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).
According to sources close to the development, major domestic banks and institutions such as State Bank of India (SBI), Bank of India (BoI) and Life Insurance Corporation (LIC) have sought the permission of their respective regulators - the Reserve Bank of India (RBI) and the Insurance Regulatory and Development Authority (Irda) to participate in the equity derivatives market (F&O segment) as traders.
In a huge relief for senior citizens, the entry age for health insurance has been extended to 65 years. But, will it come at a cost?
The removal of tariffs would result in health insurance becoming the second-largest business for general insurance companies over the next three years.The health insurance premium which stood at Rs 675 crore in 2001-2002 has risen to Rs 3,200 crore by March 31, 2007.
The move comes amid complaints that high returns are being promised by life insurers on ULIPs accompanied by non-existent guaranteed returns.
With the top life insurance companies planning to list next year, the Insurance Regulatory Development Authority is setting up a committee for working out a mechanism to decide the valuation and the likely initial public offer price.
Soon standalone health insurance companies will be governed by separate regulations
Giving further freedom to insurance companies, sector regulator IRDA has announced removal of all pricing controls on general insurance products, including fire and engineering, beginning next year, which is expected to bring down premiums.
Policyholders would be given an option to check whether any amount is lying due with insurance firms
An interview with Insurance Regulatory and Development Authority (Irda) Chairman J Hari Narayan. He is charting the road map for strengthening the regulatory framework and also dealing with the turmoil in the US.
LIC's product will be a hospital cash product (that is for major listed surgeries and procedures, LIC will pay the insured a predetermined lump sum amount, depending on his premium payment). LIC's product will also be a long-term product of over 10 years. For claim payouts, the public sector behemoth has tied by with Axis Bank, Syndicate Bank and Bank of America.
The Insurance Regulatory and Development Authority (Irda) has constituted a seven-member committee on health insurance for senior citizens.
The Insurance Regulatory and Development Authority (Irda) may allow up to 25 per cent investment to a single group of companies as part of the group exposure norms for unit-linked insurance plans (Ulips).While in the normal course, the regulator is likely to cap the investment of such polices at 20 per cent, the ceiling can be relaxed by another 5 per cent with prior approval of the board through what is called discretionary limits.
Development officers and agents of LIC are promoting Money Plus claiming to offer astronomical returns
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.
Enthused by over 100 per cent growth in the life insurance business in 2006-07, four more players are likely to start their venture this year.
ICICI Lombard has secured the top slot in new business collections among private general insurers in the first half of this fiscal.
Indian regulators have identified certain groups as 'financial conglomerates' and they are being monitored closely for any systemic risks they may pose.
The old ULIP lacked both and individuals did not have an inkling about either even after taking the ULIP.
Implementation of BI tools can improve the bottom line by 10-15 per cent of insurance companies.
Medical expenses for senior citizens are a foregone conclusion. Since claims are bound to happen with people of higher age, insurance companies do not want senior citizens as customers. Is it right?
For the elderly, the need for health insurance is much higher. Getting it, however, is not that simple.
With the discount, the third-party premium for vintage cars works out to Rs 625 from the present Rs 2,500.
Telecom and Regulatory Authority of India Chairman Nripendra Misra has sought an extension of the tenure of chairperson and the members of the authority from three years to five years besides seeking more powers for the regulator.
India's largest insurer Life Insurance Corporation of India on Monday announced its intention to foray into health insurance sector jointly with another company, which could be a PSU general insurer.
Pulling up insurers for lack of consistency in pricing critical illness products, the insurance regulator IRDA has directed insurance companies to stick to one standard data and eventually build a database of incidence of diseases and death rates.
Tax deduction limit up Rs 50K for investment in pension fund.
It is likely health insurance premiums may actually fall, at least for the individual segment
The Insurance Regulatory and Development Authority on Wednesday issued a 26-point guideline for on-line agent training institutes which stipulates at least 100 hours of training in life or non-life insurance.
With market regulator SEBI having no objection, leading mutual funds including UTI AMC are now awaiting Reserve Bank's nod to invest in the equity of Fortune-500 companies.
Life insurance sector in India grew by 41 per cent in 2005-06 due to better performance of country's largest life insurer, LIC, and private players like Bajaj Allianz and ICICI Prudential.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances