Apex insurance controller Insurance Regulatory & Development Authority (Irda) has said, on the rural sector front, all 21 life insurers have satisfied their obligations, except HDFC Standard.
The number of policies underwritten by them in the rural sector as a per cent of the total policies underwritten in the year 2008-09 was as per the obligations appropriate to them.
However, Life Insurance Corporation (LIC) is non-compliant with its obligations in the rural sector as it underwrote a lower number of policies, than the arranged 25 % during 2008-09.
In case of social sector obligations, all the 21 private life insurance companies fulfilled their obligations during 2008-09. The number of lives covered by them in the social sector was above the fixed obligations. LIC Policy complied with its social sector obligations and covered more lives than the prescribed 20 lakh for 2008-09.
In case of general insurance industry for the rural sector, obligations division out of the 15 private sector non-life insurers except Bharti AXA Insurance & Apollo DKV, all others met their rural sector obligations in 2008-09.
The gross direct premium underwritten by them in the sector, as a percentage of total premiums underwritten in 2008-09, was above the approved terms.
All the four public sector insurers have complied with the rural sector obligations for 2008-09, with 7% of the quantum of Insurance business carried by them for the period.
In case of social sector obligations, all private sector non-life insurers, except Bharti AXA & Apollo DKV, met their obligations for the period.
Meanwhile, as on March 31, 2008, there were 1,017 complaints pending with the authority for want of resolution by Life Insurance Companies.
During 2008-09, Irda received 1,794 complaints, out of which 481 were related to LIC and 1,313 to private sector insurers. While private life insurers have resolved 83.47% of the complaints registered, LIC has resolved 84.05% of the complaints filed against it with the authority.
458 complaints were still pending with the insurance companies as on March 31 last year.
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