0 0 0 0
1299.40 1299.40 16153 16153 0.00 0.00 0 0 0 0
1.36 1.36 10 10
0.00 0.00 0 0
0.24 0.24 1 1
0.00 0.00 0 0
0.00 0.00 0 0
0.00 0.00 0 0
0.07 0.07 8 8
0.00 0.00 0 0
1.67 1.67 19 19 0.00 0.00 0 0 0 0
0.00 0.00 0 0 0.00 0.00 0 0 0 0
13.91 13.91 979 979 21.98 21.98 183141.00 183141.00
77.52 77.52 196 196 75.92 75.92 647.00 647.00
1058.19 1058.19 924 924
31.32 31.32 852 852
13.51 13.51 3417 3417
0.00 0.00 0 0
1071.70 1071.70 4341 4341 0.00 0.00 0 0 0 0
31.32 31.32 852 852 0.00 0.00 0 0 0 0
0.00 0.00 0 0
0.00 0.00 0 0
0 0 0 0
0 0 0 0
12.33 12.33 308 308 22.38 22.38 4311.00 4311.00
12.47 12.47 270 270 7.17 7.17 1121.00 1121.00
1905.83 1905.83 14578 14578 44.36 44.36 187452 187452 0 0
1865.16 1865.16 17602 17602 83.09 83.09 1768 1768 0 0
irda
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69
non-life insurance
* Wherever applicable
LINE OF BUSINESS
Fire
Previous year
Marine Cargo
Previous year
Total Premium u/wTotal No. of
Policies IssuedAccretions during
the month (premium)Sum Assured
For themonth
Up tothe month
For themonth
Up tothe month
For themonth
Up tothe month
For themonth
Up tothe month
Marine Hull (IncludingOnshore & Offshore oil energy)
Previous year
Marine (Total)
Previous year (Total)
Aviation
Previous year
Engineering
Previous year
Motor Own Damage
Previous year
Motor Third party
Previous year
Motor (Total)
Previous year (Total)
Workmen's compensation /Employer's liability
Previous year
Public Liability
Previous year
Product Liability
Previous year
Other Liability Covers
Previous year
Liability (Total)
Previous year (Total)
Personal Accident
Previous year
Medical Insurance
Previous year
Overseas Medical Insurance
Previous year
Health (Total)
Previous year (Total)
Crop Insurance
Previous year
Previous year
Credit Guarantee
All Other Miscellaneous
Previous year
Grand Total
Previous year (Total)
BUSINESS FIGURES:
Name of the Insurer: Royal Sundaram Alliance Insurance Company Limited
978.86 978.86 2729 2729 -120.66 -120.66 2445296.17 2445296.17
1099.52 1099.52 4163 4163 -598.59 -598.59 1930894.80 1930894.80
178.46 178.46 4669 4669 -8.59 -8.59 587929.05 587929.05
187.04 187.04 1938 1938 -59.17 -59.17 526274.25 526274.25
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
178.46 178.46 4669 4669 -8.59 -8.59 587929.05 587929.05
187.04 187.04 1938 1938 -59.17 -59.17 526274.25 526274.25
365.05 365.05 186 186 -64.81 -64.81 123298.69 123298.69
429.86 429.86 300 300 -117.71 -117.71 110214.22 110214.22
4061.29 4061.29 60332 60332 706.65 706.65 222138.40 222138.40
3354.64 3354.64 51327 51327 704.91 704.91 178087.66 178087.66
1159.01 1159.01 667 667 216.65 216.65
942.36 942.36 741 741 270.19 270.19
5220.30 5220.30 60332 60332 923.30 923.30 222138.40 222138.40
4297.00 4297.00 51327 51327 975.10 975.10 178087.66 178087.66
16.36 16.36 32 32 -4.94 -4.94 943.69 943.69
21.30 21.30 57 57 1.75 1.75 1924.50 1924.50
41.26 41.26 43 43 10.08 10.08 16221.47 16221.47
31.17 31.17 43 43 -10.24 -10.24 13173.43 13173.43
5.75 5.75 2 2 5.69 5.69 1988.31 1988.31
0.06 0.06 0 0 -7.03 -7.03 1176.48 1176.48
0.00
63.36 63.36 77 77 10.84 10.84 19153.47 19153.47
52.53 52.53 100 100 -15.52 -15.52 16274.41 16274.41
273.28 273.28 6097 6097 -100.84 -100.84 283983.94 283983.94
374.12 374.12 28072 28072 67.25 67.25 417603.66 417603.66
1723.88 1723.88 20586 20586 520.80 520.80 148113.06 148113.06
1203.09 1203.09 19362 19362 75.86 75.86 373684.77 373684.77
1723.88 1723.88 20586 20586 520.80 520.80 148113.06 148113.06
1203.09 1203.09 19362 19362 75.86 75.86 373684.77 373684.77
203.10 203.10 25155 25155 30.26 30.26 1538930.61 1538930.61
172.84 172.84 2648 2648 74.20 74.20 824484.65 824484.65
9006.29 9006.29 119831 119831 1190.30 1190.30 5368843.39 5368843.39
7816.00 7816.00 107910 107910 401.43 401.43 4377518.42 4377518.42
irda
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70
No. of Lives coveredin Social Sector
Amount of Premiumu/w in Social Sector
No. of Policiesin Rural Areas
For themonth
For themonth
For themonth
Up tothe month
For themonth
FOR AND UP TO THE MONTH OF APRIL, 2010
Amount of Premiumu/w in Rural Areas
No. ofLives covered *
Up tothe month
Up tothe month
Up tothe month
For themonth
Up tothe month
(Premium in Rs Lakhs)
2.60 2.60 174 174
5.29 5.29 521 521
0.00 0.00 0 0
0.00 0.00 0 0
0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0
0.00 0.00 0 0
101.76 101.76 1415 1415
125.05 125.05 1881 1881
0 0
101.76 101.76 1415 1415 0.00 0.00 0 0
125.05 125.05 1881 1881 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
34.33 34.33 22903 22903 0.98 0.98 1886.00 1886.00
50.68 50.68 222 222 0.25 0.25 990.00 990.00
440.09 440.09 13051 13051 0.11 0.11 126.00 126.00 62558.00 62558.00
135.15 135.15 842 842 0.13 0.13 146.00 146.00 66594.00 66594.00
440.09 440.09 13051 13051 0.11 0.11 126 126 62558 62558
135.15 135.15 842 842 0.13 0.13 146 146 66594 66594
104.21 104.21 1685 1685 0.00 0.00 0.00 0.00
57.73 57.73 1466 1466 0.00 0.00 0.00 0.00
682.98 682.98 39228 39228 1.09 1.09 2012 2012 62558 62558
373.90 373.90 4932 4932 0.38 0.38 1136 1136 66594 66594
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71
non-life insurance
* Wherever applicable
LINE OF BUSINESS
Fire
Previous year
Marine Cargo
Previous year
Total Premium u/wTotal No. of
Policies IssuedAccretions during
the month (premium)Sum Assured
For themonth
Up tothe month
For themonth
Up tothe month
For themonth
Up tothe month
For themonth
Up tothe month
Marine Hull (IncludingOnshore & Offshore oil energy)
Previous year
Marine (Total)
Previous year (Total)
Aviation
Previous year
Engineering
Previous year
Motor Own Damage
Previous year
Motor Third party
Previous year
Motor (Total)
Previous year (Total)
Workmen's compensation /Employer's liability
Previous year
Public Liability
Previous year
Product Liability
Previous year
Other Liability Covers
Previous year
Liability (Total)
Previous year (Total)
Personal Accident
Previous year
Medical Insurance
Previous year
Overseas Medical Insurance
Previous year
Health (Total)
Previous year (Total)
Crop Insurance
Previous year
Previous year
Credit Guarantee
All Other Miscellaneous
Previous year
Grand Total
Previous year (Total)
BUSINESS FIGURES:
Name of the Insurer: Shriram General Insurance Company Limited
42.93 42.93 134 134 41.79 41.79 82133.05 82133.05
1.14 1.14 17 17 1.14 1.14 1853.89 1853.89
0.82 0.82 15 15 0.82 0.82 314.66 314.66
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.82 0.82 15 15 0.82 0.82 314.66 314.66
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
10.95 10.95 14 14 6.98 6.98 1781.72 1781.72
3.97 3.97 3 3 3.97 3.97 1638.64 1638.64
2155.47 2155.47 61057 61057 820.40 820.40 175590.10 175590.10
1335.07 1335.07 36494 36494 1335.07 1335.07 113077.81 113077.81
2029.86 2029.86 65163 65163 660.47 660.47 0.00 0.00
1369.39 1369.39 36903 36903 1369.39 1369.39 0.00 0.00
4185.33 4185.33 65163 65163 1480.87 1480.87 175590.10 175590.10
2704.46 2704.46 36903 36903 2704.46 2704.46 113077.81 113077.81
0.26 0.26 7 7 -0.07 -0.07 5.88 5.88
0.33 0.33 3 3 0.33 0.33 4.26 4.26
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
5.27 5.27 12 12 5.20 5.20 3859.31 3859.31
0.07 0.07 2 2 0.07 0.07 35.00 35.00
5.53 5.53 19 19 5.13 5.13 3865.19 3865.19
0.40 0.40 5 5 0.40 0.40 39.26 39.26
3.06 3.06 944 944 -0.36 -0.36 1753.76 1753.76
3.42 3.42 992 992 3.42 3.42 1729.45 1729.45
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
4.28 4.28 139 139 1.03 1.03 8202.58 8202.58
3.25 3.25 265 265 3.25 3.25 924.45 924.45
4252.90 4252.90 66428 66428 1536.26 1536.26 273641.06 273641.06
2716.64 2716.64 38185 38185 2716.64 2716.64 119263.50 119263.50
irda
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72
No. of Lives coveredin Social Sector
Amount of Premiumu/w in Social Sector
No. of Policiesin Rural Areas
For themonth
For themonth
For themonth
Up tothe month
For themonth
FOR AND UP TO THE MONTH OF APRIL, 2010
Amount of Premiumu/w in Rural Areas
No. ofLives covered *
Up tothe month
Up tothe month
Up tothe month
For themonth
Up tothe month
(Premium in Rs Lakhs)
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
100.18 100.18 1955 1955 0.00 0.00 0 0
11.93 11.93 532 532 0.00 0.00 0 0
72.82 72.82 2030 2030 0.00 0.00 0 0
10.13 10.13 548 548 0.00 0.00 0 0
173.00 173.00 2030 2030 0.00 0.00 0 0
22.06 22.06 548 548 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0 0 0
0.00 0.00 0 0 0.00 0.00 0 0 0 0
0.00 0.00 0 0 0.00 0.00 0 0 0 0
0.00 0.00 0 0 0.00 0.00 0 0 0 0
0.00 0.00 0 0 0.00 0.00 0 0 0 0
0.00 0.00 0 0 0.00 0.00 0 0 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
173.00 173.00 2030 2030 0.00 0.00 0 0 0 0
22.06 22.06 548 548 0.00 0.00 0 0 0 0
irda
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73
non-life insurance
* Wherever applicable
LINE OF BUSINESS
Fire
Previous year
Marine Cargo
Previous year
Total Premium u/wTotal No. of
Policies IssuedAccretions during
the month (premium)Sum Assured
For themonth
Up tothe month
For themonth
Up tothe month
For themonth
Up tothe month
For themonth
Up tothe month
Marine Hull (IncludingOnshore & Offshore oil energy)
Previous year
Marine (Total)
Previous year (Total)
Aviation
Previous year
Engineering
Previous year
Motor Own Damage
Previous year
Motor Third party
Previous year
Motor (Total)
Previous year (Total)
Workmen's compensation /Employer's liability
Previous year
Public Liability
Previous year
Product Liability
Previous year
Other Liability Covers
Previous year
Liability (Total)
Previous year (Total)
Personal Accident
Previous year
Medical Insurance
Previous year
Overseas Medical Insurance
Previous year
Health (Total)
Previous year (Total)
Crop Insurance
Previous year
Previous year
Credit Guarantee
All Other Miscellaneous
Previous year
Grand Total
Previous year (Total)
BUSINESS FIGURES:
Name of the Insurer: Tata AIG General Insurance Co Ltd
irda
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74
6,247 6,247 8,161 8,161 - 29,608,763 29,608,763
6,155 6,155 13,492 13,492 - - 18,195,291 18,195,291
2,094 2,094 1,879 1,879 - 519,122 519,122
1,780 1,780 1,569 1,569 - - 436,832 436,832
- - - - - - -
- - - - - - - -
2,094 2,094 1,879 1,879 - - 519,122 519,122
1,780 1,780 1,569 1,569 - - 436,832 436,832
- - - - - -
- - - - - - - -
1,313 1,313 55 55 - 562,234 562,234
1,369 1,369 42 42 - - 249,121 249,121
1,644 1,644 47,741 47,741 - 110,402 110,402
1,310 1,310 30,734 30,734 - - 80,542 80,542
360 360 47,741 47,741 - -
258 258 30,734 30,734 - - - -
2,004 2,004 47,741 47,741 - - 110,402 110,402
1,568 1,568 30,734 30,734 - - 80,542 80,542
35 35 16 16 - 83,787 83,787
43 43 21 21 - - 66,016 66,016
570 570 107 107 - 293,561 293,561
403 403 84 84 - - 213,883 213,883
53 53 37 37 - 238,071 238,071
64 64 79 79 - - 242,578 242,578
1,509 1,509 538 538 - 628,931 628,931
1,613 1,613 378 378 - - 518,475 518,475
2,168 2,168 698 698 - - 1,244,350 1,244,350
2,123 2,123 562 562 - - 1,040,952 1,040,952
1,221 1,221 9,469 9,469 - 1,047,073 1,047,073
1,171 1,171 9,408 9,408 - - 596,946 596,946
- - - - - - -
- - - - - - - -
959 959 23,582 23,582 - 2,480,842 2,480,842
518 518 25,703 25,703 - - 2,525,867 2,525,867
959 959 23,582 23,582 - - 2,480,842 2,480,842
518 518 25,703 25,703 - - 2,525,867 2,525,867
- - - - - - -
- - - - - - - -
- - - - - - -
- - - - - - - -
102 102 809 809 - 1,500 1,500
60 60 495 495 - - 24,920 24,920
16,107 16,107 92,394 92,394 - - 35,574,287 35,574,287
14,744 14,744 82,005 82,005 - - 23,150,471 23,150,471
No. of Lives coveredin Social Sector
Amount of Premiumu/w in Social Sector
No. of Policiesin Rural Areas
For themonth
For themonth
For themonth
Up tothe month
For themonth
FOR AND UP TO THE MONTH OF APRIL, 2010
Amount of Premiumu/w in Rural Areas
No. ofLives covered *
Up tothe month
Up tothe month
Up tothe month
For themonth
Up tothe month
(Premium in Rs Lakhs)
irda
journ
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75
72 72 80 80 - -
106 106 57 57 - - - -
68 68 45 45 - -
44 44 30 30 - - - -
- - - - - -
- - - - - - - -
68 68 45 45 - - - - - -
44 44 30 30 - - - - - -
- - - - - -
- - - - - - - -
1 1 - - - -
4 4 4 4 - - - -
135 135 3,683 3,683 - -
79 79 1,621 1,621 - - - -
- - - - - -
- - - - - - - -
135 135 3,683 3,683 - - - - - -
79 79 1,621 1,621 - - - - - -
- - - - - -
1 1 1 1 - - - -
23 23 14 14 - -
16 16 20 20 - - - -
- - - - - -
- - - - - - - -
- - - - - -
- - - - - - - -
23 23 14 14 - - - - - -
17 17 21 21 - - - - - -
26 26 653 653 1 1 6,498 6,498
11 11 234 234 - - - -
- - - - - -
- - - - - - - -
264 264 144 144 - -
2 2 46 46 - - - -
264 264 144 144 - - - - - -
2 2 46 46 - - - - - -
- - - - - -
- - - - - - - -
- - - - - -
- - - - - - - -
68 68 640 640 - -
0 0 284 284 - - - -
656 656 5,259 5,259 1 1 6,498 6,498 - -
263 263 2,297 2,297 - - - - - -
non-life insurance
* Wherever applicable
LINE OF BUSINESS
Fire
Previous year
Marine Cargo
Previous year
Total Premium u/wTotal No. of
Policies IssuedAccretions during
the month (premium)Sum Assured
For themonth
Up tothe month
For themonth
Up tothe month
For themonth
Up tothe month
For themonth
Up tothe month
Marine Hull (IncludingOnshore & Offshore oil energy)
Previous year
Marine (Total)
Previous year (Total)
Aviation
Previous year
Engineering
Previous year
Motor Own Damage
Previous year
Motor Third party
Previous year
Motor (Total)
Previous year (Total)
Workmen's compensation /Employer's liability
Previous year
Public Liability
Previous year
Product Liability
Previous year
Other Liability Covers
Previous year
Liability (Total)
Previous year (Total)
Personal Accident
Previous year
Medical Insurance
Previous year
Overseas Medical Insurance
Previous year
Health (Total)
Previous year (Total)
Crop Insurance
Previous year
Previous year
Credit Guarantee
All Other Miscellaneous
Previous year
Grand Total
Previous year (Total)
BUSINESS FIGURES:
Name of the Insurer: The New India Assurance Co. Ltd
20130.02 20130.02 111369 111369 1967.61 1967.61 64162485.32 64162485.32
18162.41 18162.41 83986 83986 39171790.70 39171790.70
3248.18 3248.18 27615 27615 566.52 566.52 28328483.80 28328483.80
2681.66 2681.66 28433 28433 20645015.89 20645015.89
2073.24 2073.24 1805 1805 746.09 746.09 4534041.87 4534041.87
1327.15 1327.15 2625 2625 2292307.83 2292307.83
5321.42 5321.42 29420 29420 1312.61 1312.61 32862525.67 32862525.67
4008.81 4008.81 31058 31058 0.00 0.00 22937323.72 22937323.72
953.81 953.81 61 61 163.00 163.00 625714.16 625714.16
790.81 790.81 29 29 1336702.87 1336702.87
3106.23 3106.23 10457 10457 851.08 851.08 16904857.51 16904857.51
2255.15 2255.15 10847 10847 2795296.79 2795296.79
9968.47 9968.47 428027 428027 -204.68 -204.68 62009443.52 62009443.52
10173.15 10173.15 478707 478707 488611.82 488611.82
7547.47 7547.47 316702 316702 -253.76 -253.76
7801.23 7801.23 227297 227297
17515.94 17515.94 428027 428027 -458.44 -458.44 62009443.52 62009443.52
17974.38 17974.38 478707 478707 0.00 0.00 488611.82 488611.82
453 453 5507 5507 52.67 52.67 76267 76267
400 400 7463 7463 47152 47152
125 125 317 317 73.54 73.54 458016 458016
52 52 517 517 429980 429980
82 82 36 36 32.45 32.45 82972 82972
50 50 132 132 284471 284471
1293 1293 14903 14903 80.67 80.67 569445 569445
1212 1212 4379 4379 153727 153727
1953.62 1953.62 20763 20763 239.33 239.33 1186700.70 1186700.70
1714.29 1714.29 12491 12491 0.00 0.00 915330.14 915330.14
1556.77 1556.77 70216 70216 299.62 299.62 10337160.24 10337160.24
1257.15 1257.15 50742 50742 3487241.28 3487241.28
33012.61 33012.61 108685 108685 8386.35 8386.35 8405266.15 8405266.15
24626.26 24626.26 126563 126563 5279569.59 5279569.59
188.99 188.99 7388 7388 -30.38 -30.38 218219.02 218219.02
219.37 219.37 9036 9036 25827.67 25827.67
33201.60 33201.60 116073 116073 8355.97 8355.97 8623485.17 8623485.17
24845.63 24845.63 135599 135599 0.00 0.00 5305397.26 5305397.26
0 0 0 0 0.00 0.00 0 0
0 0 0 0 0 0
1 1 10 10 -4.17 -4.17 3 3
5 5 24 24 157279 157279
5386.06 5386.06 128542 128542 696.48 696.48 22695101.35 22695101.35
4689.58 4689.58 138207 138207 15229505.76 15229505.76
89126.05 89126.05 914938 914938 13423.09 13423.09 219407476.54 219407476.54
75702.96 75702.96 941690 941690 0.00 0.00 91824478.91 91824478.91
irda
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76
No. of Lives coveredin Social Sector
Amount of Premiumu/w in Social Sector
No. of Policiesin Rural Areas
For themonth
For themonth
For themonth
Up tothe month
For themonth
FOR AND UP TO THE MONTH OF APRIL, 2010
Amount of Premiumu/w in Rural Areas
No. ofLives covered *
Up tothe month
Up tothe month
Up tothe month
For themonth
Up tothe month
(Premium in Rs Lakhs)
590.94 590.94 9981 9981 449.92 449.92
823.69 823.69 10010 10010 263.01 263.01
118.04 118.04 953 953 99.22 99.22
52.09 52.09 997 997 66.87 66.87
11.99 11.99 34 34 43.46 43.46
3.36 3.36 18 18 4.25 4.25
130.03 130.03 987 987 142.68 142.68 0 0
55.45 55.45 1015 1015 71.12 71.12 0 0
109.23 109.23 476 476 75.89 75.89
71.67 71.67 550 550 74.68 74.68
570.70 570.70 43025 43025 712.19 712.19 1268.00 1268.00
640.36 640.36 69781 69781 477.22 477.22 1736.00 1736.00
434.22 434.22 80969 80969 385.87 385.87 2448.00 2448.00
496.94 496.94 30308 30308 307.28 307.28 1823.00 1823.00
1004.92 1004.92 80969 80969 1098.06 1098.06 3716 3716
1137.30 1137.30 69781 69781 784.50 784.50 3559 3559
27 27 384 384 44 44 2830 2830
70 70 361 361 40 40 3713 3713
0 0 6 6 10 10 0 0
0 0 5 5 1 1 0 0
0 0 0 0 0 0 0 0
1 1 1 1 9 9 0 0
59 59 726 726 26 26 1 1
93 93 402 402 30 30 27 27
86.50 86.50 1116 1116 79.69 79.69 2831 2831
163.09 163.09 769 769 80.38 80.38 3740 3740
93.48 93.48 6356 6356 176.04 176.04 55518 55518
65.20 65.20 4364 4364 40.90 40.90 121596 121596
515.32 515.32 12462 12462 383.03 383.03 225428 225428 1464745 1464745
404.97 404.97 28378 28378 637.69 637.69 10072115 10072115 1016290 1016290
6.17 6.17 575 575 12.39 12.39 951 951 7845 7845
6.70 6.70 621 621 10.00 10.00 2705 2705 3924 3924
521.49 521.49 13037 13037 395.42 395.42 226379 226379 1472590 1472590
411.67 411.67 28999 28999 647.69 647.69 10074820 10074820 1020214 1020214
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
641.66 641.66 31339 31339 278.72 278.72 26967 26967
562.52 562.52 29711 29711 334.08 334.08 5176586 5176586
3178.25 3178.25 144261 144261 2696.42 2696.42 315411 315411
3290.59 3290.59 145199 145199 2296.36 2296.36 15380301 15380301
irda
journ
alJu
ly2010
77
non-life insurance
* Wherever applicable
LINE OF BUSINESS
Fire
Previous year
Marine Cargo
Previous year
Total Premium u/wTotal No. of
Policies IssuedAccretions during
the month (premium)Sum Assured
For themonth
Up tothe month
For themonth
Up tothe month
For themonth
Up tothe month
For themonth
Up tothe month
Marine Hull (IncludingOnshore & Offshore oil energy)
Previous year
Marine (Total)
Previous year (Total)
Aviation
Previous year
Engineering
Previous year
Motor Own Damage
Previous year
Motor Third party
Previous year
Motor (Total)
Previous year (Total)
Workmen's compensation /Employer's liability
Previous year
Public Liability
Previous year
Product Liability
Previous year
Other Liability Covers
Previous year
Liability (Total)
Previous year (Total)
Personal Accident
Previous year
Medical Insurance
Previous year
Overseas Medical Insurance
Previous year
Health (Total)
Previous year (Total)
Crop Insurance
Previous year
Previous year
Credit Guarantee
All Other Miscellaneous
Previous year
Grand Total
Previous year (Total)
BUSINESS FIGURES:
Name of the Insurer: The Oriental Insurance Company Limited
irda
journ
alJu
ly2010
78
12647.68 12647.68 48806 48806 32106727.24 32106727.24
9831.47 9831.47 41155 41155 0.00 0.00
2545.85 2545.85 15214 15214 7370299.40 7370299.40
2067.06 2067.06 17875 17875 0.00 0.00
2073.53 2073.53 412 412 422091.14 422091.14
881.85 881.85 337 337 0.00 0.00
4619.38 4619.38 15626 15626 0.00 0.00 7792390.54 7792390.54
2948.91 2948.91 18212 18212 0.00 0.00 0.00 0.00
140.67 140.67 31 31 15993.84 15993.84
2223.06 2223.06 25 25 0.00 0.00
2977.03 2977.03 4386 4386 2020378.36 2020378.36
2156.62 2156.62 3909 3909 0.00 0.00
8059.24 8059.24 402172 402172 543423.58 543423.58
7265.65 7265.65 366774 366774 0.00 0.00
6742.37 6742.37 569731 569731
6117.54 6117.54 505902 4948967
14801.61 14801.61 569731 569731 0.00 0.00 543423.58 543423.58
13383.19 13383.19 505902 4948967 0.00 0.00 0.00 0.00
664.74 664.74 5925 5925 9909.76 9909.76
629.35 629.35 5315 5315 0.00 0.00
24.69 24.69 57 57 4291303.82 4291303.82
23.04 23.04 59 59 0.00 0.00
40.18 40.18 11 11 144845.16 144845.16
45.45 45.45 15 15 0.00 0.00
263.78 263.78 2634 2634 1937037.49 1937037.49
284.62 284.62 2446 2446 0.00 0.00
993.39 993.39 8627 8627 0.00 0.00 6383096.23 6383096.23
982.46 982.46 7835 7835 0.00 0.00 0.00 0.00
1613.12 1613.12 90617 90617 2503758.79 2503758.79
1157.62 1157.62 86870 86870 0.00 0.00
12861.22 12861.22 58574 58574 449100.03 449100.03
11786.03 11786.03 48820 48820 0.00 0.00
104.46 104.46 3316 3316 349474.11 349474.11
112.10 112.10 3209 3209 0.00 0.00
12965.68 12965.68 61890 61890 0.00 0.00 798574.14 798574.14
11898.13 11898.13 52029 52029 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00
0.00 0.00 0 0 0.00 0.00
0.00 0.00 0 0 0.00 0.00
0.00 0.00 0 0 0.00 0.00
6699.46 6699.46 95239 95239 1012449666.58 1012449666.58
4559.71 4559.71 86769 86769 0.00 0.00
57458.02 57458.02 894953 894953 0.00 0.00 1064614009.30 1064614009.30
49141.17 49141.17 802706 5245771 0.00 0.00 0.00 0.00
No. of Lives coveredin Social Sector
Amount of Premiumu/w in Social Sector
No. of Policiesin Rural Areas
For themonth
For themonth
For themonth
Up tothe month
For themonth
FOR AND UP TO THE MONTH OF APRIL, 2010
Amount of Premiumu/w in Rural Areas
No. ofLives covered *
Up tothe month
Up tothe month
Up tothe month
For themonth
Up tothe month
(Premium in Rs Lakhs)
irda
journ
alJu
ly2010
79
417.42 417.42 7396 7396 208.71 208.71 0.00 0.00
437.24 437.24 3976 3976 37.51 37.51 0.00 0.00
112.93 112.93 730 730 56.47 56.47 0.00 0.00
51.78 51.78 706 706 8.96 8.96 0.00 0.00
12.93 12.93 157 157 6.47 6.47 0.00 0.00
1.93 1.93 101 101 4.05 4.05 0.00 0.00
125.86 125.86 887 887 62.93 62.93 0 0
53.71 53.71 807 807 13.01 13.01 0 0
0.00 0.00 0 0 0 0 0 0
0.00 0.00 0 0 0 0 0 0
146.51 146.51 585 585 73 73 0 0
64.84 64.84 313 313 11 11 0 0
1473.88 1473.88 69147 69147 737 737 0 0
820.78 820.78 39047 39047 130 130 0 0
1270.39 1270.39 96520 96520 635 635 2472293 2472293
720.66 720.66 54299 54299 127 127 0 0
2744.27 2744.27 96520 96520 1372.14 1372.14 2472293 2472293
1541.44 1541.44 54299 54299 257.45 257.45 0 0
81.53 81.53 984 984 41 41 110026 110026
36.62 36.62 541 541 8 8 0 0
0.29 0.29 1 1 0 0 0 0
0.29 0.29 1 1 0 0 0 0
0.00 0.00 0 0 0 0 0 0
0.14 0.14 2 2 0 0 0 0
31.97 31.97 214 214 16 16 109071 109071
23.75 23.75 125 125 2 2 0 0
113.79 113.79 1199 1199 56.90 56.90 219097 219097
60.80 60.80 669 669 10.05 10.05 0 0
98.01 98.01 20945 20945 49 49 219098 219098
44.79 44.79 11742 11742 15 15 0 0
171.25 171.25 3211 3211 86 86 185194 185194
81.90 81.90 2387 2387 294 294 0 0
2.82 2.82 78 78 1 1 125 125
2.30 2.30 31 31 1 1 0 0
174.07 174.07 3289 3289 87.04 87.04 185319 185319 0 0
84.20 84.20 2418 2418 294.54 294.54 0 0 0 0
0.00 0.00 0 0 0 0 0 0
0.00 0.00 0 0 0 0 0 0
0.00 0.00 0 0 0 0 0 0
0.00 0.00 0 0 0 0 0 0
1246.32 1246.32 27959 27959 623 623 1478624 1478624
594.04 594.04 19075 19075 29 29 1903 1903
5066.25 5066.25 158780 158780 2533.13 2533.13 4574431 4574431 0 0
2881.06 2881.06 93299 93299 667.57 667.57 1903 1903 0 0
non-life insurance
* Wherever applicable
LINE OF BUSINESS
Fire
Previous year
Marine Cargo
Previous year
Total Premium u/wTotal No. of
Policies IssuedAccretions during
the month (premium)Sum Assured
For themonth
Up tothe month
For themonth
Up tothe month
For themonth
Up tothe month
For themonth
Up tothe month
Marine Hull (IncludingOnshore & Offshore oil energy)
Previous year
Marine (Total)
Previous year (Total)
Aviation
Previous year
Engineering
Previous year
Motor Own Damage
Previous year
Motor Third party
Previous year
Motor (Total)
Previous year (Total)
Workmen's compensation /Employer's liability
Previous year
Public Liability
Previous year
Product Liability
Previous year
Other Liability Covers
Previous year
Liability (Total)
Previous year (Total)
Personal Accident
Previous year
Medical Insurance
Previous year
Overseas Medical Insurance
Previous year
Health (Total)
Previous year (Total)
Crop Insurance
Previous year
Previous year
Credit Guarantee
All Other Miscellaneous
Previous year
Grand Total
Previous year (Total)
BUSINESS FIGURES:
Name of the Insurer: United India Insurance Company Limited
11297.00 11297.00 73087 73087 2455.00 2455.00 18133226 18133226
8842.00 8842.00 70424 70424 -369.00 -369.00 14192616 14192616
3559.00 3559.00 25186 25186 1115.00 1115.00 7556263 7556263
2444.00 2444.00 24285 24285 107.49 107.49 5347921 5347921
905.00 905.00 1469 1469 -60.00 -60.00 323214 323214
965.00 965.00 1002 1002 730.51 730.51 311090 311090
4464.00 4464.00 26655 26655 1055.00 1055.00 7879478 7879478
3409.00 3409.00 25287 25287 838.00 838.00 5659011 5659011
12.92 12.92 47 47 4.05 4.05 1938 1938
8.87 8.87 42 42 3.97 3.97 1305 1305
3387.00 3387.00 8504 8504 1153.00 1153.00 1466234 1466234
2234.00 2234.00 7661 7661 -376.00 -376.00 989722 989722
8839.00 8839.00 403032 403032 405.00 405.00 1254207 1254207
8434.00 8434.00 401390 401390 930.81 930.81 1050887 1050887
7769.00 7769.00 667958 667958 1681.00 1681.00
6088.00 6088.00 588649 588649 388.19 388.19
16608.00 16608.00 667958 667958 2086.00 2086.00 1254207 1254207
14522.00 14522.00 588649 588649 1319.00 1319.00 1050887 1050887
481.02 481.02 5958 5958 63.75 63.75
417.27 417.27 5179 5179 32.13 32.13
121.58 121.58 1078 1078 -29.18 -29.18 24316 24316
150.76 150.76 664 664 -2.19 -2.19 27411 27411
68.37 68.37 194 194 26.11 26.11 13606 13606
42.26 42.26 159 159 -0.71 -0.71 8771 8771
326.20 326.20 2529 2529 9.31 9.31 99246 99246
316.89 316.89 2161 2161 39.54 39.54 94590 94590
997.17 997.17 9759 9759 69.99 69.99 137168 137168
927.18 927.18 8163 8163 68.77 68.77 130772 130772
1161.89 1161.89 36946 36946 341.91 341.91 3827047 3827047
819.98 819.98 33234 33234 58.41 58.41 2958230 2958230
14512.00 14512.00 103603 103603 2936.95 2936.95 2004620 2004620
11575.05 11575.05 96676 96676 3607.88 3607.88 1865685 1865685
764.00 764.00 8128 8128 256.05 256.05 224838 224838
507.95 507.95 6528 6528 5.12 5.12 150060 150060
15276.00 15276.00 111731 111731 3193.00 3193.00 2229458 2229458
12083.00 12083.00 103204 103204 3613.00 3613.00 2015745 2015745
0.00 0.00 0 0 0.00 0.00
0.00 0.00 0 0 0.00 0.00
0.00 0.00 0 0 0.00 0.00
0.00 0.00 0 0 0.00 0.00
6588.02 6588.02 165407 165407 93.06 93.06 1269955 1269955
6494.96 6494.96 156740 156740 382.84 382.84 1210803 1210803
59792.00 59792.00 1100094 1100094 10451.00 10451.00 36198712 36198712
49341.00 49341.00 993404 993404 5539.00 5539.00 28209092 28209092
irda
journ
alJu
ly2010
80
No. of Lives coveredin Social Sector
Amount of Premiumu/w in Social Sector
No. of Policiesin Rural Areas
For themonth
For themonth
For themonth
Up tothe month
For themonth
FOR AND UP TO THE MONTH OF APRIL, 2010
Amount of Premiumu/w in Rural Areas
No. ofLives covered *
Up tothe month
Up tothe month
Up tothe month
For themonth
Up tothe month
(Premium in Rs Lakhs)
615.82 615.82 11005 11005 0.00 0.00 0 0
443.14 443.14 9825 9825 195.19 195.19 245 245
94.20 94.20 1806 1806 0.00 0.00 0 0
60.29 60.29 1393 1393 45.14 45.14 95 95
10.79 10.79 195 195 0.00 0.00 0 0
6.18 6.18 58 58 4.96 4.96 0 0
105.00 105.00 2001 2001 0.00 0.00 0 0
66.47 66.47 1450 1450 50.10 50.10 95 95
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
141.37 141.37 1064 1064 0.00 0.00 0 0
117.11 117.11 880 880 43.86 43.86 26 26
1334.25 1334.25 65633 65633 0.00 0.00 0 0
1196.70 1196.70 61032 61032 221.60 221.60 2410 2410
932.36 932.36 104586 104586 0.00 0.00 0 0
818.15 818.15 84020 84020 128.03 128.03 1092 1092
2266.61 2266.61 104586 104586 0.00 0.00 0 0
2014.85 2014.85 84020 84020 349.63 349.63 3502 3502
42.43 42.43 879 879 14.79 14.79 41 41
36.74 36.74 767 767 11.31 11.31 20 20
8.18 8.18 93 93 0.00 0.00 0 0
3.10 3.10 65 65 2.40 2.40 0 0
2.16 2.16 18 18 0.00 0.00 0 0
1.34 1.34 0 0 1.45 1.45 0 0
12.27 12.27 287 287 0.00 0.00 0 0
9.34 9.34 153 153 6.12 6.12 0 0
65.04 65.04 1277 1277 14.79 14.79 41 41
50.52 50.52 984 984 21.28 21.28 20 20
166.09 166.09 4755 4755 219.84 219.84 12152 12152
67.63 67.63 4364 4364 138.32 138.32 8168 8168
305.55 305.55 7980 7980 1916.15 1916.15 60072 60072 5869 5869
270.34 270.34 6268 6268 224.95 224.95 33643 33643 4681 4681
16.49 16.49 740 740 2.73 2.73 130 130 319 319
13.09 13.09 562 562 3.54 3.54 289 289 212 212
322.04 322.04 8720 8720 1918.88 1918.88 60202 60202 6188 6188
283.43 283.43 6830 6830 228.49 228.49 33932 33932 4893 4893
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
1010.47 1010.47 35884 35884 286.64 286.64 4568 4568
907.40 907.40 32220 32220 190.48 190.48 4305 4305
4692.43 4692.43 169292 169292 2440.15 2440.15 76963 76963 6188 6188
3950.55 3950.55 140573 140574 1217.34 1217.34 50293 50293 4893 4893
irda
journ
alJu
ly2010
81
non-life insurance
* Wherever applicable
LINE OF BUSINESS
Fire
Previous year
Marine Cargo
Previous year
Total Premium u/wTotal No. of
Policies IssuedAccretions during
the month (premium)Sum Assured
For themonth
Up tothe month
For themonth
Up tothe month
For themonth
Up tothe month
For themonth
Up tothe month
Marine Hull (IncludingOnshore & Offshore oil energy)
Previous year
Marine (Total)
Previous year (Total)
Aviation
Previous year
Engineering
Previous year
Motor Own Damage
Previous year
Motor Third party
Previous year
Motor (Total)
Previous year (Total)
Workmen's compensation /Employer's liability
Previous year
Public Liability
Previous year
Product Liability
Previous year
Other Liability Covers
Previous year
Liability (Total)
Previous year (Total)
Personal Accident
Previous year
Medical Insurance
Previous year
Overseas Medical Insurance
Previous year
Health (Total)
Previous year (Total)
Crop Insurance
Previous year
Previous year
Credit Guarantee
All Other Miscellaneous
Previous year
Grand Total
Previous year (Total)
BUSINESS FIGURES:
Name of the Insurer: Universal Sompo
irda
journ
alJu
ly2010
82
425.42 425.42 6706 6706 131.58 131.58 501019.54 501019.54
293.84 293.84 4239 4239 280.89 280.89 252002.57 252002.57
116.87 116.87 64 64 67.20 67.20 748654.67 748654.67
49.67 49.67 68 68 49.67 49.67 91999.16 91999.16
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
116.87 116.87 64 64 67.20 67.20 748654.67 748654.67
49.67 49.67 68 68 49.67 49.67 91999.16 91999.16
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
152.85 152.85 70 70 30.93 30.93 38340.15 38340.15
121.92 121.92 67 67 121.92 121.92 13906.60 13906.60
972.40 972.40 35909 35909 862.79 862.79 83548.35 83548.35
109.61 109.61 2385 2385 109.61 109.61 8381.73 8381.73
341.17 341.17 0 0 341.17 341.17
0.00 0.00 0 0 0.00 0.00
1313.57 1313.57 35909 35909 1203.96 1203.96 83548.35 83548.35
109.61 109.61 2385 2385 109.61 109.61 8381.73 8381.73
3.16 3 24 24 -0.27 -0.27 436 436
3.43 3.43 8 8 3.43 3.43 566.80 566.80
3.27 3.27 3 3 2.68 2.68 5400 5400
0.59 0.59 5 5 0.59 0.59 1282.00 1282.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
14 14 9 9 13.70 13.70 3390 3390
0 0 0 0 0 0 0 0
20.13 20.13 36 36 16.11 16.11 9226.37 9226.37
4.02 4.02 13 13 4.02 4.02 1848.80 1848.80
59.45 59.45 341 341 -558.37 -558.37 285574.75 285574.75
617.82 617.82 76 76 617.82 617.82 7278094.13 7278094.13
500.16 500.16 2259 2259 71.51 71.51 41802.05 41802.05
428.65 428.65 1006 1006 428.65 428.65 41665.25 41665.25
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
500.16 500.16 2259 2259 71.51 71.51 41802.05 41802.05
428.65 428.65 1006 1006 428.65 428.65 41665.25 41665.25
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
212.09 212.09 9123 9123 -25.85 -25.85 120305.64 120305.64
237.94 237.94 7997 7997 237.94 237.94 115204.93 115204.93
2800.54 2800.54 54508 54508 937.07 937.07 1828471.52 1828471.52
1863.47 1863.47 15851 15851 1850.52 1850.52 7803103.16 7803103.16
No. of Lives coveredin Social Sector
Amount of Premiumu/w in Social Sector
No. of Policiesin Rural Areas
For themonth
For themonth
For themonth
Up tothe month
For themonth
FOR AND UP TO THE MONTH OF APRIL, 2010
Amount of Premiumu/w in Rural Areas
No. ofLives covered *
Up tothe month
Up tothe month
Up tothe month
For themonth
Up tothe month
(Premium in Rs Lakhs)
irda
journ
alJu
ly2010
83
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0 0 0
0.00 0.00 0 0 0 0 0 0
0.00 0.00 0 0 0 0 0 0
0.00 0.00 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0 0 0
0.00 0.00 0 0 0.00 0.00 0 0 0 0
0.00 0.00 0 0 0.00 0.00 0 0 0 0
0.00 0.00 0 0 0.00 0.00 0 0 0 0
0.00 0.00 0 0 0.00 0.00 0 0 0 0
0.00 0.00 0 0 0.00 0.00 0 0 0 0
0.00 0.00 0 0 0 0 0 0
0.00 0.00 0 0 0 0 0 0
0.00 0.00 0 0 0 0 0 0
0.00 0.00 0 0 0 0 0 0
85.43 85.43 3431 3431 0 0.00 0 0
38.88 38.88 1627 1627 0 0.00 0 0
85.43 85.43 3431 3431 0.00 0.00 0 0 0 0
38.88 38.88 1627 1627 0.00 0.00 0 0 0 0
non-life insurance
* Wherever applicable
LINE OF BUSINESS
Fire
Previous year
Marine Cargo
Previous year
Total Premium u/wTotal No. of
Policies IssuedAccretions during
the month (premium)Sum Assured
For themonth
Up tothe month
For themonth
Up tothe month
For themonth
Up tothe month
For themonth
Up tothe month
Marine Hull (IncludingOnshore & Offshore oil energy)
Previous year
Marine (Total)
Previous year (Total)
Aviation
Previous year
Engineering
Previous year
Motor Own Damage
Previous year
Motor Third party
Previous year
Motor (Total)
Previous year (Total)
Workmen's compensation /Employer's liability
Previous year
Public Liability
Previous year
Product Liability
Previous year
Other Liability Covers
Previous year
Liability (Total)
Previous year (Total)
Personal Accident
Previous year
Medical Insurance
Previous year
Overseas Medical Insurance
Previous year
Health (Total)
Previous year (Total)
Crop Insurance
Previous year
Previous year
Credit Guarantee
All Other Miscellaneous
Previous year
Grand Total
Previous year (Total)
BUSINESS FIGURES:
Name of the Insurer: Agriculture Insurance Company of India Ltd.
4585.32 4581.77
7149.32 81502.02
4585.32 4581.77
7149.32 81502.02
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No. of Lives coveredin Social Sector
Amount of Premiumu/w in Social Sector
No. of Policiesin Rural Areas
For themonth
For themonth
For themonth
Up tothe month
For themonth
FOR AND UP TO THE MONTH OF APRIL, 2010
Amount of Premiumu/w in Rural Areas
No. ofLives covered *
Up tothe month
Up tothe month
Up tothe month
For themonth
Up tothe month
(Premium in Rs Lakhs)
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non-life insurance
* Wherever applicable
LINE OF BUSINESS
Fire
Previous year
Marine Cargo
Previous year
Total Premium u/wTotal No. of
Policies IssuedAccretions during
the month (premium)Sum Assured
For themonth
Up tothe month
For themonth
Up tothe month
For themonth
Up tothe month
For themonth
Up tothe month
Marine Hull (IncludingOnshore & Offshore oil energy)
Previous year
Marine (Total)
Previous year (Total)
Aviation
Previous year
Engineering
Previous year
Motor Own Damage
Previous year
Motor Third party
Previous year
Motor (Total)
Previous year (Total)
Workmen's compensation /Employer's liability
Previous year
Public Liability
Previous year
Product Liability
Previous year
Other Liability Covers
Previous year
Liability (Total)
Previous year (Total)
Personal Accident
Previous year
Medical Insurance
Previous year
Overseas Medical Insurance
Previous year
Health (Total)
Previous year (Total)
Crop Insurance
Previous year
Previous year
Credit Guarantee
All Other Miscellaneous
Previous year
Grand Total
Previous year (Total)
BUSINESS FIGURES:
Name of the Insurer: Apollo Munich Health Insurance Company Limited
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
32.25 32.25 1072 1072 32.25 32.25 11908.63 11908.63
0.53 0.53 107 107 0.53 0.53 12030.08 12030.08
1687.68 1687.68 24352 24352 1687.68 1687.68 22119.71 22119.71
432.53 432.53 1726 1726 432.53 432.53 29594.88 29594.88
62.54 62.54 2160 2160 62.54 62.54 163029.75 163029.75
50.91 50.91 2496 2496 50.91 50.91 161062.50 161062.50
1750.22 1750.22 26512 26512 1750.22 1750.22 185149.46 185149.46
483.44 483.44 4222 4222 483.44 483.44 190657.38 190657.38
68.30 68.30 41405 41405 68.30 68.30 207025.00 207025.00
30.20 30.20 30044 30044 30.20 30.20 149960.00 149960.00
1850.77 1850.77 68989 68989 1850.77 1850.77 404083.09 404083.09
514.17 514.17 34373 34373 514.17 514.17 352647.46 352647.46
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No. of Lives coveredin Social Sector
Amount of Premiumu/w in Social Sector
No. of Policiesin Rural Areas
For themonth
For themonth
For themonth
Up tothe month
For themonth
FOR AND UP TO THE MONTH OF APRIL, 2010
Amount of Premiumu/w in Rural Areas
No. ofLives covered *
Up tothe month
Up tothe month
Up tothe month
For themonth
Up tothe month
(Premium in Rs Lakhs)
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.10 0.10 810 810 0.25 0.25 926 926
0.00 0.00 0 0 0.00 0.00 0 0 71462 71462
9203 9203
0.00 0.00 0 0 0.00 0.00 0 0 2642 2642
2807 2807
0.00 0.00 0 0 0.00 0.00 0 0 74104 74104
0.00 0.00 0 0 0.00 0.00 0 0 12010 12010
0.10 0.10 810 810 0.25 0.25 926 956 74104 74104
0.00 0.00 0 0 0.00 0.00 0 0 12010 12010
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non-life insurance
* Wherever applicable
LINE OF BUSINESS
Fire
Previous year
Marine Cargo
Previous year
Total Premium u/wTotal No. of
Policies IssuedAccretions during
the month (premium)Sum Assured
For themonth
Up tothe month
For themonth
Up tothe month
For themonth
Up tothe month
For themonth
Up tothe month
Marine Hull (IncludingOnshore & Offshore oil energy)
Previous year
Marine (Total)
Previous year (Total)
Aviation
Previous year
Engineering
Previous year
Motor Own Damage
Previous year
Motor Third party
Previous year
Motor (Total)
Previous year (Total)
Workmen's compensation /Employer's liability
Previous year
Public Liability
Previous year
Product Liability
Previous year
Other Liability Covers
Previous year
Liability (Total)
Previous year (Total)
Personal Accident
Previous year
Medical Insurance
Previous year
Overseas Medical Insurance
Previous year
Health (Total)
Previous year (Total)
Crop Insurance
Previous year
Previous year
Credit Guarantee
All Other Miscellaneous
Previous year
Grand Total
Previous year (Total)
BUSINESS FIGURES:
Name of the Insurer: Export Credit Guarantee Corporation of India Ltd
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
6854 6854 814 814 1147 1147 238200 238200
5707 5707 925 925 1001 1001 257360 257360
6854.40 6854.40 814 814 1147.39 1147.39 238199.73 238199.73
5707.01 5707.01 925 925 1000.99 1000.99 257360.00 257360.00
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No. of Lives coveredin Social Sector
Amount of Premiumu/w in Social Sector
No. of Policiesin Rural Areas
For themonth
For themonth
For themonth
Up tothe month
For themonth
FOR AND UP TO THE MONTH OF APRIL, 2010
Amount of Premiumu/w in Rural Areas
No. ofLives covered *
Up tothe month
Up tothe month
Up tothe month
For themonth
Up tothe month
(Premium in Rs Lakhs)
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
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non-life insurance
* Wherever applicable
LINE OF BUSINESS
Fire
Previous year
Marine Cargo
Previous year
Total Premium u/wTotal No. of
Policies IssuedAccretions during
the month (premium)Sum Assured
For themonth
Up tothe month
For themonth
Up tothe month
For themonth
Up tothe month
For themonth
Up tothe month
Marine Hull (IncludingOnshore & Offshore oil energy)
Previous year
Marine (Total)
Previous year (Total)
Aviation
Previous year
Engineering
Previous year
Motor Own Damage
Previous year
Motor Third party
Previous year
Motor (Total)
Previous year (Total)
Workmen's compensation /Employer's liability
Previous year
Public Liability
Previous year
Product Liability
Previous year
Other Liability Covers
Previous year
Liability (Total)
Previous year (Total)
Personal Accident
Previous year
Medical Insurance
Previous year
Overseas Medical Insurance
Previous year
Health (Total)
Previous year (Total)
Crop Insurance
Previous year
Previous year
Credit Guarantee
All Other Miscellaneous
Previous year
Grand Total
Previous year (Total)
BUSINESS FIGURES:
Name of the Insurer: Star Health and Allied Insurance Company Limited
0 0 0.00 0.00
0 0 0.00 0.00
0 0 0.00 0.00
0 0 0.00 0.00
0 0 0.00 0.00
0 0 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0 0 0.00 0.00
0 0 0.00 0.00
0 0 0.00 0.00
0 0 0.00 0.00
0 0 0.00 0.00
0 0 0.00 0.00
0 0
0 0
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
95.91 95.91 9074 9074 66.64 66.64 180089.16 180089.16
29.27 29.27 5542 5542 2.20 2.20 33482.19 33482.19
20157.20 20157.20 46328 46328 6173.71 6173.71 10177704.40 10177704.40
13983.49 13983.49 25794 25794 8228.52 8228.52 10121657.95 10121657.95
122.98 122.98 3886 3886 52.74 52.74 373117.46 373117.46
70.24 70.24 2066 2066 32.40 32.40 172027.54 172027.54
20280.18 20280.18 50214 50214 6226.45 6226.45 10550821.86 10550821.86
14053.73 14053.73 27860 27860 8260.92 8260.92 10293685.49 10293685.49
27.62 27.62 9899 9899 -8.01 -8.01 98990 98990.00
35.63 35.63 12756 12756 34.41 34.41 127560.00 127560.00
20403.71 20403.71 69187 69187 6285.08 6285.08 10829901.02 10829901.02
14118.63 14118.63 46158 46158 8297.53 8297.53 10454727.68 10454727.68
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No. of Lives coveredin Social Sector
Amount of Premiumu/w in Social Sector
No. of Policiesin Rural Areas
For themonth
For themonth
For themonth
Up tothe month
For themonth
FOR AND UP TO THE MONTH OF APRIL, 2010
Amount of Premiumu/w in Rural Areas
No. ofLives covered *
Up tothe month
Up tothe month
Up tothe month
For themonth
Up tothe month
(Premium in Rs Lakhs)
0.00 0.00 0 0 0.00 0.00 0 0 0 0
0.00 0.00 0 0 0.00 0.00 0 0 0 0
0.00 0.00 0 0 0.00 0.00 0 0 0 0
0.00 0.00 0 0 0.00 0.00 0 0 0 0
0.00 0.00 0 0 0.00 0.00 0 0 0 0
0.00 0.00 0 0 0.00 0.00 0 0 0 0
13.46 13.46 3792 3792 72.89 72.89 53846 53846.00
11.39 11.39 2082 2082 14.08 14.08 20440 20440.00
504.99 504.99 15717 15717 19405.45 19405.45 26344 26344.00 24335544 24335544
232.27 232.27 10344 10344 13586.42 13586.42 24277095 24277095.00 24295696 24295696
23.90 23.90 760 760 61.10 61.10 2062 2062.00 3886 3886
18.09 18.09 502 502 35.01 35.01 1000 1000.00 2066 2066
528.89 528.89 16477 16477 19466.55 19466.55 28406 28406 24339430 24339430
250.36 250.36 10846 10846 13621.43 13621.43 24278095 24278095 24297762 24297762
27.62 27.62 9899 9899
35.63 35.63 12576 12576
542.35 542.35 20269 20269 19567.06 19567.06 92151 92151 24339430 24339430
261.75 261.75 12928 12928 13671.14 13671.14 24311111 24311111 24297762 24297762
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SPREAD THE WORK...The above advertisement is issued by IRDA in the Public interest.
Those wishing to publish it for spreading consumer awareness of Insurancemay use this artwork for reproduction.
events
13 15 July 2010London By
22 23 July 2010Ho Chi Minh City, By
Vietnam
15 17 July 2010NIA, Pune By
19 21 July 2010NIA, Pune By
25 29 July 2010Singapore By
30 July 2010New Delhi By
02 07 Aug 2010NIA, Pune By
12 14 Aug 2010NIA, Pune By
23 25 Aug 2010NIA, Pune By
30 Aug 1 Sep 2010NIA, Pune By
International Takaful Summit
4th Asian Conference on Microinsurance
Reinsurance Management
Rural & Micro-insurance
World Risk and Insurance Economics Congress
De-Bottlenecking the Health Insurance Growth
Risk-based Underwriting (Non-life)
Financial Risk Insurance
Management of Motor Underwriting & Claims (OD)
Workshop on Micro-Insurance
Takaful House PJSC, Dubai
Asia Insurance Review, Singapore
National Insurance Academy
National Insurance Academy
APRIA, Singapore; & others
FICCI
National Insurance Academy
National Insurance Academy
National Insurance Academy
National Insurance Academy
Venue:
Venue:
Venue:
Venue:
Venue:
Venue:
Venue:
Venue:
Venue:
Venue:
The failure of systems and processes featured strongly in the recent financial crisis. Failure
by Boards and senior management to exercise effective risk management oversight led to
serious consequences for some financial institutions.
We want to ensure the legislation ultimately enacted addresses issues, gaps or weaknesses
exposed by actual events; and avoids unnecessary or counterproductive changes to
healthy and functioning elements of the financial system.
We noted that uncertainties continued to cloud the global economic outlook, and global
financial markets remained vulnerable to aftershocks.
Though global conditions have improved, recent developments in Europe have once
again unsettled financial markets as doubts have arisen over the fiscal sustainability of
several countries in the Euro zone.
Crucial to the long-term resilience and continued sustainability of financial institutions is
the presence of an effective board to provide oversight, strategic guidance, and to
inculcate strong governance and risk management culture within the organisation.
This (the Ordinance on ULIPs) is a positive development for insurance companies and
would also boost policyholders' confidence in ULIPs.
Mr Andrew Khoo
Ms. Jane L. Cline
Mr. John F. Laker
Mr. Lim Hng Kiang
Mr. Dato' Muhammad bin Ibrahim
Mr. J. Hari Narayan
Assistant Managing Director, Monetary Authority of Singapore
NAIC President and West Virginia Insurance Commissioner
Chairman, Australian Prudential Regulation Authority
Minister for Trade and Industry, Government of Singapore
Deputy Governor, Bank Negara Malaysia
Chairman, Insurance Regulatory & Development Authority, India.
RNI No: APBIL/2002/9589
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If undelivered please return to:
IRDA, Parishram Bhavan, 3 Floor, Basheer Bagh, Hyderabad - 500 004. Ph: +91-40-23381100rd
