New India Assurance and Niva Bupa have invested in the Bima Sugam India Federation.
Five state-run general insurance companies have a total exposure of Rs 347.64 crore, or 0.14 per cent of their total assets under management (AUM), in Adani group of companies, the finance ministry said on Monday. In a written reply to a question by Congress' Manish Tewari, Minister of State for Finance Bhagwat Karad said Life Insurance Corp (LIC) held Rs 35,917.31 crore in debt and equity of Adani group of companies as on December 31, 2022. This is 0.97 per cent of its total assets under management (AUM) of Rs 41.66 trillion.
The government has not set up any committee to probe allegations a US short seller labelled against the Adani Group, but stock market regulator SEBI is investigating market allegations against the group, the Lok Sabha was informed on Monday. A separate investigation into imports of Indonesian coal by the conglomerate hasn't reached finality, Minister of State for Finance Pankaj Chaudhary said. Lok Sabha saw several questions being put by MPs to the government on the Adani issue, which were replied through written responses by the minister.
According to the third batch of supplementary demands for grants tabled in the Lok Sabha, approval is being sought for gross additional expenditure of over Rs 1.58 lakh crore.
Air India sale will give a boost to India's privatisation drive, the Economic Survey said on Monday, as it suggested redefining the public sector role in business enterprises to encourage private participation in all sectors. The government earlier this month handed over ownership rights in national carrier Air India to Tata Group for Rs 18,000 crore. The amount includes the takeover of the debt burden of Rs 15,300 crore and another Rs 2,700 crore in cash.
Employees of public sector general insurance (PSGI) companies are observing nationwide one-day strike on Wednesday to protest against intended privatisation of state-owned insurers. The Joint Front of Trade Unions in PSGI companies met on Monday and decided to protest against the decision of the government to privatise PSGI companies. The unions have given a call for one-day strike against the passage of the General Insurance Business (Nationalisation) Amendment Bill 2021 in the Lok Sabha, General Insurance Employees All India Association general secretary K Govindan said. Employees of all four PSGI companies are participating in the day-long strike, he said.
Leading state-run general insurer New India Assurance Company on Wednesday said it will soon launch a new premium mediclaim product as a part of its efforts to resolve the issue over the cashless health cover, which the state-run players had discontinued early July alleging inflated billing by hospitals.
There are four public sector general insurance companies.
As per norms, sanction for prosecution of government employees accused of corruption has to be given within four months' stipulated time.
The Rs 12,450 crore capital infusion will enable the three public sector general insurance companies to improve their financial and solvency position, meet the insurance needs of the economy, absorb changes and enhance the capacity to raise resources and improve risk management.
All three have cited personal reasons for giving up thepositions.
In the past 10 trading sessions, shares of the state-owned company have shot up more than 50 per cent.
United India Insurance chief G Srinivasan has taken up the additional charge of CMD.
The cashless medical facility was suspended by four public sector unit insurers -- New India Assurance, United India Insurance, National Insurance and Oriental Insurance -- from July 1 after they alleged over-billing by certain private hospitals.
Claim breach in procedure, demand probes; Reliance denies charge
Leading public sector general insurers have mooted the idea for a regulator to standardise the costs of medical treatment across the country.
The high sum insured will allow the insurer the luxury of taking treatment in a deluxe room in premium priced hospitals and cover high-cost medical expenses for critical illnesses.
Life Insurance Corporation of India, its foreign arm LIC International and the New India Assurance Co will join hands for setting up a joint venture company in Saudi Arabia to offer life and non-life insurance products to non resident Indians and oth
A consumer court has pulled up New India Assurance Company Ltd for refusing to reimburse the cost of a life-saving equipment to a claimant, who bought it to overcome a sleep disorder, on the ground that it was not covered under the policy.
It will help in reducing the turnaround time.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries
The government is keeping a "close watch" on the developments relating to the Tata-Mistry case, but does not want to "interfere" at present as it was an "internal matter" of a private group, Ministry of State for Corporate Affairs Arjun Ram Meghwal has said.
The biggest surprise for customers, at the time of claiming, is the fact that they will get only depreciated value of the product.
The smartphone has become our buddy and we owe it a good insurance policy to ensure it's protected at all times, says Naval Goel
The Bill will come up for discussion in the upcoming winter session of the Parliament.
The Tata empire turns 150 this year. R Gopalakrishnan, former director, Tata Sons Ltd, imagines a conversation among the group's founder Jamsetji, his son Dorabji, his successor, Nowroji Saklatwala, and his successor, J R D Tata.
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