IRDA - What is new (August 2009)

Here are the new regulations/guidelines/publication posted at IRDA site for this month (August 2009):

• Unit Linked Products- Cap on Charges
• Employment Notice (Last Date:10/09/2009) Application format for Employment Notice(Last Date : 10/09/2009)
• Requirement of PAN for Insurance Products
• Role of Appointed Actuaries
• Public Notice
• Insurance Qualification of the Corporate Agent
• Guidelines on Corporate Governance for the Insurance Sector
• Audit of Investment Risk Management Systems & Process, Internal / Concurrent Audit
  Notice- Surveyor-Nov 2009 Examination

This might be a partial list, please visit IRDA site and click 'What is New?' for the complete list.

Mutual or publicly owned: Which is best insurance company

Did you ever care if you are buying the policy from Mutual or publicly owned insurance company ? I know after what happend to AIG, people are more careful now a days.
Okay let me ask you this, do you know the what is Mutual insurance company and Publicly owned insurance company.

Simple definition:
Mutual insurance companies are owned by policyholders.
Publicly owned insurance companies are owned by stockholders.

Article below brings some interesting points about what to consider before you choose an insurance company -
Read on - Mutual or publicly owned: Which is best insurance company for you?

Insurance Company accused of fraud

I cannot believe how an Insurance companies can give reasons such as 'not compatible with the system changes' for switching funds...!! Specially when this is one of the policy provisions. System limitation is clearly insurance companies problem, why customer should suffer.

The insurance company, Aviva Life Insurance Co India Pvt Ltd, has been accused by Dr Ram Kapoor of fraud as the company, he alleged, changed his policies, resulting in a major financial setback for him.
Read on the complete article - Insurance Co accused of fraud