The pension bill is listed in the name of Finance Minister Pranab Mukherjee in the agenda papers of the Lok Sabha for Wednesday.
Development officers and agents of LIC are promoting Money Plus claiming to offer astronomical returns
Auditors seem to have developed a heightened sense of risk and are not content to tick the boxes and sign the papers.
The new rules of the Insurance Regulatory and Development Authority take effect from September 1.
Twenty-six per cent FDI cap in sector is not incorporated in Bill as govt retains flexibility.
The proposed change would give policyholders the flexibility to switch their insurers, with the benefits of pre-existing diseases covered from the first year of shifting to a new company. At present, pre-existing diseases are covered only after the completion of four years of a policy.
"Disclosure norms for insurance coming out with initial public offer will come out next week," Insurance Regulatory and Development Authority chairman J Harinarayan told PTI.
After winning the turf war with market watchdog Sebi on ULIPs, insurance regulator Irda on Monday said it would frame new guidelines for these products to make them more attractive for policy holders.
'As our per capita income increases and various demographic segments emerge, the need for various kinds of protection and risk covers will become even more explicit.'
The Insurance Regulatory and Development Authority on Monday proposed major amendments in the Insurance Act,
After trying to reform unit-linked insurance plans (Ulips), the Insurance Regulatory and Development Authority (Irda) is now turning its attention to the protection of policyholders.
The information will bring about more transparency by providing prospective policyholders clear information about the amount that has been collected from them as brokerage or commission, an IRDA circular said.
Several life insurance companies in the country are preparing to take on the markets regulator Securities and Exchange Board of India over unit-linked insurance plans.
The Sebi, on Friday, banned 14 life insurance companies, including Reliance Life, SBI Life, ICICI Prudential, Tata AIG and HDFC Standard Life, from raising fresh money in ULIP schemes that invests a major chunk of funds in stock markets.
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.
After life insurance products, the sector's regulator is now turning its attention to unit-linked insurance products (ULIP) that guarantee the highest net asset value (NAV) over its term.
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.
Questions market regulator's showcause to insurers on conceptual, legal, structural grounds.
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 Insurance Regulatory & Development Authority (Irda) is planning to cap the charges on universal life policies, or ULPs. These have almost replaced unit-linked insurance plans (Ulips) in terms of new business. Ulips, which used to account for around 80 per cent of the segment, lost their sheen after the regulator brought in stringent norms from September 1.
The board of directors of ING Vysya Bank, at its meeting held on May 28 have approved the bank's sale of 14.87 per cent stake in ING Vysya Life Insurance Company to Gujarat Ambuja Cements for Rs 60.9 crore (Rs 609 million).
Insurance Regulatory and Development Authority also favoured portability in the health insurance space, a move that will pave the way for the consumers to switch from one insurer to the other for their mediclaim policies.
Hari Narayan said the proposed IPO guidelines for non-life insurance firms were in the process of finalisation before they were sent to SCADA, a body constituted by Securities and Exchange Board of India, for approval followed by a final approval from the market regulator.
The sectoral regulator Irda on Wednesday said the initial public float guidelines for the insurance industry will be ready by early October.
The Insurance Regulatory and Development Authority (Irda) has fined 10 insurance companies, including both the insurance arms of the Bajaj Auto Group, Reliance General, United India, Iffco-Tokio, New India Assurance and Shriram Life for non-compliance with various guidelines. The violations varied from opening branch offices without seeking the regulator's permission to violation of advertisement guidelines and non-fulfilment of social sector obligations.
After setting stiff norms for unit-linked insurance plans, the Insurance Regulatory and Development Authority is planning to cap charges on traditional products within three months.
Life insurers, at present, are allowed to invest 50 per cent of their funds in government securities, 15 per cent in infrastructure-related projects, and the balance 35 per cent in other-than-approved instruments for traditional policies.
"There will be a spectrum of guarantees. For instance, there could be a guarantee on premiums paid or sum insured or rate of return or annuity," said an Irda official.
The Pension Fund Regulatory and Development Authority will consider a proposal to manage the pension funds of companies at its board meeting on Wednesday, extending its role from being manager of individual pension plans.
The United States Agency for International Development will provide a $10 million technical aid for development of Indian insurance sector over the next four years.\n\n\n\n
In what would make unit-linked insurance plans (Ulips) more investor friendly, the Insurance Regulatory and Development Authority (Irda) on Tuesday proposed to cap surrender charges and standardise the revival period for polices that had lapsed.
Income from distribution of third-party products such as insurance policies and mutual fund schemes is already under pressure because of the unfavourable economic climate.
Firm offers no-pain switch from company cover.
Insurance and investment are two different needs. Then, there are Ulip pension plans with no sum assured. No wonder, there is confusion.
Insurance regulator IRDA on Tuesday said it will decide its future course of action on the ULIP controversy in the next two days keeping in mind the government's directive to seek a legally binding decision from a court.
The government on Monday said that the two regulators, the Securities and Exchange Board of India and the Insurance Regulatory and Development Authority, have agreed to maintain the status quo that existed before market regulator's ban on 14 life insurers from raising funds for unit-linked schemes.
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.
The last few months have been action packed for insurance companies having a ULIP (unit-linked insurance plan) product in their portfolio. This, primarily on account of a cap levied by Insurance Regulatory and Development Authority on the total expenses that can be charged by insurance companies on such products with effect from October 1, 2009.
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