Last year, FDI cap in insurance was hiked to 49%
Regulator Irda has permitted corporations owning general insurance business to set up their insurance broking companies. Business houses promoting insurance broking companies, Irda said, would have to give an undertaking that the clients of the company will not be "compelled to use the broker for their insurance requirements". Also the insurer will not favour its brokers in any form, be it in terms of providing more remuneration or laying down terms favouring it, Irda said.
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.
Seasoned bureaucrat C S Rao on Tuesday took over as chairman of the Insurance Regulatory and Development Authority and spoke of the exciting potential in the insurance industry with a huge market waiting to be tapped.
To reduce time taken for product approvals, Irda has asked life insurers for a product planner before every financial year.
Plans with loan clause denied approval; regulatory ban coming.
Effective 01 October 2011, health insurance has become portable and you are now free to move to another provider and carry along all the credits gained for having been loyal.
Health insurance policy holders, feeling let down due to poor services, will have the choice to switch over to another company with the same conditions under the insurers portability option to be formulated by regulator Irda next month.
"With regard to life companies, the work on IPO guidelines is more or less complete and we would be going for gazetting the same as regulation very shortly, perhaps toward the end of this month," IRDA Chairman J Hari Narayan told reporters on the sidelines of a FICCI event in New Delhi.
The vigilance department of the Insurance Regulatory and Development Authority is looking into such complaints in Rajiv Gandhi Shilpi Swasthya Bima Yojana, Weather Insurance Scheme, Shetkari Apghati Durghatana Bima Yojana and Panjikrut Kishan Durghatana Bima Yojana, according to a letter written by IRDA to Finance Ministry on its ongoing probe.
The sectoral regulator Irda on Wednesday said the initial public float guidelines for the insurance industry will be ready by early October.
Insurance regulator IRDA's new guidelines protecting unit-linked insurance product holders from mis-selling by dealers and onerous commissions will come into effect from Wednesday and are likely to make the equity-linked instruments more investor-friendly.
The Sebi-Irda tussle will change Ulips forever. What it means for millions of investors.
Sebi has done a good job on regulating mutual funds so Sebi's move to regulate ULIPs may be a blessing in disguise for ULIP investors.
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 asks insurance companies to increase risk cover from July 1
The new ULIP structure will come into effect from September 1, 2010. Will investors benefit now?
The telecom regulator on Friday released a list of 40 "defaulter" principal entities, including large banks like HDFC Bank, SBI and ICICI Bank, that are not fulfilling the regulatory norms on bulk commercial messages despite repeated reminders. Hardening its stance on the issue, the Telecom Regulatory Authority of India (TRAI) warned that defaulting entities should comply with the stipulated requirements by March 31, 2021 "to avoid any disruption in the communication with customers" from April 1, 2021. "As sufficient opportunity has been given to principal entities/ telemarketers to comply with the regulatory requirements and that the consumers cannot be deprived of the benefits of the regulatory provisions any further, therefore it has been decided that from April 1, 2021, any message failing in the scrubbing process due to non-compliance of regulatory requirements will be rejected" by the system, TRAI said in a statement.
Having got the regulatory clearance to offer add-on insurance policies, non-life insurers are now preparing to launch the same in the coming weeks. Some of the insurers have said, however, that they need some time to launch these products. They say that, unlike commercial products which can be launched straight away, products meant for retail consumers need a certain level of preparation before they are ready for sale.
The Bill will come up for discussion in the upcoming winter session of the Parliament.
Insurance regulator IRDA on Friday said it is likely to finalise the guidelines for mergers and acquisitions of insurance companies in the next two months.
"We had two meetings with the Sebi and couple of more is required (to decide on final guideline on IPO)," IRDA chairman J Hari Narayan said at a CII event.
"We hope to start general insurance operations before the end of the current fiscal. We already have got stage one approval from IRDA," SBI Chairman O P Bhatt told reporters in New Delhi.
One year after the Insurance Regulatory and Development Authority's (Irda) allowed insurance companies to invest in venture capital (VC) funds, no insurer has shown interest in funding VCs.
Companies think they are too big to bow before regulators.
In order to encourage consolidation in the private sector insurance industry, the regulator IRDA on Wednesday said it would come out with a framework for mergers and acquisitions (M&A) for the sector by the end of current fiscal.
In order to encourage consolidation in the private sector insurance industry, the regulator IRDA on Wednesday said it would come out with a framework for mergers and acquisitions (M&A) for the sector by the end of current fiscal.
Most policies attached to co-branded cards to lure customers.
Insurance Regulatory and Development Authority (IRDA) on Thursday said ten new players have applied for licences to enter into this fast growing sector.The Shriram group, Ranbaxy-promoted Religare Securities and real estate major DLF, have sought regulatory approval for entering the insurance sector, Muralidharan said.
A committee headed by Irda's member actuary R Kannan has suggested a grace period of 15 days for policyholders who pay premium on a monthly basis, while a 30 days grace period will be available to those who pay their premium annually, half-yearly or quarterly.
Insurance Regulatory and Development Authority Chairman T S Vijayan also said the regulator is mulling to bring out norms for sub-brokers of insurance products.
The department of post is in the process of floating a separate company to bring its Postal Life Insurance and Rural Postal Life Insurance products under the ambit of the Insurance Regulatory and Development Authority, an official said on Saturday.
The Insurance Regulatory and Development Authority on Wednesday announced that it would lift pricing controls on motor insurance, along with other lines of business currently under tariff, with effect from January 1, 2007.
Your insurance policy document will become digital and paperless like shares. Here's what you must know to save the hassles.
If it is about saving tax and you don't have a policy already, there is a case for buying.
Navratri and Onam saw flat sales, but industry hopes to turn the corner with a cracker of a Diwali.
As markets gain momentum, investors are again being lured into investing in ULIPs but they may face the heat in case markets fall.
ULIPs have become popular amongst investors, especially those who do not have the time to track the markets but want to earn higher returns on maturity.
Insurance Regulatory and Development Authority expects decline in premium rates of fire, engineering and motor own damage covers once insurers are given the freedom to price these businesses from 2007.
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