Page 27 - Insurance News
A year of reforms for insurance sector under Irdai's Debasish Panda
Irdai has also now provided more flexibility and autonomy to the boards of insurers in operational and financial decisions
 "A year of reforms for insurance sector under Irdai's Debasish Panda")
Govt to infuse more capital in public sector general insurers next year
They are not in good financial health and fund would be infused in these entities to augment their solvency margin, the official added
 "Govt to infuse more capital in public sector general insurers next year")
Consumers optimistic towards retirement: ICICI Pru Life Insurance study
Individuals who are well prepared for retirement start investing even before they turn 40, finds an ICICI Prudential Life Insurance study
 "Consumers optimistic towards retirement: ICICI Pru Life Insurance study")
DFS work on draft insurance law complete, sent to Cabinet for approval
The amendments aim to enhance the security of policyholders, promote their interests, and improve returns
 "DFS work on draft insurance law complete, sent to Cabinet for approval")
Insurance companies yet to see fire sale of high-value life policies
Expect higher sales of such policies in March
 "Insurance companies yet to see fire sale of high-value life policies")
Bharti AXA-Unity Bank in bancassurance tie-up to tap 1.5 mn customers
Through this alliance, Bharti AXA Life's entire suite of life insurance plans, including protection, savings, investment, and retirement products, will be offered to the customers across 17 states
 "Bharti AXA-Unity Bank in bancassurance tie-up to tap 1.5 mn customers")
Cars on highways to be offered insurance cover using Fastag soon: Report
Centre may also come up with a plan to provide third-party insurance cover for motor vehicles when they are impounded by traffic police or transport department officials
 "Cars on highways to be offered insurance cover using Fastag soon: Report")
Reliance General Insurance seeks a capital infusion of Rs 600 crore
Reliance Capital is undergoing bankruptcy proceedings since November 2021 after defaulting on loans worth Rs 24,000 crore
 "Reliance General Insurance seeks a capital infusion of Rs 600 crore")
More insurance players required for diverse needs of citizens: Irdai chief
Will look to move to risk-based solvency regime in the next two years, says Debasish Panda; 19 applications to set up shop are in the pipeline at various stages
Over 1.6 mn cyber attacks blocked on Indian insurance firms a day in Jan
Over 1.6 million cyber attacks were blocked on Indian insurance companies every day in January, a report showed on Monday
 "Over 1.6 mn cyber attacks blocked on Indian insurance firms a day in Jan")
Borzo, Symbo tie up to provide insurance to over 50,000 delivery partners
The firms are also exploring in-app integration of insurance services for faster, seamless and paper-less processes
 "Borzo, Symbo tie up to provide insurance to over 50,000 delivery partners")
Case for having insurers cater to niche sectors: Irdai's Rakesh Joshi
In order to enhance the insurance force, the regulator is contemplating the concept of Bima Vahak
 "Case for having insurers cater to niche sectors: Irdai's Rakesh Joshi")
The life insurance sector's trouble with taxation on high-value policies
The imposition of a tax on high-value policies could hurt the growth rates of life insurers in the next fiscal year
 "The life insurance sector's trouble with taxation on high-value policies")
A new dawn for insurance industry: Irdai looks to make sector attractive
Irdai is charting out a long-term road map to markedly increase India's insurance penetration through a supportive regulatory architecture
LIC Housing Finance December quarter profit declines 37% as costs weigh
India's LIC Housing Finance Ltd reported a 37% decline in third-quarter profit on Monday, hit by higher financing costs and as impairment charges more than doubled
 "LIC Housing Finance December quarter profit declines 37% as costs weigh")
IRDAI should set up a committee to review its regulations: Experts
In line with Nirmala Sitharaman's budget announcement, the Insurance Regulatory and Development Authority of India (IRDAI) should set a committee of its own to review its various regulations
 "IRDAI should set up a committee to review its regulations: Experts")
Budget effect: About 15% premium impact on some private life insurers
On net, about 15 per cent of overall premium for these players could be under severe growth risk, leading to about 3-4 per cent hit to growth expectations
 "Budget effect: About 15% premium impact on some private life insurers")
Insurance policies where premium is above Rs 5 lakh no more tax exempt
'A concern is that it should not result in a significant shift towards purely investment oriented unit link insurances'
 "Insurance policies where premium is above Rs 5 lakh no more tax exempt")
Eco Survey: FDI, IPOs, simplified rules may accelerate M&As in insurance
The Survey points out that the highly competitive sector is already witnessing M&As as insurers have huge opportunities and volume to co-exist in the space
Insurance body GIC opposes govt nominee in life and non-life councils
Says both umbrella bodies are self-regulated and don't depend on funds from finance ministry; govt nominees may hamper their autonomy