The Bombay high court has ruled that LIC has to honour claims made by lenders, that is banks, non-banking finance companies and financial institutions, if an LIC policyholder defaults in repaying the loan to the lender.
The Insurance Regulatory Development Authority plans to introduce guidelines soon on transfer (also called assignment) of insurance policies after the Insurance Act is amended.
The Life Insurance Corporation of India will soon file a special leave petition before the Supreme Court to prevent trading in life insurance policies.
The exchange rate policy has served us very well in the last so many years and the exchange rate has been commended all around, says RBI Governor Y V Reddy.
The clampdown will be part of a package from the central bank to make end-use norms for external commercial borrowing (ECB) funds more stringent for various sectors.
Corporate India has paid 50 per cent (around Rs 600 crore) more on group health insurance this year. The premium paid on this account last year was Rs 1,200 crore (Rs 12 billion).
Real interest rates yet to touch highs witnessed in mid-90s.
The move comes amid complaints that high returns are being promised by life insurers on ULIPs accompanied by non-existent guaranteed returns.
Insurance companies are expected to get greater leeway in investing policyholders' funds with the addition of mortgage-backed securities to the list of approved investments.
The total outstanding loans are likely to touch Rs 1,10,000 crore at the end of 2006-07 this month
Soon standalone health insurance companies will be governed by separate regulations
ATM deployment is set to gain scale with the Anil Ambani group's Reliance Capital and a few technology firms joining hands with partner banks to launch co-branded (known as partial white-label) ATMs.
Public and private sector insurance companies are forming alliances to bid for state-run carrier Air-India's aviation cover worth $3.5 billion.
ULIPs come on top with one-year returns between 34% and 45% compared with closed-end mutual funds and ELSS
A liquidity crunch has hit several microfinance institutions with the flow of funds 'temporarily' drying up after the largest MFI lender, ICICI Bank, halted payments in early January.
Shedding its image of a brick-and-mortar organisation, the Life Insurance Corporation of India (LIC) is all set venture into the digital era.
Global pilot project set to revolutionise remittances.
The free pricing regime in the general insurance industry has come into force, with the Insurance Regulatory and Development Authority clearing all the revised rates filed by general insurers.
Players may have to suffer underwriting losses this year.
The Insurance Regulatory Development Authority of India has clamped down on excessive discounts on fire
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