Come October, the life insurance industry may be left with only a handful of products, as the regulator wants companies to &lsquo;refile&rsquo; all existing products according to its new product design guidelines.

Life insurance products may go missing from Oct

Business Standard

The finance ministry has asked the general insurance companies to do away with the policy of under-pricing the risks for the sake of getting larger business volume. It wants them to hike premium to the pre-detariff era to boost profitability and improve the combined ratios that are hovering around 120 per cent.

General insurers told to raise premiums

For the first time since September 2010, the life insurance industry managed to arrest the slide in premium collection in April-May.

Life insurance premium collection increases 1.4%

The Insurance Regulatory and Development Authority (Irda) has slapped a fine of Rs 1.47 crore on HDFC Life Insurance for violating norms pertaining to the commission paid to corporate agents and denial of death claims.

Irda slaps Rs 1.47-cr fine on HDFC Life for norm violation

SBI Life on Wednesday reported a 52 per cent rise in net profit to Rs 556 crore for the financial year ended march 31, 2012, as against Rs 366 crore reported in the corresponding a year ago. Total premium collected by the largest private life insurer in the country, during 2011-12 grew by one per cent to Rs 13,133 crore. This is largely due to new business premium, which was down by 13 per cent to Rs 6,531 crore.

SBI Life FY12 net up 52% to Rs 556 crore

The government appears to have buckled under political pressure, as the finance ministry is set to take a diluted version of the Insurance Bill to the Cabinet in the coming week.

Diluted Insurance Bill coming up

Dutch insurance major AEGON could be the next sectoral player to exit the country, after New York Life ended its joint venture with Max India last month.

AEGON may exit Religare venture

In a bid to make insurance a significant part of the ongoing financial inclusion initiatives in rural areas, the Insurance Regulatory and Development Authority (Irda) has come up with the concept of an &lsquo;everything product&rsquo; to address several risks of a typical household, with a single premium.

Irda suggests an 'everything product' for villagers

Soon, insurance companies in India will not be able to pass on a majority of their risk to reinsurers. The Insurance Regulatory and Development Authority (Irda) is set to specify the retention limit in this regard for insurance companies.

Irda to cap risk passed on to reinsurance firms

In April, private companies continued to be a drag on the life insurance sector&rsquo;s new premium collection. Data collected by the Insurance Regulatory and Development Authority (Irda) showed private insurers collected Rs 1,125 crore by writing new policies in April, down 16.3 per cent compared with Rs 1,345 crore in the same month last year.

Life insurance firms' premium collection down 16.3 % in April

The insurance regulator has capped the agents&rsquo; commission paid by insurers for selling policies with limited premium payment tenure.

Irda caps commission on limited tenure policies

Insurance ombudsmen may soon be allowed to deal with the grievances of individual consumers involving claims higher than the Rs 20 lakh permitted at present. The scope may also be increased to cover all kinds of complaints, including mis-selling, from the issue of a policy to its maturity.

Irda likely to strengthen insurance ombudsmen

The finance ministry has asked state-run general insurers to increase premiums on health insurance, motor and other policies, and refrain from undercutting each other to get new business.

State-run insurers asked to raise premiums

The collection of premium on heavy commercial vehicles by various non-life companies in the state are down by about 15 per cent compared to the previous fiscal.

Mines closure takes a toll on insurance premium collection

ICICI Prudential Life Insurance Company is hiring close to 300 people every month. The life insurance arm of the country&rsquo;s largest private-sector lender does it not to expand workforce, but to maintain its strength, as almost a similar number of staffers keeps leaving every month.

ICICI Prudential losing 300 staff every month

The Insurance Regulatory and Development Authority (Irda) has strongly come out in support of an upcoming government-backed health insurance policy aimed at providing health cover to a large population of the country.

Irda for state-backed health insurance scheme

The Irda on Thursday said no timeframe had been set for Life Insurance Corp of India to reduce its holding in companies in which it has more than 10 per cent stake.

'No time limit for LIC to cut stake in companies'

Private insurer Bharti AXA General Insurance said on Wednesday it plans to double its business in the southern region by the end of the ongoing calendar year. "The company is planning to double its business in the southern region by the end of the calendar year 2012," the company said in a release.

Bharti AXA aims to double business 

Press Trust of India

General insurers in India feel the recent increase in premium rates of motor third party premiums has not been adequate. Through the General Insurance Council, the insurers have made a representation to Insurance Regulatory and Development Authority (Irda), asking for further revision of rates.Two weeks ago, Irda had announced a proposal to increase motor TP premium rates by an average of 35 per cent for vehicles, including private cars and commercial vehicles from April 1.G Srinivasan, CMD of New India Assurance, said, "In segments like commercial vehicles, we need a 60 to 70 per cent raise to make it a viable business." Meanwhile, other transporter organisations, including the All India Transporters' Association (AITA) have opposed the Irda proposal to increase motor TP premiums.Irda, in its proposal, had said all stakeholders' views would be taken into account, before taking a final decision to increase premiums and quantum of increase would be also finalised thereafter.

General insurers want further rise in third-party premium

BS Reporter

Insurance Regulatory and Development Authority (Irda) will take a call on altering its 'Place of Business' Regulation, which called for insurers to take permission of the regulator to open offices in any location in India

Irda for changing 'Place of Business' regulation

Insurance Regulatory and Development Authority (Irda)  has published in the Gazette of India, five key reforms related to the insurance sector

Irda publishes five key reforms in gazette

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

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