The regulator has put a cap on the business a bank can get from a single insurer.
At its heart, the issue is more than compliance. It is the risk of possible breakdown of a strong nexus between insurance firms and motor car dealers that makes the business the top earner for the former.
Amitabh Chaudhry, who will now head the merged entity, will manage assets under management of about Rs 1.10 lakh crore and an employee base of 23,620 after the completion of the deal
The insurance sector is seeking clarity on the 'Indian management control' clause.
Till June-end alone, insurance regulator is expected to bring about more than half a dozen reforms that will have a significant impact on the customer.
If the Personal Data Protection Bill gets passed in its present form, a new class of companies and entities could emerge. The sole job of these new entities would be to manage the consent for data usage of a user.Banks, healthcare firms and fintech companies, among others, fear that sharing non-personal data with the government may hurt business interests. Banks also fear the threat of data misuse.
Allowing it to lapse leaves you unprotected and can, in some cases, cause loss of premiums paid, experts tell Sanjay Kumar Singh.
After the Delhi high court's ruling, blanket exclusion of genetic disorders from coverage is likely to become a thing of the past.
The Insurance Regulatory and Development Authority of India (IRDAI) has issued guidelines that will allow car dealers to become Motor Insurance Service Providers (MISP) and offer the policies of multiple general insurers, says Sanjay Kumar Singh.
Private insurance firms say, over the past few years, they have been investing on digital technologies to reach semi urban and rural areas.
Moving to a new company means losing out on continuity benefits
Section 45, which says no claim can be rejected after three years of a policy being in force, remains a bone of contention
Irdai's push will make insurance cheaper for consumers and enable a consolidated view of all policies.
Most customers still don't understand this concept and are unable to benefit from it.
'We tightened our risk frameworks once the Covid crisis started.' 'We are slowly lightening this as we see economic activity pick up, salaries getting restored, and people getting back into jobs.'
All costs relating to room, boarding, nursing expenses, medical consultation including telemedicine, consumables such as PPE kits and intensive care unit will be covered under the policy. It will also include the cost of treatment for any other co-morbidities, including pre-existing comorbid conditions along with the treatment for Covid-19.
Market-linked products have been driving the growth of private insurers for some time now. But, the market volatility has forced the companies to re-think their strategies, reports Subrata Panda.
While regulators are trying to do their bit, the onus is on you to prove it.
The buyout will cost LIC about Rs 100 billion, based on the Rs 248 billion market capitalisation of IDBI Bank as on Friday, and assuming it acquires a 40 per cent equity stake from the government.
Inflow of more funds is likely to widen the reach of insurance and drive M&A activities in the sector where growth has stalled.
'Online aggregators offer discounts of 70% to 75%.' 'At a car dealership, the discount is usually in the range of 30% to 35%.'
The 21st meeting of FSDC comes against the backdrop of the economy hitting a six-year low growth rate of 5 per cent in the first quarter of 2019-20. Even some of the macroeconomic data for the second quarter does not portray an encouraging picture of the economy.
The next step for the Life Insurance Corporation of India is to approach market regulator Sebi, as the bank, which is also state-owned, is a listed entity.
The online channel has only been successful in making inroads in metro cities.
Five key capital market announcements from the previous Budget.
To plug claims mismanagement, the Insurance Regulatory and Development Authority of India (Irdai) is bringing reforms in the mediclaim segment.
Dilip Kumar Jha explains what the buyers must do to protect their own interest.
According to preliminary information memorandum, Air India's new owner will be asked to list the company in some time
Gill, who studied at Modern School and Hindu College in Delhi, joined Deutsche Bank in 1991 and became its India CEO in 2012.
It is important to look at factors like claim settlement ratios, persistency ratios, the extent of premium increase with age, insurer's reputation, etc, says Vaidyanathan Ramani.
'If anybody defaults on something which is due for today, they have to disclose it tomorrow.' 'The accumulation of NPAs is due to asymmetry in information.' 'The investor should have real-time information.'
While there's tax arbitrage advantage in ULIPs now, experts say investors should prefer mutual funds for long-term savings.
Priyadarshini Maji evaluates the impact that payment banks are likely to have on your financial life.
The devastation caused by the current deluge has damaged hundreds and thousands of homes and vehicles.
Agents often influence customers into buying new products every year instead of continuing with their existing policies
The amount for which free check-up is offered can be quite low, while in some policies it comes only after a considerable waiting period.
By April, operational guidelines for the scheme will be finalised and shared with states
'When users sign up for free apps and services, they are giving up data. They fail to realise the impact of their data in the public domain, which is something that corporations have been monetising on for some time now.'
Analysts say strengthening bank's capital will boost earnings, bank needs chief with long stint to run show
The pool was formed by non-life insurance cos in India in Apr '02.
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