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phantom_vns | If a private insurer becomes bankrupt or runaway ,what will happen to its policy holders or insureds? |
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 |
 
godgrace
 |
IRDA will pay for it... |
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Yours Me
|
I don't know for which company you want to know...but usually it does not happen....but in such type of cases, usually another company takeover such type of company (which has been bankrupted) and then takes all responsibilities of all existing clients....or the client is compensated through I.R.D.A.
If you want to know about a particular company which, you think, can be bankrupted, you can ask from me.
Have a nice day
vikastheone@rediffmail.com |
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delta
|
if the private insures become bankfupt , the the money of the investors goes down the drain. IRDA, as suggested by some one else, will not be in a position to pay all the money, on ly some part of it. the policy holders.isured will suffer major losses. But, dont worry, the chances are very very remote. |
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toknowmore
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This may happen, but IRDA will take care to safe guard the money of its customers or the company may be taken over by another company.
But as regards LIC, the money is guaranteed by Central Government and LIC is paying 5% of its net profit to the Govt for this purpose and the balance 95% of its net profit is paid back to its policy holder by way of Annual Bonus and additional bonus.
good luck
pnkmurthy@yahoo.com
http://www.geocities.com/pnkmurthy/lic.html |
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poonam s
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the company is taken over by irda.it takes the position of the actual company.irda is the regulatory body for alll insurance companies |
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aaron p
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The correct answer will depend on the country you are referring to and possibly the state/province.
In the US, there is a state guarantee association, but the coverage limits vary depending on the state and type of insurance contract. |
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vishu bharal
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no inssurance company ,can ranaway, another company will takeover it, and pay the liability, it already happen, a insuarnce company which is takeover by reliance and become reliance life insu,so no need to worry |
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