SPOTLIGHT
ICICI Prudential Life Insurance Company - - Indu Prasad
ICICI Prudential Life Insurance Company Limited was incorporated on July 20, 2000. The authorized capital of the company is Rs. 2,300 mn and the paid-up capital is Rs.1,500 mn. The company is a joint venture of ICICI and Prudential Plc, UK. It was granted Certificate of Registration by the Insurance Regulatory and Development Authority (IRDA) on November 24, 2000 for carrying out Life Insurance business. It commenced commercial operations on December 19, 2000, becoming one of the first few private sector players to enter the liberalized arena.
© 2006 IUP . All Rights Reserved
COVER STORY
Defending Your Title with Title Insurance - - T S Rama Krishna Rao
Housing activity in India is growing at geometrical proportions, thanks to the various sops offered by the government. A very crucial step in the process of purchasing a house is the title scrutiny or search. The real estate arena is risky and fraught with litigation. Taking title insurance cover becomes extremely important. The time is ripe to introduce title insurance in India.
© 2006 IUP . All Rights Reserved
ALTERNATIVE RISK TRANSFER
Weather Risk Management Growth in Derivatives Continues to Soar
- - Michael J Moody
Over the past 10 years, weather risk management has become big business and has huge prospects for future growth.
© 2006 The Rough Notes Company. Reprinted with permission.
HEALTH INSURANCE
No Easy Answers : Is There a Future for Individual Health Insurance?
- - Karen Bender
As more and more employers drop their health insurance coverage, will individual coverage be able to fill the gap?
© 2006 American Academy of Actuaries. Reprinted with permission.
TECHNOLOGY
IT in Insurance : Facing Up to Business Challenges
Information Technology supports the ability of insurers to consolidate in formation in one place and provide easy access to the data.
© 2006 Asia Insurance Review (www.asiainsurancereview.com). Reprinted with permission.
INSURANCE MARKETING
Demand-driven Innovation in Insurance Products - - Samuel B Sekar
The demand side innovation involves the customer in the innovation of the product.
© 2006 IUP . All Rights Reserved
REINSURENCE
Trick or Treat?
Finite insurance has caught the attention of the regulators across the world.
© 2006 The Chartered Insurance Institute ( www.cii.co.uk). Reprinted with permission.
LIFE INSURANCE
Capital Guaranteed ULIPs : A Costly Affair? - - Y Bala Bharathi
With the advent of market-linked ULIPs, policyholders are also of late poised to take advantage of the surging stock markets. Capital Guaranteed ULIPs, one of the options of ULIPs, are aimed at luring conservative, risk-averse policyholders. Nevertheless, favoring these plans can prove to be a costly deal.
© 2006 IUP . All Rights Reserved
NON-LIFE INSURANCE
Reorientation of the Role of Surveyors in General Insurance Industry
- - -Venkata Ramana Bakka
The need and relevance of professional diligence of a surveyor has been increasing for the last two decades and has assumed more focus arising out of several techno-legal and technological developments in the domain of survey and investigation and academic developments in the insurance industry. Their role extends to finer aspects, professional ethics, human psychology and sanctity of service to the customer.
©2006 IUP . All Rights Reserved
INSURANCE INVESTMENTS
Investment Portfolio and Performance of the LIC
- - Bh. Venkateswara Rao and BKS Prakash Rao
For Insurance business the main source of funds is the premiums collected from policyholders. The LIC collected investible funds worth a whopping Rs. 4,16,910.36 cr during 2004-05. The LIC while investing its funds has to consider various factors and forces such as safety and liquidity of funds plus various other regulatory bindings in terms of investment norms, asset-liability management, etc. A study of the investment portfolio and its performance is attempted.
© 2006 IUP . All Rights Reserved.
CLAIMS MANAGEMENT
Managing Claims - - VK Sarma
Insurance is an intangible business. Claim is the tangible portion of insurance business. The efficiency of an insurance company is judged by the way it settles its claims.
© 2006 IUP . All Rights Reserved
CASE STUDY
The Ethical Dilemma Caused by Fighting Fraud - - Barry Zalma
In 1973, frustrated by his failure to prove that a bar owner had destroyed his bar by arson with the intent to defraud the insurer, an insurance adjuster was responsible for the creation of the tort of bad faith in first-party claims. The California Supreme Court, in Gruenberg vs. Aetna Ins. Co., 9 Cal. 3d. 566, 108 Cal. Rptr. 480 (1973), concluded that unfounded actions by an investigator that caused an insured to be arrested for arson required implementation of the new tort of first-party bad faith.
© 2006 International Risk Management Institute, Inc. Reprinted with permission.
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