ICICI Bank on Friday reshuffled its management as Nachiket Mor, an executive director, decided to quit. The board, at its meeting on Friday, promoted deputy managing director Chanda Kochhar as the joint managing director and chief financial officer (CFO) of the bank. The incumbent Group CFO Vishakha Mulye has been made executive director of the bank's subsidiary, ICICI Lombard General Insurance.
Kochhar retires by rotation, and being eligible, has offered herself for reappointment as director, said the broking arm in a notice for its Annual General Meeting to be held on August 30
Some of the key names include: Maruti, M&M, Ashok Leyland, Britannia, Ultratech, JK Cement, Havells, Voltas, Amber, Metro, Trent, LemonTree, Indian Hotels, Niva Bupa, HDFC Life, IGL, Acme Solar, Suzlon, Swiggy, Delhivery, ICICI Bank, HDFC Bank, Bajaj Finance, Shriram Finance," according to a report by Motilal Oswal Financial Services.
The regulatory changes brought in by the insurance regulator and the amendments proposed to the Insurance Act by the Centre may herald a new dawn for the sector in India. This may result in insurers bringing out more consumer-led products, top honchos of general insurance companies of the country concurred at the Business Standard BFSI Insight Summit 2022.
Twenty years after India's insurance sector was opened up, unshackling the control of state-owned companies, as many as 50 private players have set up shop. Along with their foreign partners, private players have brought about a sea change in the product offering, distribution and underwriting processes, and services levels. Yet, India's insurance penetration needle has not moved much.
Ahead of the Union Budget 2023, insurers are hoping that the Centre will act on their recommendations, which includes increasing the limit for tax deduction under 80D of the Income Tax Act. Also among them are issuance of long-term bonds, tax incentives for home insurance premiums, and a separate section to claim deduction for term-insurance premium, among others. These suggestions would help improve the penetration of insurance in the country.
Before you buy a cashless benefit plan at lower premiums, check if you can make full use of it. Most don't even exhaust the entire benefit.
Most policies have a 30-90 days waiting period, during which you will not be able to claim any hospitalisation expense, except in case of accidents.
'If you want it to grow well and serve the true needs of the economy, it needs a lot of freedom and flexibility, which comes in terms of the reform objective set by the regulator.'
"India's middle class, small traders and farmers are the lifelines of its economic growth. By catering to these ambitions #Budget2019 infuses hopes for millions of dreams."
Public general insurance companies to collaborate for speedy settlement of claims
