The CBI is probing whether the former IRDA chief J Hari Narayan had misused his discretionary powers to favour Reliance General Insurance Company, which has admitted that the extra amount collected by it way of premium was not Rs 1.07 crore, as originally believed, but 20 times as much, report Paranjoy Guha Thakurta and Pranati B Mehra.
The government on Thursday issued an ordinance for setting up a full-fledged Pension Fund Regulatory and Development Authority akin to Insurance Regulatory and Development Authority and Securities Exchange Board of India.
HDFC Bank expects to amalgamate its home loan major parent HDFC into itself by September next year, a top official said on Friday. Both HDFC and HDFC Bank held general meetings on Friday to seek shareholder approvals for what is billed as the largest merger in Indian corporate history at over $40 billion. At the time of announcing the merger on April 4 this year, the entities had said the merger will take 12-18 months.
According to Insurance Regulatory and Development Authority recommendations, a uniform grace period of 30 days is extended for annual, half-yearly and quarterly renewals, and 15 days for monthly renewals.
Naval Goel of PolicyX answers some important questions before buying insurance policies
Irdai's push will make insurance cheaper for consumers and enable a consolidated view of all policies.
The regulator has made it mandatory for insurers to have a minimum percentage of motor third-party business underwritten.
Moving from pricing control to a free market means stiff competition.
The Insurance Regulatory and Development Authority (Irda) has stuck to its guns on returns from unit-linked pension plans. Despite several representations from the industry, the regulator has decided that insurers will have to provide guaranteed returns of 4.5 per cent on gross premiums until March 11, 2011.
The Securities and Exchange Board of India (Sebi) has decided against filing a joint application before a court to resolve its dispute with the Insurance Regulatory and Development Authority over unit-linked insurance plans.
Insurers have eased the documentation process to file claims so that they can be settled faster
While buying health policies, customers should reveal any pre-existing diseases. This is the only way to ensure that the insurer does not reject claims.
The main concern among industry and market experts is that the governance in these companies needs to be strengthened and the focus on social insurance has to come down.
Market leaders in this line of business - New India Assurance and Tata AIG - have begun to reassess the premium on risk exposure of their portfolio in the director's and officer's liability business.
The proposal for listing public general insurers had come up in 2007.
Telecom Regulatory Authority of India Chairman Rahul Khullar said insurance companies have asked for 4-6 weeks to deal with unsolicited commercial call or SMS.
Dilip Kumar Jha explains what the buyers must do to protect their own interest.
Most customers still don't understand this concept and are unable to benefit from it.
Finance Secretary Ashok Chawla, in an impromptu chat with reporters, sided with Sebi, while Planning Commission Deputy Chairman Montek Singh Ahluwalia cited the spat to make a case for setting up a Financial Development and Stability Council (FSDC).
Life Insurance Corporation of India has asked the Insurance Regulatory & Development Authority to allow it a shareholding of up to 20 per cent in a company.
The change in policy for the three companies, from listing to merger, shows the level of discomfort within the government about their ability to take on the expanded load for insurance coverage with their current financial strength, including the massive premium and claim settlement cover under the proposed universal health coverage plan announced in Budget 2018.
The government and Life Insurance Corporation's (LIC's) strategic stake sale in IDBI Bank is expected to move to the second stage by the first quarter of FY24, said two people in the know. They added that considering the progress of the ongoing deal, financial bids are expected to come in by June this year. The proposed IDBI Bank stake sale is divided into two sequential stages.
There are few lapses in the healthy insurance proposals.
The government is unlikely to come up with the IPO of Life Insurance Corporation (LIC) in the current financial year ending March 2022, as the valuation of the state-owned behemoth is taking more than anticipated time, and the preparatory work is still far from complete. There are still some issues that need to be addressed with regard to the valuation of LIC, a senior official of one of the merchant bankers said. Even after the valuation, there are several regulatory processes that have concluded, the official said.
The Reserve Bank will soon rope in other regulators Securities and Exchange Board of India and Insurance Regulatory and Development Authority to set up a working group in a bid to strengthen the regulatory mechanism for preventing the potential "c
IRDA seems to be sleeping. It is bothered about the well-being of the insurance companies and not about the man on the street who is buying costly Ulips.
Insurance Regulatory and Development Authority is consulting market watchdog Securities and Exchange Board of India before allowing insurers to invest in derivative products while planning to introduce a system of risk-based capital assessment by 200
Financial conglomerates neither have group-wide oversight mechanisms nor do they follow enterprise-wide risk management practices, according to the findings of a monitoring exercise by the Reserve Bank of India (RBI), Securities and Exchange Board of India (Sebi) and Insurance Regulatory and Development Authority (Irda).
Inflow of more funds is likely to widen the reach of insurance and drive M&A activities in the sector where growth has stalled.
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