Monday, April 14, 2008

IRDA fines 10 insurers

The Insurance Regulatory and Development Authority (Irda) has fined 10 insurance companies, including both the insurance arms of the Bajaj Auto Group, Reliance General, United India, Iffco-Tokio, New India Assurance and Shriram Life for non-compliance with various guidelines.
More on - IRDA fines 10 insurers and Watchdog penalises top insurers

One might ask .. what is IRDA anyways ?
IRDA is established by Parliament(India) to protect the interests of the policyholders, to regulate, promote, and ensure orderly growth of the insurance industry.

To know more about IRDA, visit

Sunday, April 6, 2008

Celebration of springtime and harvest - Gudi Padwa (Maharashtra, India)

Now something off the insurance subject ...
In Maharashtra, the new year is celebrated as Gudi Padwa - a festival that heralds the advent of spring (March-April). Early on the morning of the first day of the Chaitra month, people finish their ablutions, wear new clothes and decorate their houses with colorful "rangoli" patterns. A silk banner is raised and worshipped, and greetings and sweets are exchanged. People hang "gudis" on their windows on this day to celebrate Mother Nature's bounty. A "gudi" is a decorated pole with a brass or a silver vessel placed on it.

It's Ugadi in Andhra & Karnataka!The Telugu and the Kannada New Year falls on the first day of the month of Chaitra (March-April). People in Andhra Pradesh and Karnataka states in the South of India believe that Lord Brahma began the creation of the universe on this auspicious day of Ugadi.

Wednesday, April 2, 2008

How your insurance policy is underwritten

Wondering how insurance company assesses risks ? Here is an article that gives a layman's overview on how the insurance policy is underwritten, risk considerations, factors on which premiums are based on etc.

When you purchase a life insurance policy, you maybe aware that the premiums that you pay will depend on the insurance underwriter's calculation of risk, and how much they believe you will cost the policy. However this is not the only factor to influence how much you pay for your policy.
Want to know more ? Read on - How your insurance policy is underwritten