"We have written to all the companies in which we have nominee-directors, asking them not to give Esops," said LIC managing director D K Mehrotra. He said there were more than 100 companies in which LIC had nominee-directors.
The days of free group healthcare could be over, it's time to fund your own medical policies.
The move opens a debate on the role of independent directors nominated by institutions.
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.
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).
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.
Soon standalone health insurance companies will be governed by separate regulations
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
Shedding its image of a brick-and-mortar organisation, the Life Insurance Corporation of India (LIC) is all set venture into the digital era.
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
The third party premium has been increased from the current Rs 700 to Rs 2,500, a 257 per cent hike for private cars, where the cubic capacity of the vehicle exceeds 1,500 cc.
New India Assurance, National Insurance and United India Insurance are following Oriental Insurance Company in raising health insurance premium rates by 50 to over 100 per cent.
Barclays Plc, UK's third-largest bank by assets, plans to enter the emerging credit card market in India.
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