Diwali Muhurat Trading on 17/oct/2009

We wish a very Happy Diwali and Prosperous New Year to you and your family.

NSE and BSE will have special trading sessions for Diwali Muhurat Trading on Saturday, October 17, 2009.

 

The Diwali special trading sessions will be held  from 6:15 PM to 7:15 PM on Diwali Laxmi Puja day.

Click here to get the complete list of 2009 stock market holidays

Switching Cos for Agents is tough now.

The Insurance Regulatory and Development Authority (IRDA) has asked insurance companies to take steps to protect the interest of their policy holders before they issue No Objection Certificates (NOCs) to the agents leaving them.

The new guidelines ensure that all agents - individuals, corporate as well as banks - continue to sell policies of the same insurance company for at least three years.

In the life insurance industry, those policies where the insurance agent has quit the organization are termed as 'orphan' policies, as there is no intermediary to service them.

IRDA has asked all the agents to submit details of all his policyholders including their contact details before leaving the company. The insurance company, in turn, has to ensure an alternative service arrangement for all those policyholders before giving NOC to the Insurance Agents.

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What is The Insurance Regulatory and Development Authority (IRDA)

The Insurance Regulatory and Development Authority (IRDA) is a national agency of the Government of India, based in Hyderabad to regulate and control the insurance industry. It was formed by an act of Parliament known as IRDA Act 1999, which was amended in 2002 to incorporate some budding requirements.

As stated in the act mission of IRDA is "to protect the interests of the policyholders, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto."

When a policyholder has a complaint to make, he or she must first approach the Grievance or Consumer Complaints cell of the insurer. In the event of there being no response or no satisfactory response, the policyholder may write to the Grievance Redressal Cell of the IRDA which will then take up the matter with the concerned company for examination/re-examination.

IRDA has two websites.In case you are looking for information like regulations, authority and other regulatory information, please visit www.irdaindia.org

Always purchase any Insurance Policy by IRDA approved financial Consultants.