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 latest data released by the Insurance Regulatory and Development Authority (Irda) show that during April and May this year, premium from the sale of new policies rose to Rs 8,119 crore (Rs 81.19 billion) compared with Rs 7,331 crore (Rs 73.31 billion), representing a rise of 10 per cent.
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.
Cut throat competition between public sector units and private companies may push up general insurance business by over 25 per cent to Rs 15,000 crore this fiscal.
However, the finance ministry is yet to apply its mind on whether to merge the interim Pension Fund Regulatory and Development Authority with Insurance Regulatory and Development Authority or have two separate regulators for pension and insurance.
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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.
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).
Paytm, the country's leading fintech player which had to shut its payment bank business following regulatory action, is revisiting its business strategy including partnership with lenders. Also, the company's founder and chief executive officer (CEO) Vijay Shekhar Sharma has decided to oversee the day-to-day operations with all the major verticals reporting directly to him now. "The thing on top of everyone's agenda is getting the core businesses back on track," a person in the know 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
ULPs have become more consumer-friendly. But do you really need one?
Irdai has listed diseases that can't be excluded from health insurance policies, including neurodevelopmental disorders, mental illness problems, psychological disorders, genetic diseases, puberty- and menopause-related disorders.
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
Over more than a decade since the category came into its own, many brands have come to spell life insurance only as i-n-v-e-s-t-m-e-n-t. But for a business that is all about mitigating life's risks to meet life's needs, it seems to have forgotten its own foundations in evolving, in marketing itself.
Taking a cue from Zomato's stellar initial public offering (IPO), through which it garnered a valuation of Rs 1 trillion, the government has asked its advisors and valuers to ascertain if the Life Insurance Corporation of India (LIC) should be valued at Rs 10 trillion or more. The government is looking to offload about 10 per cent stake in LIC through the IPO. At that valuation, the government stands to net at least Rs 1 trillion from LIC's proposed IPO, which will boost the Centre's efforts to meet its disinvestment target of Rs 1.75 trillion for the current financial year.
Finance Minister Jaswant Singh is likely to trigger off pension reforms for the unorganized sector in this Budget by exempting tax on a standardized pension policy, which could be sold by insurers at a meager price.
Industrial Development Bank of India Ltd on Monday said it will enter into a memorandum of understanding with Netherlands-based Fortis Insurance International NV for setting up a joint venture company. \n
Sanjay Kumar Singh draws up a mediclaim policy checklist.
Insurance Regulatory and Development Authority would favour raising the foreign equity cap in the Indian insurance sector from 26% if the Indian promoters fail to enhance the capital base required to sustain the high growth of the sector.
The Life Insurance Corporation of India will comply with the Insurance Regulatory and Development Authority's norm on solvency by providing Rs 1,871 crore (Rs 18.71 billion) additional capital by this fiscal.
The insurance industry will remember 2010 as an eventful year in which insurance regulator Irda came out on top in a turf war with market watchdog Sebi over the regulation of Unit-Linked Insurance Products, with the end result of such schemes becoming investor-friendly.
The NSE Nifty is at 5,340 down 22 points. Inspite of two big negative news looming in the market, the index lost around 100 points,owing to the huge FII inflow which kept the sentiments positive.
For the vehicle-owner, the overall cost of buying a car can go up by 2% to 3$%. For two-wheelers, the cost can rise by 1% to 1.5%
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).
The insurance companies will use "green, orange, and red" colours to indicate the complexity of the products that are on offer.
