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<keyword id="22053621" type="General" weightage="20" keywordseo="Insurance-regulator-IRDA" source="keywords" meta.keywordsubtype="org" meta.entityname="Insurance regulator IRDA" meta.hostid="261" meta.entityid="Insurance regulator IRDA">Insurance regulator IRDA</keyword> has introduced sweeping reforms for various <keyword id="19936531" type="General" weightage="100" keywordseo="life-insurance" source="keywords">life insurance</keyword> products. In its master circular dated 12th June, 2024, the insurance watchdog laid out a slew of customer-friendly directives for life insurance companies to follow with immediate effect. Read on to know all about how these new rules will impact you : <cmsannotation type="cmsannotation" annotationid="Customer information sheet" comment="subhead" text="Customer information sheet"><keyword id="22033784" type="General" weightage="20" keywordseo="customer-information-sheet" source="keywords">Customer information sheet</keyword></cmsannotation> Going ahead, all life insurance companies will have to mandatorily provide their policyholders with a CIS, or Customer Information Sheet. This will serve to explain to them the basic features of the policy in very simple terms, and will include essential details like sum assured, benefits, policy loan options, free-look period and procedures for making claims and redressing grievances. In addition, benefits payable to the policyholder if they survive the policy tenure (maturity benefits), upon death and surrender of policy should also be clearly spelt out. Along with this, the policyholders are also entitled to a customised illustration of how the policy will benefit them while they are being sold the policy. CIS should also be made available to the policyholder in their local language on request. <cmsannotation type="cmsannotation" annotationid="Free-look and grace period" comment="subhead" text="Free-look and grace period"><keyword id="22053620" type="General" weightage="20" keywordseo="Free-look-and-Grace-Period" source="Orion">Free-look and grace period</keyword></cmsannotation> Policyholders will now have a 30-day window from the day they receive the policy document to review and cancel the policy if they want. If the policy is cancelled within this period, they will be entitled to a full premium refund. Earlier, this period only lasted for 15 days. For grace period, which basically refers to the additional, penalty-free window given to the policyholder to make premium payment post due date to avoid losing coverage, the windows will differ depending on premium payment frequency. If you pay the policy premiums on a monthly basis, you will get a 15-day grace period. For premium payments made on a quarterly/half-yearly or annual basis, the grace period will be of 30 days. <cmsannotation type="cmsannotation" annotationid="Penalty on violating Ombudsman’s word" comment="subhead" text="Penalty on violating Ombudsman’s word">Penalty on violating Ombudsman’s word</cmsannotation> The insurer is bound to comply with the <keyword id="960887" type="General" weightage="20" keywordseo="Insurance-Ombudsman" source="Orion">Insurance Ombudsman</keyword>’s award within 30 days of receiving the same. In case the same is violated, the insurer will have to pay a penalty of Rs 5,000 per day to the complainant. <cmsannotation type="cmsannotation" annotationid="Higher value on early policy surrender" comment="subhead" text="Higher value on early policy surrender">Higher value on early policy surrender</cmsannotation> Often, policyholders ended up with a low, negligible amount as refund upon surrendering their insurance policy. This is set to change with <keyword id="21879234" type="General" weightage="20" keywordseo="IRDA" source="keywords">IRDA</keyword>’s latest directives. Now, policyholders will be eligible for <keyword id="885219" type="General" weightage="20" keywordseo="surrender-value" source="Orion">surrender value</keyword> even if they decide to surrender their policy after just one year. Previously, only 50% of <keyword id="2939473" type="General" weightage="20" keywordseo="policy-premium" source="Orion">policy premium</keyword> would be refunded, provided the policyholders surrendered their policy between years 4-7 of the policy tenure. Moreover, they would lose the entire premium amount if they surrendered their policy within a year. Customers will also be entitled to higher special surrender value (SSV) from now on. This SSV should be at least equivalent to the expected present one of the these three: <ol><li>Paid up sum assured, or present value of your sum assured after you stop paying premiums</li><li>Paid up future benefits</li><li>Accrued benefits</li></ol>Also, it will be compulsory for life insurers to offer loans to policyholders as per the eligible surrender value of the policy. Says Vivek Jain, Head, Investments, Policybazaar.com, "The provision for higher Surrender Value (SV), calculated at a prevailing 10-year government securities rate with a limited spread, significantly increases the value returned to policyholders in the event of a policy surrender, after the completion of first year. The mandatory facility of policy loans across all life insurance savings products and the allowance of partial withdrawals under pension products will provide vital financial flexibility, which will enable policyholders to meet liquidity needs and specific financial goals. These measures will certainly enhance trust and transparency in the industry." <cmsannotation type="cmsannotation" annotationid="Partial withdrawal allowed from pension products" comment="subhead" text="Partial withdrawal allowed from pension products">Partial withdrawal allowed from pension products</cmsannotation> Policyholders will be allowed to make partial withdrawals, provided they have 3 years of continuous coverage under their insurance-cum-pension plan. Also, these withdrawals cannot be more than 25% of the total premiums paid till date. The insurer cannot use this withdrawal towards making any adjustments in the policy's sum assured. However, this withdrawal will only be allowed for specific situations, like funding children’s higher education/marriage, constructing a house, treating critical illnesses, starting a new venture or for skill development purposes.

Here’s how your life insurance plans are set to change

What is the right time to make a <keyword id="20224622" type="General" weightage="100" keywordseo="motor-insurance" source="keywords">motor insurance</keyword> claim? While there are no right answers, you generally make a claim if your car or bike has suffered serious damages in an accident, which will cost a bomb to repair! But did you know that you could also make a claim if your car or bike was damaged by, well, a coconut? Surprised? <keyword id="20081892" type="General" weightage="20" keywordseo="Digit-Insurance" source="keywords" meta.keywordsubtype="org" meta.entityname="Digit Insurance" meta.hostid="261" meta.entityid="Digit Insurance">Digit Insurance</keyword>, which is backed by ace Indian cricketer Virat Kohli, recently released some interesting data in this regard. Per the company, by the end of FY24, it had paid out almost Rs 1.68 crore in claims related to over 1,500 cases where the damage was caused by an innocuous coconut! <cmsannotation type="cmsannotation" annotationid="Monkeys go coconuts!" comment="subhead" text="Monkeys go coconuts!"><keyword id="20243262" type="General" weightage="20" keywordseo="monkeys" source="keywords">Monkeys</keyword> go coconuts!</cmsannotation> Well, if you don't believe a coconut can wreak this kind of havoc, think again. The company reported receiving more than 350 cases of <keyword id="19986918" type="General" weightage="20" keywordseo="vehicle-damage" source="keywords">vehicle damage</keyword> in just 2023, where the good old coconut was the culprit! The maximum claims stemmed from Maharashtra. The average claim amount was around Rs 10,000. If you’re away from the coast, you’ll have to battle your neighborhood's dogs and monkeys! Monkey’s seem to have a special liking for motorcycles, given that Digit reported setting over 1,200 claims worth Rs 40 lakh towards damage to 2-wheelers caused by monkeys in FY 2023-24. The cases saw a 40% jump on a YoY basis. Since Digit’s inception in 2017, the company has seen more than 85,000 claims where the primary cause of vehicle damage was an animal. Out of these, dogs were the main reason behind 7% of such claims in FY 2023-24, triggering payouts of over Rs 30 crore. <cmsannotation type="cmsannotation" annotationid="The mayhem of dogs and goats" comment="subhead" text="The mayhem of dogs and goats">The mayhem of dogs and goats</cmsannotation> As per the company’s internal claims data, Indira Nagar in Lucknow seems to be the epicentre of dogs unleashing damage on vehicles. The company reported paying more than Rs 6.7 lakh towards 110 claims received from this location. If, on an unfortunate day, your bike ever gets in an accident, how much do you imagine the damage payout would be? Well, in some cases, like of a luxury bike, which was damaged upon accident with a goat, the <keyword id="22121817" type="General" weightage="20" keywordseo="accidental-damage-payout" source="keywords">accidental damage payout</keyword> went as high as Rs 6.75 lakh. <cmsannotation type="cmsannotation" annotationid="Motor Insurance on the rise" comment="subhead" text="Motor Insurance on the rise">Motor Insurance on the rise</cmsannotation> As per data from the annual report of insurance regulator <keyword id="6361421" type="General" weightage="20" keywordseo="IRDA" source="Orion">IRDA</keyword>, the motor segment saw a YoY growth of about 15.4% in <keyword id="21608709" type="General" weightage="20" keywordseo="premium-collection" source="keywords">premium collection</keyword>, from Rs 70,433 crore in 2021-22 to Rs 81,280 crore in 2022-23. The average <keyword id="19989676" type="General" weightage="20" keywordseo="claim-settlement-ratio" source="keywords">claim settlement ratio</keyword> of India’s motor insurance industry has also been on a steady rise, going from 81.3% in 2021-22 to 84.48% in 2022-23. Additionally, the incurred claims ratio, or the proportion of claims paid as against premium received also noted a marginal rise, from 81.30% in 2021-22 to 84.48% in 2022-23. All in all, save your precious cars or bikes from the terror of monkeys, dogs, coconuts and more. If you are yet to get a comprehensive vehicle insurance for your two or four wheeler, do so at the earliest!

Dogs, coconuts and monkeys: Insure your vehicles from their mayhem right now!

Home insurance premiums are projected to skyrocket up to 14% this year in these 13 states as climate change causes an 'insurance crisis' 

<ul class="summary-list"><li>Tesla faces several regulatory hurdles before launching a robotaxi service.</li><li>Insurance is already a complex subject for ride-hailing fleets and Tesla vehicles. </li></ul>There are plenty of <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-tesla-robotaxi-safety-regulation-2024-10">hurdles for Tesla's promised robotaxi fleet</a> to clear before launching, but one overlooked barrier may be the complexity of insuring a fleet of self-driving Teslas.<a target="_blank" class="" href="https://www.businessinsider.com/top-uber-lyft-driver-concerns-low-earnings-declining-pay-safety-2024-8">Insurance for ride-hailing vehicles</a> is already a complex subject. Uber and Lyft drivers are usually required to get an extra policy to cover their vehicles, which can cost them an average of $31 more monthly on top of their regular insurance policy, according to insurance comparison site The Zebra.To make matters worse, <a target="_blank" class="" href="https://www.businessinsider.com/tesla-price-range-cost">Teslas</a> are already more expensive to insure than the average vehicle. The average annual rate for a Tesla Model 3 is $2,221, compared to an industry average annual rate of $1,776, according to NerdWallet.These costs could dent CEO Elon Musk's promise that Tesla would operate a robotaxi business that is a mix of <a target="_blank" class="" href="https://www.businessinsider.com/5-reasons-why-uber-is-now-profitable-2024-8">Uber</a> and Airbnb, where drivers who enter their cars into the robotaxi fleet can profit from their otherwise stagnant vehicles."It's great that you have a vehicle that is cheaper," said Jessica Caldwell, executive director of insights for Edmunds, referring to Tesla's <a target="_blank" class="" href="https://www.businessinsider.com/tesla-robotaxi-event-cybercab-elon-musk-2024-10">$30,000 Cybercab</a>. "But that can easily get outweighed by high insurance costs."The automotive insurance industry has yet to fully embrace autonomous technology, and without coverage, driverless Teslas can't operate."Insurance providers aren't even there yet in terms of how to assess these costs, because there's not really a lot of modeling that you could do that exists right now," Caldwell said.Musk said on Thursday night that some Model 3s and Model Ys would operate without drivers in Texas and California before the Cybercab hits the streets, but it was unclear whether the drivers would use their own cars as passengers, if Tesla would operate those cars, or if <a target="_blank" class="" href="https://www.businessinsider.com/tesla-owner">Tesla owners</a> would be able to rent out their vehicles for driverless rides.Musk has long said that eventually autonomy will generate profits for owners and Tesla. But for ride-hailing firms, insurance payouts are among Uber's biggest expenses, with analysts citing the costs as <a target="_blank" class="" href="https://www.businessinsider.com/uber-drivers-feeling-squeezed-pay-after-company-hits-profit-2024-2">one of its top barriers to profitability. </a><h2 id="9b29b876-518f-4eb8-97cf-fb2c91b07f99">Elon Musk's magic may be wearing off</h2>For years, Musk has been able to woo investors with <a target="_blank" class="" href="https://www.businessinsider.com/tesla-meta-earnings-prove-power-of-musk-word-despite-promises-2024-4">big promises</a> and flashy product reveals.But years of <a target="_blank" class="" href="https://www.businessinsider.com/tesla-elon-musk-electric-vehicle-broken-promises-2019-7">broken promises</a> and a <a target="_blank" class="" href="https://www.businessinsider.com/tesla-sales-miss-ev-slowdown-new-wave-customers-2024-4">struggling EV market</a> have investors more skeptical than ever. Investors want to know when these big investments will pay off. "While all of this seems great, investors right now want to know how realistic all of these cool robots are and what is the timeline for making money on this," Caldwell said. "Fundamentally, Tesla is still a car company at this moment, and they're not addressing the issues in that business."<a target="_blank" href="https://www.businessinsider.com/elon-musk-tesla-robotaxi-cybercar-analysts-self-driving-fleet-ai-2024-10">Investors were disappointed</a> Thursday night following Tesla's long-awaited We, Robot event, as Musk failed to provide concrete details on his plan to roll out a fleet of driverless taxis as soon as next year, as originally promised. Instead, he promised the Cybercab by 2027 and a futuristic Robovan with no set date. Shares fell about 8% in trading Friday following Thursday night's event. "Heading into what might arguably have been the most highly anticipated product unveil in Tesla's history, we had a number of expectations of what the market might learn that we felt were consequential to the direction and debate around the stock," Morgan Stanley analyst Adam Jonas, who has a bullish $310 price target for the stock, wrote in a Friday morning note to clients. "We were overall disappointed with the substance and detail of the presentation," he added

Tesla's robotaxi dreams are going to be an insurance nightmare 

<ul class="summary-list"><li>Trump said he plans to change the Affordable Care Act, which provides healthcare for 45 million Americans.</li><li>His past actions include ACA opposition. He has flip-flopped on Medicaid and Medicare cuts.</li></ul>Donald Trump's return to the Oval Office could mean changes to Americans' healthcare coverage, based on his previous comments and actions while president.During his recent campaign, Trump promised to <a target="_blank" class="" href="https://www.businessinsider.com/what-us-economy-would-look-like-with-trump-biden-presidency-2024-5">make changes to the Affordable Care Act</a>, colloquially called Obamacare, but did not give specifics."If we can come up with a plan that's going to cost our people, our population less money and be better healthcare than Obamacare, then I would absolutely do it," Trump said at the presidential debate in September.As president, he will also have the power to influence America's healthcare landscape, including insurance coverage, drug price negotiations, government <a target="_blank" class="" href="https://www.businessinsider.com/fluoride-in-water-why-it-is-controversial-risks-benefits-2024-11">health and safety regulations</a>, and reproductive healthcare access.Trump has a <a target="_blank" class="" href="https://www.businessinsider.com/healthcare-investors-torn-on-trump-second-term-2024-11">mixed record</a> on supporting government health insurance policies like the ACA, which the Department of Health and Human Services estimated covers 45 million people in health plans like <a target="_blank" class="" href="https://www.businessinsider.com/medicare-changes-increase-costs-deductibles-prescription-drugs-premiums-copays-2024-10">Medicare</a> and Medicaid. Also in the hot seat: the enhanced federal ACA subsidies, which are <a target="_blank" class="" href="https://www.cbsnews.com/news/trump-aca-subsidies-health-insurance-affordable-care-act-congress/">set to expire</a> at the end of next year.If Trump doesn't extend the enhanced subsidies policy, which helps many low- and middle-income Americans pay for medical care, the Congressional Budget Office estimated that <a target="_blank" href="https://www.cbo.gov/system/files/2024-07/60523-2024-07-premium-tax-credit.pdf">nearly 4 million people </a>will lose their coverage in 2026 because they won't be able to afford it.Trump's transition team told Business Insider in a statement that he will "strongly protect" Medicare in his second term — although he has <a target="_blank" class="" href="https://www.businessinsider.com/trump-cutting-medicare-social-security-benefits-2024-3">previously suggested cuts</a>. Any changes to Medicaid and Medicare under Trump could also cause those with ACA insurance see a reduction in their care options.<h2 id="69e6831b-4c89-4dd9-8ec0-501ab8666185">Medicare, Medicaid, and preexisting conditions</h2>Trump has not provided specifics about his affordable healthcare policies, beyond saying he has "concepts of a plan" at the September debate.During his first term, Trump backed a rejected Supreme Court case to overturn the Affordable Care Act, which former President Barack Obama passed in 2010 and that expanded Medicaid coverage for low-income Americans and Medicare coverage for older Americans. ACA's other marquee change required insurance companies to cover care for individuals with preexisting conditions, like asthma, heart disease, and diabetes.Yunan Ji is an assistant professor and economist at Georgetown University with an expertise in healthcare policy. She told BI that reducing or repealing ACA coverage — which Trump proposed during his first-term — could be detrimental to Americans with preexisting conditions, who may lose their coverage or have to pay more for healthcare."We purchase insurance to protect against future risk," Ji said. "If we make people go into a different risk pool when they require care for some medical condition, that defeats the purpose of insurance."Trump has also voiced support for privatizing more of the healthcare sector. This could mean some Americans on ACA plans could face higher out-of-pocket costs and fewer in-network care options.President Joe Biden's <a target="_blank" class="" href="https://www.businessinsider.com/house-passes-inflation-reduction-act-sending-it-to-biden-2022-8">Inflation Reduction Act</a> also took steps to lower the cost of prescription drugs and cap out-of-pocket costs for Medicare beneficiaries. The legislation <a target="_blank" href="https://www.axios.com/2024/02/07/trump-medicare-price-negotiations-executive-power">requires</a> Trump to continue existing drug price negotiations through at least the end of 2025.<h2 id="1380ef19-42c4-43c1-841e-04dcb5227dd9">Reproductive and gender-affirming care</h2>Trump has said he would take steps to <a target="_blank" href="https://www.nbcnews.com/politics/2024-election/trump-vows-stop-gender-affirming-care-minors-re-elected-president-rcna68461">ban all gender-affirming healthcare and hormone therapies</a> for minors, which ACA plans cover in some states.<a target="_blank" href="https://www.businessinsider.com/what-is-project-2025-conservative-political-playbook-heritage-foundation-trump-2024-7">Project 2025</a>, a policy plan proposed by Trump allies, calls for significant national restrictions on abortion and birth control. Trump has expressed support for federal enforcement of the Hyde Amendment, a rule that prevents Medicaid from covering abortion pills and procedures. Among the <a target="_blank" class="" href="https://www.kff.org/womens-health-policy/dashboard/abortion-in-the-u-s-dashboard/">37 states and DC</a> that do not ban abortion, <a target="_blank" href="https://www.kff.org/medicaid/state-indicator/abortion-under-medicaid/?currentTimeframe=0&amp;sortModel=%7B%22colId%22:%22Follows%20Federal%20Standard,%20Funding%20Only%20Cases%20Involving%20Life%20Endangerment,%20Rape%20and%20Incest%22,%22sort%22:%22desc%22%7D">17 states and DC</a> currently follow the Hyde Amendment.Trump has called for federally-subsidized in-vitro fertilization — a proposal that is divisive among Republicans.<h2 id="f6dc24d6-1b01-41c0-99ba-9603db98ef3f">Insurance regulations and national health policy</h2>Ji said that Americans often focus on the sticker price of premiums in their healthcare plan — how much they are expected to pay out-of-pocket each month or year. But a Trump presidency would also shape rules and regulations for insurance companies. For example, companies are required to cover a wide range of providers, so someone with heart disease can find an in-network cardiologist in their area.Ji added that Trump's cabinet appointments will give insight into his second-term healthcare priorities. His leadership selections will determine federal investment in medical research, health and safety guidelines, insurance company regulations, and vaccines. Trump is expected to <a target="_blank" href="https://www.nbcnews.com/politics/2024-election/trump-banning-vaccines-president-rfk-fluoride-rcna178570">discourage vaccinations</a> and limit federal health and insurance regulations.Trump tapped <a target="_blank" class="" href="https://www.businessinsider.com/trump-robert-f-kennedy-jr-rfk-department-health-human-services-2024-11">Robert F. Kennedy Jr.</a> on November 14 to lead the Department of Health and Human Services, a decision that will require Senate approval. Kennedy has not outlined specific plans to increase healthcare affordability, but he would have some influence over the ACA in the role. The former presidential candidate is a vaccine-skeptic, who Trump hopes will "<a target="_blank" class="" href="https://www.businessinsider.com/how-rfk-jr-plans-to-make-america-healthy-again-2024-11">go wild</a>" on health, safety, and food protocols.Any major changes to healthcare policy and federal budgets would need to be approved by Congress. Trump will likely have the support of a Republican-led Senate and House."The American people re-elected President Trump by a resounding margin giving him a mandate to implement the promises he made on the campaign trail," Karoline Leavitt, a spokesperson for the Trump-Vance transition team, told BI in a statement. "He will deliver."Are you doing anything to prepare your finances or healthcare plan for Trump's second term? If so, please reach out to this reporter at <a target="_blank" class="" href="mailto:allisonkelly@businessinsider.com">allisonkelly@businessinsider.com</a>.

Trump's plans to change healthcare could slash insurance for some low-income Americans and retirees

The <keyword id="19994390" type="General" weightage="100" keywordseo="GST-Council" source="keywords">GST Council</keyword> on Monday is expected to deliberate on a host of issues, including <keyword id="20118944" type="General" weightage="20" keywordseo="taxation" source="keywords">taxation</keyword> of insurance premiums, GoM's suggestions on rate rationalisation, and a status report on <keyword id="19939772" type="General" weightage="20" keywordseo="online-gaming" source="keywords">online gaming</keyword>, sources said. Sources said the fitment committee, comprising Centre and state tax officials, will present a report on GST levied on life, health and reinsurance premiums and the revenue implications. The GST Council, chaired by Finance Minister Nirmala Sitharaman and comprising state ministers, will decide on whether to reduce the tax burden on <keyword id="19894985" type="General" weightage="20" keywordseo="health-insurance" source="keywords">health insurance</keyword> from the current 18% or exempt certain categories of individuals, like senior citizens. The deliberations will also happen with regard to the goods and services tax (GST) cut on <keyword id="23083492" type="General" weightage="20" keywordseo="life-insurance-premium" source="keywords">life insurance premium</keyword>. In 2023-24, the Centre and states collected Rs 8,262.94 crore through GST on health <keyword id="22612491" type="General" weightage="20" keywordseo="insurance-premium" source="keywords">insurance premium</keyword>, while Rs 1,484.36 crore was collected on account of GST on health reinsurance premium. The issue of taxation on insurance premium figured in Parliament discussions with opposition members demanding that health and life insurance premiums be exempt from GST. Even Transport Minister Nitin Gadkari wrote to Sitharaman on the issue. Finance Minister Nirmala Sitharaman in her reply to discussion on the Finance Bill had said 75% of the GST collected goes to states and opposition members should ask their state finance ministers to bring the proposal at the GST Council. West Bengal Finance Minister Chandrima Bhattacharya had raised the issue in the meeting of the Group of Ministers (GoM) on rate rationalisation last month and the matter was referred to the fitment committee for further data analysis. The GoM had opined against any tinkering of four-tier GST slab of 5, 12, 18, and 28 % for the time being. The panel, however, had asked the fitment committee to look into any scope for rationalisation of rates of goods and services. With regard to online gaming, Centre and state tax officers will present a "status report" before the GST Council. The report would include <keyword id="20053837" type="General" weightage="20" keywordseo="GST-revenue" source="keywords">GST revenue</keyword> collection from the online gaming sector before and after October 1, 2023. From October 1, 2023, entry-level bets placed on online gaming platforms and casinos were subject to 28% GST. Prior to that, many online gaming companies were not paying 28% GST, arguing that there were differential tax rates for games of skill and games of chance. The GST Council in its meeting in August 2023 had clarified that online gaming platforms were required to pay 28% tax and subsequently, Central GST law was amended to make the taxation provision clear. Offshore gaming platforms were also mandated to register with GST authorities and pay taxes, failing which the government would block those sites. The council had then decided that the taxation on online gaming sector would be reviewed after six months of its implementation. Sources said the Council would deliberate on the status of taxation on the sector, and any change in tax rates is unlikely. Besides, the Council is likely to be apprised about the ongoing drive against fake registration, the success of the drive and action taken against such entities. The total amount of suspected GST evasion would also be presented before the Council. The drive, from August 16, 2024, to October 15, 2024, is aimed at detecting suspicious/fake GSTINs and to conduct requisite verification and further remedial action to weed out these fake billers. In the first drive between May 16, 2023 to July 15, 2023, against fake registration, 21,791 entities (11,392 pertaining to state tax jurisdiction and 10,399 pertaining to CBIC jurisdiction) having GST registration were discovered to be non-existent. An amount of Rs 24,010 crore (state - Rs 8,805 crore + centre - Rs 15,205 crore) of suspected tax evasion was detected during the special drive. Also, the Council would approve notifications, including that of the amnesty scheme, announced in the last council meeting. The council in June meeting took a host of taxpayer-friendly measures, including waiver of interest and penalty for demand notices issued in the first three years of GST -- 2017-18, 2018-19 and 2019-20 -- if the full tax demanded is paid by March 31, 2025. To reduce litigation, a monetary limit for tax officers, to file appeals before the GST Appellate Tribunal, the High Court and the Supreme Court was fixed at Rs 20 lakh, Rs 1 crore and Rs 2 crore, respectively, by the Council. It also recommended a reduction of the quantum of pre-deposit required to be paid by taxpayers for filing of appeals under goods and services tax (GST).

GST Council to deliberate on taxation of insurance premium, report on online gaming tomorrow

The <keyword id="20771894" type="General" weightage="20" keywordseo="Deposit-Insurance-and-Credit-Guarantee-Corporation" source="keywords" meta.keywordsubtype="org" meta.entityname="Deposit Insurance and Credit Guarantee Corporation" meta.hostid="261" meta.entityid="Deposit Insurance and Credit Guarantee Corporation">Deposit Insurance and Credit Guarantee Corporation</keyword> (<keyword id="20481418" type="General" weightage="100" keywordseo="DICGC" source="keywords">DICGC</keyword>) has launched an online tool <keyword id="23086289" type="General" weightage="20" keywordseo="Daava-Soochak" source="keywords">Daava Soochak</keyword> for <keyword id="20560967" type="General" weightage="20" keywordseo="depositors" source="keywords">depositors</keyword> to track their claim status. The <keyword id="20481418" type="General" weightage="100" keywordseo="DICGC" source="keywords">DICGC</keyword>'s mandate since its inception has been the reimbursement of insured amounts to <keyword id="20560967" type="General" weightage="20" keywordseo="depositors" source="keywords">depositors</keyword> of failed banks. <keyword id="23086289" type="General" weightage="20" keywordseo="Daava-Soochak" source="keywords">Daava Soochak</keyword>, a user-friendly online tool, is part of DICGC's ongoing commitment to improving the services provided for depositors. "Depositors can now track the status of their claims by entering their mobile number (registered with their bank) on the DICGC website," said DICGC, a wholly-owned subsidiary of the Reserve Bank of India (<keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword>). To begin with, depositors can view the status of their claims for banks placed under All Inclusive Directions (AID) post-April 01, 2024. The corporation ensures that all categories of deposits with banks except institutional deposits. The <keyword id="20132734" type="General" weightage="20" keywordseo="deposit-insurance" source="keywords">deposit insurance</keyword> coverage limit has been enhanced six times since 1962, from Rs 1,500 per depositor held in the same right and same capacity at all the branches of the insured bank to Rs 5,00,000 on February 04, 2020. At present, 97.8% of the total deposit accounts are fully protected. Of the remaining 2.2 % of accounts, deposits are insured up to the limit of Rs 5 lakh. In terms of value, 43.1 % of the deposits were insured as of March 2024. In the case of liquidated banks and banks under the Reserve Bank's All-Inclusive Directions (AIDs), the DICGC settled claims amounting to Rs 1,432 crore during 2023-24. During the year, it received repayments of Rs 900.73 crore, of which Rs 760.83 crore was from liquidated/transferee banks and Rs 139.90 crore from banks under AID. All banks operating in India are registered with the corporation for <keyword id="20132734" type="General" weightage="20" keywordseo="deposit-insurance" source="keywords">deposit insurance</keyword>. The number of banks registered with DICGC was 1,997 as of March 31, 2024, of which 140 were commercial banks and 1,857 were cooperative banks. The total premium received by the corporation during 2023-24 stood at Rs 23,879 crore, with commercial banks contributing 94.4% and cooperative banks accounting for the remaining 5.6 %.

DICGC introduces Daava Soochak for depositors to track claim status

The <keyword id="22902068" type="General" weightage="100" keywordseo="health-insurance-sector" source="keywords">health insurance sector</keyword> may face challenges in the coming months, due to <keyword id="20617555" type="General" weightage="20" keywordseo="rising-claims" source="keywords">rising claims</keyword> and increased competition, particularly in the retail sector, highlighted a report by <keyword id="19905137" type="General" weightage="20" keywordseo="Jefferies" source="keywords" meta.keywordsubtype="org" meta.entityname="Jefferies" meta.hostid="153" meta.entityid="Jefferies">Jefferies</keyword>. "Health (approx. 35% of mix) can see pressure in its retail segment from rising claims frequency and elevated competition" the report stated. The report indicated that <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>'s <keyword id="22461357" type="General" weightage="20" keywordseo="non-life-insurance" source="keywords">non-life insurance</keyword> sector is experiencing significant shifts, the health insurance segment may face challenges as healthcare costs continue to rise and more consumers claim their insurance, and insurers are grappling with increased payouts. This trend could squeeze margins and put pressure on insurers to find ways to manage costs while remaining competitive in the market. However, for the <keyword id="20224622" type="General" weightage="20" keywordseo="motor-insurance" source="keywords">motor insurance</keyword> segment, the report draws a promising picture and added that it is entering a promising multi-year upcycle. This positive momentum is expected to benefit large private insurers of the motor segment, who are well-positioned to capitalize on these trends. "Initiate on Non-Life Insurers Large private insurers are set to gain from multi-year upcycle in motor (approx. 35% of premium mix) led by <keyword id="21232881" type="General" weightage="20" keywordseo="premiumization" source="keywords">premiumization</keyword> of underlying auto mix and moderating competitive intensity" the report mentioned. The report also added that the motor insurance segment in India is estimated to grow at a compound annual growth rate (CAGR) of 14% over the financial years 2024 to 2027. The key driver behind this growth is the ongoing shift in the automobile market towards higher-value vehicles. Over the past three years, the average selling price (ASP) of passenger vehicles (PVs) has increased by 41%, reflecting a move towards premium segments. This trend is expected to continue, benefiting motor insurance renewals, which account for 60-70% of the motor insurance premium mix. "Motor segment amidst a multi-year upcycle (est. 14% CAGR over FY24-27E) as renewals (60-70% of premium mix) will continue to benefit from the underlying change in auto mix towards premium high-value segments" the report added. Despite these challenges, the report mentioned that the broader non-life insurance market in India remains significantly underpenetrated, with insurance premiums representing only about 1% of the country's <keyword id="19904293" type="General" weightage="20" keywordseo="GDP" source="keywords">GDP</keyword>. This is relatively low compared to global peers, where non-life insurance to GDP ratios range between 2% and 4%. However, the Indian non-life insurance market has shown steady growth, with gross premiums expanding at a CAGR of 12% over the past five years, reaching Rs 2.8 trillion (approximately $35 billion). Notably, the private sector has outpaced the overall market. "India remains an under-penetrated market with non-life insurance to GDP at approx. 1% (vs 2-4% for global peers). Gross premiums have expanded at 12% CAGR over the last 5 years to Rs 2.8tn (approx. $35bn) with the private sector growing faster at 15% CAGR and improving its market share to 68%(from 57%)" said Jefferies in the report. Despite these challenges, the overall insurance market in India remains underpenetrated, offering significant long-term growth potential for insurers who can navigate these dynamics effectively.

Rising claims pose challenge for health insurance sector in India, says Jefferies

<ul class="summary-list"><li>Two hurricanes hit Florida in recent weeks, exacerbating a home insurance crisis in the state.</li><li>Insurance experts said the back-to-back hurricanes could signal rising insurance rates nationwide.</li></ul>Two back-to-back hurricanes in Florida in recent weeks will likely raise <a target="_blank" href="https://www.businessinsider.com/florida-real-estate-worth-it-home-prices-insurance-hurricane-helene-2024-10">home insurance rates</a> even higher in a state that is already grappling with prices nearly <a target="_blank" href="https://www.cnn.com/2023/06/01/business/florida-homeowner-insurance-rates/index.html">four times</a> the national average, insurance experts told Business Insider."Florida represents an <a target="_blank" href="https://www.businessinsider.com/hurricane-milton-category-four-storm-real-estate-market-insurance-damages-2024-10">outsize amount of risk</a> compared to other areas of the world," Kyle Ulrich, president and CEO of the Florida Association of Insurance Agents, told BI. "And we pay commensurately for it."But it's not just Florida.The compounding financial crises of <a target="_blank" href="https://www.businessinsider.com/hurricane-helene-milton-tampa-florida-desantis-clean-disaster-dangerous-2024-10">Hurricane Helene</a> and <a target="_blank" href="https://www.businessinsider.com/hurricane-milton-landfall-florida-housing-market-insurance-fema-2024-10">Hurricane Milton</a> could also point to looming hikes in insurance rates nationwide, the home insurance experts said. They pointed to the recent Florida storms as examples of the increasingly severe and frequent climate catastrophes wreaking havoc on the global insurance market.<h2 id="25940b76-9ef6-4385-94a3-eb8903a79169">Florida's battered home insurance market</h2>Home insurance rates are <a target="_blank" href="https://www.businessinsider.com/why-its-expensive-to-own-a-home-mortgage-insurance-interest2024-4">up across the board</a> in recent years due to a combination of natural disasters and inflation, according to a <a target="_blank" class="" href="https://insurify.com/homeowners-insurance/report/home-insurance-price-projections/">recent report</a> from insurance comparison shopping site Insurify. Between 2021 and 2023, overall home insurance costs rose nearly 20%, the report found.And, for mortgaged single-family residences specifically, the average monthly property insurance payment has increased 52% nationally since 2019, according to a 2024 <a target="_blank" class="" href="https://static.icemortgagetechnology.com/pdf/ICE_Mortgage-Monitor-Report-October-2024.pdf">mortgage report</a> from financial services company Intercontinental Exchange.That number is even higher in regions more at risk of environmental disasters. California has seen <a target="_blank" href="https://www.businessinsider.com/homeowners-california-florida-insurance-issues-natural-disasters-wildfires-hurricanes-2023-10">several top home insurance agencies</a> pull out or limit their business in the state amid a growing risk of destructive wildfires, while tornado-prone states such as Illinois and Arkansas have seen an uptick in premiums as cyclones become more frequent, <a target="_blank" class="" href="https://www.cbsnews.com/news/storms-homeowners-insurance-oklahoma-texas-tornado/">according to CBS News</a>."Certainly, areas that are chronically hit by storms, you're seeing either rates increase or insurers pull out completely," Jeffrey Schlegelmilch, a research scholar and director at Columbia Climate School's National Center for Disaster Preparedness, told Business Insider.But nowhere in the country is the <a target="_blank" href="https://www.businessinsider.com/florida-home-insurance-prices-premium-effect-from-hurricanes-2024-9">home insurance crisis</a> more acute than in Florida. The state has, in recent years, been battered by a wave of costly <a target="_blank" href="https://www.businessinsider.com/hurricane-ian-photos-videos-destruction-in-florida-2022-9">hurricanes</a>, seen an <a target="_blank" class="" href="https://www.businessinsider.com/why-are-people-moving-florida-home-prices-cost-of-living-2023-12#:~:text=Florida's%20population%20jumped%20by%201.9,growing%20state%20in%20the%20country.">influx of new residents</a>, and dealt with <a target="_blank" href="https://www.renaissanceins.com/blog/florida-personal-lines-crisis/">fraud</a> over the state's assignment-of-benefits loophole, said Oscar Miniet, regional executive vice president, Southeast for Renaissance, a nationwide network of independent insurance agencies.Miniet said the number of insurers willing to write policies in parts of the state most exposed to hurricanes is shrinking, primarily because the potential risk outweighs the possible financial reward. Meanwhile, those that have stuck around, he added, have implemented extremely tight underwriting practices, which leads to homeowners paying far more in premiums, especially in at-risk areas.Florida cities like Deltona, Jacksonville, and Cape Coral saw the average property insurance payment for mortgaged single-family residences skyrocket 90%, 86%, and 85%, respectively, since 2019, according to an analysis by financial services company Intercontinental Exchange.Tampa — which sustained severe <a target="_blank" href="https://www.businessinsider.com/hurricane-milton-flooding-damage-photos-2024-10#winds-of-up-to-120-mph-ripped-through-the-state-shredding-the-roof-of-tropicana-field-home-of-the-tampa-bay-rays-baseball-team-8">wind damage when Milton</a> landed near Sarasota on Wednesday evening and a <a target="_blank" class="" href="https://www.businessinsider.com/hurricane-helene-milton-tampa-florida-desantis-clean-disaster-dangerous-2024-10">deadly storm surge when Helene</a> touched down last month — has seen insurance payments go up 71% since 2019, Intercontinental Exchange found.And Helene and Milton are likely to make matters even worse for Florida homeowners, the insurance experts said.The majority of Helene's damage in the state was flooding-related, which isn't included in most home insurance policies. But Helene also caused wind damage and <a target="_blank" class="" href="https://www.businessinsider.com/florida-homeowner-milton-tearing-through-neighborhood-cant-sleep-2024-10">Hurricane Milton's gusts</a> were fierce enough to tear the roof off Tampa's Tropicana Field and spawn several tornadoes that tore through Central Florida. Unlike flooding, wind damage is typically covered by home insurance."That is clearly going to have an impact on premiums in the state, said Shahid Hamid, a finance professor at Florida International University and director of the school's Hurricane Research Center's Laboratory for Insurance, Financial and Economic Research. "They're going to go up quite significantly."<h2 id="66cc80ec-e36b-4d1c-9df6-0fbbad2a8fb5">Increased home insurance prices nationwide</h2>While Floridians will bear the brunt of Helene and Milton's insurance-related pains, homeowners across the country could also soon feel the pain in their pocketbook thanks to the recent storms and other climate disasters like them.Milton and Helene are one-time events, but storms like them can end up <a target="_blank" href="https://www.businessinsider.com/soaring-home-car-insurance-rates-hurting-americans-finances-us-economy-2023-11">impacting the larger insurance industry</a>, said Jeremy Porter, the head of climate implications research at climate risk evaluation company First Street."When insurance costs get increased, they get increased not only in the places where we're seeing the exposure but they get increased across the industry," he told Business Insider.Large insurance companies such as Allstate or State Farm typically take major losses after big storms and, as a result, need to find ways to make up for those loss payouts, Porter said."So you're going to end up seeing people in Kentucky and Idaho and other places that just aren't anywhere near this event that may see a spike, an increase in their insurance costs, just due to the company's overhead and the additional payouts that they're having to make given climate risk in other areas," Porter said.But the primary reason homeowners around the country could see their rates rise post-hurricane season is thanks to the global reinsurance market, three insurance experts said.The reinsurance market, with hubs in <a target="_blank" class="" href="https://www.businessinsider.com/lloyds-london-firms-face-billions-claims-baltimore-bridge-collapse-2024-3">London</a> and <a target="_blank" class="" href="https://www.abir.bm/why-bermuda/">Bermuda</a>, is where insurance companies can offload some of their risk to a reinsurance company — a kind of insurance company for insurance companies.An uptick in reinsurance rates in recent years has been a driving force behind climbing insurance rates nationwide, said Kyle Ulrich, president and CEO of the Florida Association of Insurance Agents.Reinsurance rates are determined by worldwide losses, and when prices increase, insurance companies pass financial responsibility to customers who end up paying higher premiums, Hamid said.Those increases are, in part, because of climate change. The global reinsurance market has to assess risk against catastrophic events around the globe, from hurricanes in Florida to tsunamis in Japan, Ulrich said.But as catastrophic climate events become more common worldwide, homeowners everywhere are bearing the risk."There used to be five storms a year. Now there are 30 storms a year. There used to be one strong one and nine weak ones. Now there are nine strong ones and one weak one," said Oscar Seikaly, CEO of NSI Insurance Group, one of the largest privately owned insurance firms in Florida. "So the <a target="_blank" href="https://www.businessinsider.com/hurricane-milton-helene-economy-gdp-damage-cost-rebuilding-florida-climate-2024-10">frequency and severity</a> have been the factors that set the reinsurance industry off guard and put them in panic mode a bit."With Hurricanes Helen and Milton shaping up to be massive loss events, reinsurers could be on the hook for paying out billions of dollars of claims, which would, in turn, shrink the reinsurance industry's capacity to supply capital when it comes time to renew contracts next year, thus driving up premiums in the primary market, Yanjun (Penny) Liao, an economist and fellow at nonprofit research institute Resources for the Future, said."Because primary insurers rely on reinsurance everywhere, this could happen even in places that are not hit," Liao added.

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