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After funds it had put aside to satisfy future claims from its coverage holders dipped to a regarding degree, the insurance coverage regulator Insurance coverage Regulatory and Improvement Authority (IRDAI) Thursday stopped Reliance Well being Insurance coverage Co from promoting insurance coverage.
“The Reliance Well being Insurance coverage firm, which commenced operation in October 2018, has not been in a position to keep the required solvency margin since June 2019. After it got here to the information of IRDAI within the later a part of August, 2019, a route was issued to RHICL to revive the required degree of solvency margin inside a interval of 1 month,” IRDAI stated in a press release.
It additional stated that regardless of repeated follow-up, the insurer didn’t enhance its capital. Thereafter, the insurer was issued a present trigger discover and given one other alternative to current its case. However there was no enchancment and relatively a deterioration within the monetary place of RHCIL.
Reliance Well being Insurance coverage is a part of Anil Ambani’s Reliance Group, which has been going through critical liquidity points.
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source https://cvrnewsdirect.com/irdai-bans-reliance-health-from-selling-insurance/
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