Gross enrolments of new subscribers with ESIC were 1.49 crore during the entire financial year 2018-19.
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 government will operationalise the interim Pension Fund Regulatory and Development Authority and come up with the new pension scheme for about 1,00,000 employees from January 1, 2004.
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.
This October it would be three years since the first set of private companies were issued underwriting licences by the Insurance Regulatory and Development Authority.
Bank of Baroda on Thursday expressed hope that it would get the Reserve Bank of India's permission to foray into life insurance business this year.
UTI Mutual Fund plans to foray into the pension sector once the government sets up Pension Fund Regulatory and Development Authority in October this year.
LIC will fall in line with the other private insurers in meeting the IRDA's stringent norms on solvency margin by providing an aggregate Rs 10,000 crore (Rs 100 billion) by the end of 2003-04.
The Pension Fund Regulatory and Development Authority Bill, 2011, provides for market based returns and wide coverage based on several investment options in the pension sector with an aim to building confidence in the subscribers.
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.
Commercial 5G services will be rolled out in 13 cities in India, including the metropolises, in 2022, the Department of Telecommunications (DoT) said in a statement on Monday. These cities are Delhi, Gurugram, Mumbai, Pune, Chennai, Kolkata, Bengaluru, Hyderabad, Chandigarh, Lucknow, Ahmedabad, Gandhinagar, and Jamnagar. "These metros and big cities would be the first places for the launch of 5G services in the country next year," the DoT said.
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.
Adar Poonawalla said he was hopeful that Covovax, the Novavax vaccine made by SII, will be launched around October this year for adults and for children by the first quarter of next year, depending on DCGI approvals.
Personal accident cover should be purchased by everyone, irrespective of age, occupation or health condition, as one does not know when an accident could occur, causing hardship to the family.
Excerpted from Sahara: The Untold Story by Tamal Bandyopadhyay.
The new business premium of life insurance companies usually sees the highest growth in the March quarter.
Insurance industry is poised to double its business with premium income expected to be 3 per cent of gross domestic product in 4-5 years compared to 1.6 per cent now, the Insurance Regulatory and Development Authority said on Wednesday.\n\n\n\n
To reduce time taken for product approvals, Irda has asked life insurers for a product planner before every financial year.
Today, with the Lok Sabha polls only months away, any inter-state dispute over the Cauvery water dispute has the potential to take more political turns than otherwise, predicts N Sathiya Moorthy.
Bharti Airtel on Tuesday announced that it has scrapped the minimum recharge plan of Rs 99 in seven circles -- Andhra Pradesh, Bihar, Himachal Pradesh, Karnataka, Northeast, Rajasthan, and Uttar Pradesh (West). In these circles, the price of the entry-level plan now would be Rs 155. This 57 per cent increase in Airtel's entry-level plan comes two months after the telco discontinued the Rs 99 plan in Haryana and Odisha in November last year.
The Insurance Regulatory and Development Authority of India (IRDAI) has issued guidelines that will allow car dealers to become Motor Insurance Service Providers (MISP) and offer the policies of multiple general insurers, says Sanjay Kumar Singh.
The further expansion and upgrade of the Chinese military does not augur well for India, which continues to confront an increasingly belligerent China on its borders, notes former foreign secretary Shyam Saran.
Merely bringing down the government stake below 51% may not find any taker for the PSBs. The government must bring down its holding to at least 26%, recommends Tamal Bandyopadhyay.
DCGI, health ministry initiate dialogues with foreign regulators, try to understand global best practices
Some of India's biggest employers are testing for antibodies to either comply with regulatory norms or gauge the effectiveness of precautionary measures.
The discount should be equal to interest rates on savings bank account deposit of State Bank of India.
The Genetic Engineering Appraisal Committee (GEAC) has recommended the environmental release of the genetically modified (GM) mustard variety DMH (Dhara Mustard Hybrid)-11, paving the way for the commercialisation of the country's first GM food crop. The GEAC said the recommendation was valid for four years from the date the approval letter was issued. Further studies and coordinated trials will have to be conducted jointly with the Indian Council of Agriculture Research (ICAR) within two years, according to the minutes of the GEAC meeting held on October 18, which was released on Wednesday.
The new regulations will allow the insurers to charge an extra premium from policyholders who wish to buy riders with unit-linked insurance plans.
The Financial Stability and Development Council meeting on Tuesday started with an air of tension in the room. An official present described the participants' body language as "tetchy". However, once presentations and discussions begun, the mood considerably eased.
Vaccine major Serum Institute of India on Tuesday said the approval for the COVID-19 vaccine 'Covovax' would strengthen immunization initiatives across India and various lower and middle income countries across the world.
Merging tribunals may lead to administrative convenience, but pendency of cases is likely to increase
During the debate on the 'Motion of Thanks on the President's Address', Leader of the House Piyush Goyal and Union Finance Minister Nirmala Sitharaman strongly objected to 'insinuations' against the prime minister, who was also present in the House.
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