The All India Insurance Employees' Association has opposed the government directive seeking to open up top posts in the state-owned insurers to the private sector, saying this would lead to greater private influence and "eventual privatisation".
'$125 million for the hull and the remaining of over $350 million for liability.'
'India has not faced a major terrorism loss since the Mumbai terrorist attacks in 2008.'
'Investment by insurers in the Bima Sugam India Federation is illegal as it is a private limited company.'
'It is difficult to write business internationally, without an 'A-' rating. It becomes more expensive.'
The finance ministry is in favour of extending the August deadline for public sector banks (PSBs) as well as insurance companies to increase their minimum public shareholding (MPS) to the mandated 25 per cent, said a senior government official. "The election results will determine the course of action. "Most likely, those who did not receive an extension to meet the minimum shareholding norm will be granted one," the senior government official said.
'Because it is the only public sector company in this sector, currently.'
Five state-run general insurance companies have a total exposure of Rs 347.64 crore, or 0.14 per cent of their total assets under management (AUM), in Adani group of companies, the finance ministry said on Monday. In a written reply to a question by Congress' Manish Tewari, Minister of State for Finance Bhagwat Karad said Life Insurance Corp (LIC) held Rs 35,917.31 crore in debt and equity of Adani group of companies as on December 31, 2022. This is 0.97 per cent of its total assets under management (AUM) of Rs 41.66 trillion.
Core retail segments like motor and health continue to report strong growth of 19-20 per cent with competitive intensity still visible in the motor OD (owner driven) segment. Commercial lines reported muted growth. Group health remains a key driver. Among the listed companies, ICICI Lombard continues to trail in the motor section while Star Health has lost its Y-o-Y retail market share although its better on a sequential basis.
The government has not set up any committee to probe allegations a US short seller labelled against the Adani Group, but stock market regulator SEBI is investigating market allegations against the group, the Lok Sabha was informed on Monday. A separate investigation into imports of Indonesian coal by the conglomerate hasn't reached finality, Minister of State for Finance Pankaj Chaudhary said. Lok Sabha saw several questions being put by MPs to the government on the Adani issue, which were replied through written responses by the minister.
Global investors have cited the ongoing war and high valuations of Indian equity markets as a reason to skip the IPO.
Air India sale will give a boost to India's privatisation drive, the Economic Survey said on Monday, as it suggested redefining the public sector role in business enterprises to encourage private participation in all sectors. The government earlier this month handed over ownership rights in national carrier Air India to Tata Group for Rs 18,000 crore. The amount includes the takeover of the debt burden of Rs 15,300 crore and another Rs 2,700 crore in cash.
'We will be looking to prune our portfolio to make GIC Re a healthier entity.'
From the enactment of the capital control Act to the recognition of the BSE as a stock exchange and the infamous Harshad Mehta scam, here are the 18 biggest events for stock markets from 1947 to 1993.
The Rs 12,450 crore capital infusion will enable the three public sector general insurance companies to improve their financial and solvency position, meet the insurance needs of the economy, absorb changes and enhance the capacity to raise resources and improve risk management.
While the four general insurers will have equal stake in the TPA, Life Insurance Corporation and General Insurance Corporation might hold a less stake.
The largest financial institution, LIC, led the list of companies that paid up their advance tax this morning, with a spike in the amount to Rs 1,200 crore (Rs 12 billion) from Rs 1,070 crore (Rs 10.70 billion) a year ago, a senior income tax official said in New Delhi on Thursday.
Pricing for catastrophe risks are low in India.
India suffered a $3 billion loss to its economy from severe rainfall and flooding in November and early December.
According to sources, the government has convened a meeting involving the Nuclear Power Corporation and General Insurance Corporation (GIC), the only domestic re-insurer in the country, to take stock of the progress.
General Insurance Corporation, the country's only reinsurer, will be launching Retakaful -- reinsurance based on Shariah principles -- in this financial year. Retakaful will provide reinsurance support and will be based on the Islamic principles called Shariah. Reinsurance refers to insuring insurance companies. Similarly, a Retakaful company provides reinsurance support to Takaful insurance companies (insurance companies following the Islamic concept of insurance).
Punjab & Sind Bank plans to offer 5% each to top institutions
The reinsurer expects total insurance cover to be around $500 million.
Because of the slowdown, GIC's housing loan disbursement had been 'static', but it would pick up by the second half of this fiscal. Till september this year, the disbursal was Rs 290 crore (Rs 2.9 billion), M Sivaraman, managing director, told reporters in Kochi on Monday night.
In what may reduce the underwriting capacity of the general insurance industry, General Insurance Corporation has withdrawn the market surplus treaty with effect from April 1.
GIC has increased its reinsurance business in Dubai from Rs 369 crore in 2007-08 to Rs 517 crore in 2008-09. Similarly, the company's fully underwritten cover amounted to Rs 326 crore this year in London, where it started operating in 2008. "Global insurers are showing faith in GIC. It has got some psychological support in view of its sovereign rating," a senior GIC executive said.
No change in the maximum cover of Rs 750 crore.
Move to provide insurance up to Rs 1,000 cr from Rs 750 cr now.
Though General Insurance Corporation of India has a majority stake of 40 per cent as the re-insurer, the rest was re-insured with global reinsurers.
Indian reinsurer General Insurance Corporation has hardened its stance while negotiating reinsurance arrangements for the next financial year. During the first round of talks with non-life insurers, GIC said that it would pay at least 5 per cent lower commission on business that is reinsured with it. Further, it has sought a share in underwriting profits, which could be as high as 50 per cent, sources involved with the negotiations said.
LIC and GIC employees will go on strike on Tuesday to lodge their emphatic protest against the 'ill-advised' two Bills the Government of India introduced in Parliament on Monday. The office bearers of Insurance Employees' associations said the increase in FDI limit under external pressure results in increased access to private foreign capital over domestic savings, thereby weakening the public sector LIC of India.
Ranbaxy's shares rose by 0.65 per cent on Thursday to close at Rs 493.55 a share, below the offer price of Rs 737 a share. Two days ago, it had been reported that institutional investors Life Insurance Corporation and General Insurance Corporation, which between them hold 16.43 per cent in Ranbaxy, offered to sell their stake.
Two former directors on the Larsen & Toubro board have returned the employee stock option shares to the company following an out-of-court settlement reached this week with two government-owned financial institutions.
In a communication to L&T, the financial institutions on Thursday said they were withdrawing the nominations of Sinha and Deshmukh from the board with immediate effect.
"We have written to all the companies in which we have nominee-directors, asking them not to give Esops," said LIC managing director D K Mehrotra. He said there were more than 100 companies in which LIC had nominee-directors.
The move opens a debate on the role of independent directors nominated by institutions.
The judge orally observed that the obtaining of this kind of benefit by any such nominee-director raised an important question of morality and, equally, of law.
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