After its successful launch of telecom business, Reliance is likely to revive its plans to foray into yet another green-field area -- life insurance -- by March this year.
Public Provident Fund should be phased out over a period of time after the introduction of the new pension scheme proposed by the government, the interim Pension Fund Regulatory and Development Authority chairman D Swarup said on Saturday.
The insurance regulator wants the removal of the minimum entry capital requirement of Rs 100 crore for setting up an insurance business in a bid to facilitate the entry of multiple players such as standalone micro insurers and niche players. Debasish Panda, chairman, Insurance Regulatory and Development Authority of India (Irdai), said it should be left to the regulator instead to decide what should be the entry fee for interested players, depending on the size of the business and operations. According to the current norms, insurers are required to have a minimum paid-up capital of Rs 100 crore.
The total premium income for the industry from the motor portfolio is around Rs 8,000 crore, and private vehicles account for about 65 per cent of the market.
The interim Pension Fund Regulatory and Development Authority on Friday said it will appoint a Central Record-keeping and Accounting Agency and give licence to six pension fund managers to start the new pension regime by December this year.
Insurance Regulatory and Development Authority has permitted Sahara Group to enter life-insurance segment, and issued 12 letters of intent to insurance broking entities, including three having foreign equity stake, to conduct business in India.
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
The operationalisation of the new pension scheme, scheduled to have started from April, is to be delayed as the appointment of fund mangers is being deferred till July.
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The Insurance Regulatory and Development Authority on Wednesday warned third-party administrators (TPAs) on not settling health insurance claims in time and said rules will be tightened to ensure prompt payment.
Foreign direct investment in the pension sector is likely to be pegged at 26 per cent initially and six players with at least one public sector undertaking would be allowed to operate as pension fund managers.
The joint venture of Punjab National Bank, Vijaya Bank, Berger Paints and the United States-based Principal Group has evinced interest to the interim Pension Fund Regulatory and Development Authority for foraying into the green-field sector.
Being a member of the World Trade Organisation and General Agreement on Trade in Services, India will have to lift restrictions on foreign capital in insurance.
Tharoor argued that the proposed bill represents a "grave chapter in the history of the Indian republic, seeking to ratify an ordinance that in many ways is an assault on our democratic heritage and the spirit of federalism."
The Law Commission is likely to come up with a final report on revamping all insurance laws by December this year after consultation with the Insurance Regulatory and Development Authority.
Life Insurance Corporation and UTI Mutual Fund are in the fray for entering the lucrative pension business, which is slated to grow to Rs 50,000 crore (Rs 500 billion) by 2010.
The Pune-based Gennova Biopharmaceuticals has submitted phase 2 data of mRNA vaccine and has also completed the recruitment of phase 3 data.
IRDA eased norms by allowing PSUs and private companies with a capital of Rs 0.1-3 crore to bargain for a special discount of 5% in exchange of agency commission or brokers remuneration, when they cover their risks directly with a general insurer.
Life insurers, on the prodding of global reinsurers, are set to hike premiums on term plans because rising mortality after the second wave of the pandemic has led to an increase in the number of settlements. Some will do so next month while others may wait till January. Global reinsurer Munich Re had nudged its insurance partners on the hike in September and insurers have been engaged in negotiations with the reinsurer on the amount of the increase. Term plan prices in India were among the lowest in the world for a long period but in the past couple of years, they have been increased a few times.
In a major clamp down on insurers promising high returns to lure consumers, the Insurance Regulatory and Development Authority has mandated that companies cannot project more than 10 per cent return on investments in their policies.
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