Insurance Concepts and IRDA [Insurance Regulatory and Development Authority]

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Brief Introduction about Insurance

Insurance is a federal subject in India. It is a subject matter of solicitation. The legislations that deal with insurance business in India are Insurance Act, 1938 and Insurance Regulatory & Development Authority Act (IRDA), 1999.

Insurance is defined as is a form of risk management primarily used to hedge against unforeseen risks of contingent losses. Another definition for Insurance is the equitable transfer of the risks from the possibility of occurrence of losses, from one entity to another (or host of others), by the method of diversification in exchange for a premium. As a result the ramifications of a large and devastating loss can be minimized to a great extent.

IRDA

An Insurer is a company designing, promoting and selling the insurance products and services amongst the public. An insured or policyholder is the person or entity purchasing the insurance products and services. Risk management, the practice of appraising and controlling everpervading risks, has evolved as a discrete field of study and practice. The study of Insurance incorporates the discipline of Risk Management which acts as a driving force.

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smlibra

I wish to lodge a complaint against SBI Insurance Co. Ltd. with you. How I can proceed in this matter. I am from Delhi. Sushma Malhotra.

IF I AM EMERGENCY ADMITE SERIAS CONDITION IN HOSPITAL.THAT TIME I AM NOT CHECK THE HOSPIRAL REGISTRATION and NOT COUNT NUMBER OF BEDS. and HOSPITAL HAS LESS THAN 10 BED REGISTRATION. CAN INSURANCE COPMANY REIMBURSMENT OF CLAIM ?

pinto

Dear Sir, I have a insurance policy Kotak Mahindra, and paid only one lakh and the other cheque when I sent out it came back undeliverable. I am an NRI. Now when I am writing to Kotak Mahindra regarding the reimbursement of my money they are not replying. Is there a email id or place where I can lodge a complain

Myself and my wife aged abot 70 Years [and in good Health so far] have Health Insurance Policy (presently of Rs. 2.25 each) for the last Ten Years with No Claim so far. It is due for renewal shortly. We propose to change Scheme to Family Medicare Policy Flotter subsequently. Will we get benefit of old Policy in the new scheme? De-facto, it is continuance of Health Policy with change of scheme only Jagdish

knowall

It is very good. After all, the Chairman of a regulatory body like the IRDA should have domain knowledge on Insurance. For far too long the country has suffered with retired IAS officers getting mansabs or sinecures as Chairmen of these bodies

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