Finance Secretary Ashok Chawla, in an impromptu chat with reporters, sided with Sebi, while Planning Commission Deputy Chairman Montek Singh Ahluwalia cited the spat to make a case for setting up a Financial Development and Stability Council (FSDC).
Says market regulator's order is misconceived and not in public interest.
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.
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.
Term insurance policy provides a stated benefit only upon the holder's death, provided the death occurs within the policy period. There will be no stated benefits if the policy holder outlives the policy period.
Questions raised on discrepancies in land rates in West Bengal.
EAC told Cidco during a meeting that it would visit the site in the third week of October before finalising its report. Cidco had clarified its stand on 61 points relating to the proposed airport and reiterated that there was no alternative site.
Irda's advertisement is silent about the High cost of Ulips that all Investors should know.
The devastation caused by the current deluge has damaged hundreds and thousands of homes and vehicles.
Insurance Regulatory and Development Authority (Irda) Chairman J Hari Narayan today said companies that did not lower management expenses below the prescribed ceiling would have to set aside more capital to meet the proposed higher solvency requirement.
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.
The Madhya Pradesh government on Tuesday removed former Director General of Police (DGP) Swaraj Puri, who had played a key role in the release of the former Union Carbide chief Warren Anderson, from the state-run Narmada Valley Development Authority (NVDA).
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.
'Insurers should devise procedure to ensure that proposals for contracts with high risk customers are concluded after approval of senior management officials. It is, however, emphasised that proposals of Politically Exposed Persons (PEPs) in particular, require approval of senior management, not below head (underwriting)/chief risk officer level,' the regulator stated in a circular issued on Tuesday.
The sectoral regulator Irda on Wednesday said the initial public float guidelines for the insurance industry will be ready by early October.
At least six people were killed when a three-storey building collapsed in Madhavnagar locality of Baroda.
The exclusive pictures captured by rediff.com tell the story about how work is being done in haste.
Mukesh Ambani said he had never seen any city decked up so strikingly as Lucknow
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.
On July 7, the Delhi Development Authority 'brutally' demolished a structure that acted as a school for children from a juggi jhonpri cluster nearby, leaving 180 kids without a place to study.
The BJP also defended the order saying the primary duty of police of any place is to maintain communal harmony so that there is no law and order issue.
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 Sebi-Irda tussle will change Ulips forever. What it means for millions of investors.
IRDA said it wanted to seek a legal mandate jointly with Sebi, but the market regulator had reservations.
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 Aam Aadmi Party's Party's East Delhi candidate Atishi talks on her competition against the Bharatiya Janata Party candidate, the former cricketer -- Gautam Gambhir, and her agenda for the polls.
The cornerstone of any efficient financial market is certainty and coherence in its regulatory framework.
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.
The Securities and Exchange Board of India, the capital markets regulator, restrained 14 insurance entities from raising fresh money through Ulips - Unit Linked Insurance Products.
Here's a quick look at the likely changes proposed for selling unit linked insurance plans from September 1, 2010 and how they will impact investors.
Agents often influence customers into buying new products every year instead of continuing with their existing policies
The rules are being reviewed for the first time after the sector was opened to private competition at the start of the decade.
India's insurance industry is set for a makeover as it seeks to survive and grow in a changed environment that dawned on September 1. With a three-month spat over who will regulate unit-linked insurance plans (Ulips) settled, the Insurance Regulatory & Development Authority (Irda) in July announced sweeping changes to the way insurance companies do business.
The Insurance Regulatory and Development Authority had approved a minimum of two products per company filed in accordance with new unit-linked insurance plans norms, Irda Chairman J Hari Narayan said in a press conference here on Wednesday.
Mumbai's Metro rail system, which is scheduled to take off by next year, will have a Geographic Information System for mapping the entire rail tracks and nearby areas to enhance safety, maintenance and traffic regulation.
The PFRDA is engaged in consolidating the initiatives taken so far regarding the full New Pension System and expanding the reach of distribution network.
A gardener of the nursery where a 30-year-old woman was found dead on Saturday in Vasant Kunj area of south Delhi has been arrested in connection with her gangrape and murder.
A case has been lodged against UB group chairman Vijay Mallya by farmers allegedly for forgery in the Patna district police on Thursday said.
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.
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