Page 46 - Insurance News

IRDAI sets up committee to decide order of preference in reinsurance

The committee will look into laying down the procedure and modus operandi for order of preference for cessions in respect of all life

Demonetisation: LIC extends grace period for premium payment

Renewal premium of policies, where grace period ends between November 9 and 30, can now be paid without penal interest

SBI Life Insurance new business premium up 77% to Rs 4,644 crore

Renewal Premium grew by 26% to touch Rs 3,715 crore, against Rs 2,496 crore last year

Insurers ask ministry for motor third party claim filing

Since losses in motor insurance have continued to rise, non-life insurers sought relief from ministry

10 candidates in fray for top posts of 3 general insurance companies

Interviews were held in New Delhi for the chairman and managing director posts at Oriental Insurance, United India Insurance and Agriculture Insurance Company

Demonetisation: Cash payments for insurance premium to get no additional breather

Those without adequate cash in lower denominations like Rs 50 and Rs 100 may have their policy lapsed if the 15-day grace period also passes

Irdai specifies rule for Point-of-Sales Person of life insurance

The life insurer in question, Irdai says, shall be responsible for the conduct of the PoSP.

Agent numbers see rise in life insurance industry

Life insurance industry has added 24,183 agents in the period between April 1-September 30 during this financial year

Lloyd's to push for level playing field

Gets R1 licence for onshore reinsurance branch

Insurance may fall under 12% tax slab in new tax regime

At present, apart from the 14% service tax, Krishi Kalyan cess & Swachh Bharat cess are also applicable, taking the total service tax applicable on insurance products to 15%

Insurance may fall under 12% tax slab in GST, from 14% service tax currently

While industry demand of 5% slab may be denied, unlikely govt will impose 18% as insurance is a protection/savings product

LIC buys over 50% of NBCC shares, invests Rs 1,200 cr

LIC's stake in the state-run construction firm has gone up to 8.11% following its participation in NBCC

PFI ups stake in DHFL Pramerica insurance to 49%

Stake has been increased to the maximum limit allowed under FDI regulations

Bring Pensions under one authority to boost coverage: Regulator

FRDA Chairman reiterated that bringing about tax parity between the NPS and the EPF scheme would provide a boost to the subscriber base.

Life insurers tighten e-policy underwriting

Insurers to carry out elaborate checks to eliminate potentially fraudulent persons at the entry level itself

Nectar Life Sciences' claim not valid: Irdai

The surveyor attributed the reason for loss to vagaries of weather and not to fire in the vessel

Dai-ichi Life Insurance eyes stake in Union KBC AMC

Union Bank already has a life insurance joint venture with Dai-ichi Life and Bank of India

Foreign reinsurers R2 branch license approval likely in IRDAI October board meet

Meeting scheduled for Oct 24

Insurers fret over group health discounts

Incentives have continued despite IRDAI issuing norms that solvency levels for segments like health be high

Mandatory listing of insurance firms on hold

In August, Irdai surprised the 55 life and non-life insurance companies in India, when it issued a discussion paper on the need for them to get listed