The Life Insurance Corporation of India (LIC), which has invested in offer for sale (OFS) of NMDC and Hindustan Copper, will invest only in good scrips that come up for disinvestment, said LIC Chairman D K Mehrotra.

LIC will look only at good scrips: Mehrotra

Business Standard

Indian reinsurer General Insurance Corporation of India (GIC Re) will be going aggressive on expanding overseas from the next financial year. Speaking on the sidelines of a summit, A K Roy, chairman and managing director of GIC Re, said that the company had faced some crisis on finances and will be looking to grow in international locations from next year onwards.

GIC Re to go aggressive on overseas expansion from 2013-14

Anita Nair, 45, an artist here, recently purchased a unit-linked plan from a private insurance company. The agent had told her it would be a five-year term. After she paid the premium and signed the proposal form, she realised it was a 10-year policy term and, immediately, sent a mail of complaint to the company. She was not only refunded the money; the agent was also reprimanded.

Life insurers take some practical steps to reduce mis-selling

The insurance giant American International Group said on Monday that it had launched a process to sell off its entire stake in the Asian insurer AIA Group, ending an association that dates back more than 90 years. AIG's 13.7-per cent stake was worth 52.2 billion Hong Kong dollars, or $6.7 billion, based on AIA's most recent share price.

AIG to sell remaining stake in Asian insurer AIA

The Insurance Regulatory and Development Authority (Irda) has proposed an exposure draft to regulate opening of new offices by insurance companies. According to the draft, insurers that have completed 10 years of business have to ensure at least 25 per cent of proposed new offices be in places with a population of 1,00,000 or below.

Irda for insurance offices in semi-urban, rural areas

The Insurance Regulatory and Development Authority (Irda) has invited a request for proposal (RFQ) from organisations for finding a solution for fraud in the health segment.

Irda invites tender to find solution for fraud in health segment

It&rsquo;s a dog&rsquo;s life &ndash; in insurance, too. Though public sector general insurers and some private ones have offered this cover to tap the growing number of canine lovers in the country, interest in the product has been languishing.

It's a dog's life in insurance, too

Public sector United India Insurance is expected to cross the Rs 10,000-crore premium mark by the end of this financial year, a growth rate of 25 per cent, Chairman-cum-Managing Director Milind Kharat said.

'United India to cross 10,000-cr premium'

Tata AIA Life Insurance Co Ltd (formerly Tata AIG Life Insurance) is seeing attrition at senior management levels. According to sources, five senior management executives are in the process of leaving the organisation.

Five senior execs quit Tata AIA Life Insurance

The Insurance Regulatory and Development Authority (Irda) has expanded the definition of &lsquo;infrastructure facility&rsquo; under its Registration of Indian Insurance Companies Regulations.

Irda amends rules to redefine meaning of 'infrastructure facility'

In a first ever move by the finance ministry to seek life insurers&rsquo; view on taxation issues, it has invited suggestions from life insurance companies for making changes in direct and indirect taxes for the sector, to be considered in the Union Budget 2013-14. In a letter to the Life Insurance Council, the ministry has called for suggestions and views for changes in the duty structure, rates and broadening of tax base, giving economic justification for the same.

FinMin seeks life insurers' view

Reserve Bank of India (RBI) Governor D Subbarao today said the disenchantment with &lsquo;casino banking&rsquo; in certain developed economies underscored the dangers of over-financialisation of the real economy.

Cooperative model leads to inclusive growth: D Subbarao

Although the finance ministry has given the green signal to Life Insurance Corporation (LIC) to increase its stake in a company to up to 25 per cent, the Insurance Regulatory and Development Authority is wary of the systemic risk of the move.

Irda wary over LIC's plan to increase stake

The Insurance Regulatory and Development Authority (Irda) would release the final guidelines on investment limits for insurance companies in the next couple of days, sources said. The guidelines would cap the debt portion of the investment by insurance companies at 55 per cent, against the current 85 per cent.

Irda to release investment limits by next week

The government on Wednesday said the cap on stake that state-owned Life Insurance Corporation (LIC) can hold in companies would raised to 30 per cent from 10 per cent at present.

LIC allowed to hold 30% equity in a firm

ICICI Lombard General Insurance has launched a new travel insurance product International Travel Insurance. The policy provides medical insurance abroad, along with coverage for all trip-related risks. International Travel Insurance provides coverage on a host of medical and non-medical expenses that the policyholder could incur while travelling abroad. The company&rsquo;s tie-up with US' United Health Care helps take care of the insured's bill settlement directly.

ICICI Lombard launches global travel insurance

The premium collections of life insurers stood almost flat with just a 2.3 cent rise in October at Rs 6,851 crore, compared to the corresponding month last year, according to data from Insurance Regulatory and Development Authority (Irda). While the new business premiums of private life insurers were marginally down with a one per cent drop in October, compared to October 2011, Life Insurance Corporation of India (LIC) saw a four per cent rise.

Life insurers' premium collection rises 2.3% 

The Insurance Regulatory and Development Authority (Irda) plans to shift insurance companies to a risk-based solvency model from the current factor-based solvency model.

Irda looking at risk-based solvency model for insurers

Insurance companies aren&rsquo;t at all enthusiastic on the idea of a policy covering the Human Immuno Deficiency Virus (HIV), which leads to the dreaded AIDS infection.

Insurers wary of HIV cover proposal

The Insurance Regulatory and Development Authority (Irda) is set to put an insurance company&rsquo;s investment limit for the entire non-promoter group of an investee company at 15 per cent.

Irda finalises investment norms, to notify soon

SBI Life Insurance has launched a guaranteed traditional savings plan called Smart Income Protect. It offers tax-free regular income at a guaranteed rate of 11 per cent of the sum assured or paid sum assured, for 15 years after maturity.

SBI Life Insurance launches guaranteed savings plan

Insurance News: Visit Business Standard to know about the latest Insurance Industry News, online insurance information, expert views and updates.

Insurance News: Latest Insurance News, Insurance Industry Policy Headlines and Updates | Business Standard

Visit Business Standard to know about the latest Insurance Industry News, online insurance information, expert views and updates.

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