India may penalize delays in crop insurance settlements
Wednesday, 03 23 2016, Category: Insurance and Reinsurance, Country: India
India may impose penalties for delaying claim settlements under its new crop insurance scheme in an effort to remedy shortcomings in earlier insurance programmes, top government officials said on Tuesday.
India's government in January launched a new crop insurance plan beginning in the summer season in June that is expected to cover half of India's 263 million farmers in the next two to three years.
The insurance plan is critical for Prime Minister Narendra Modi's plans to woo the 70 percent of India's 1.3 billion people living in the countryside during upcoming local elections later this year and in 2017.