Page 66 - Insurance News
General insurers see 13% growth in premium in Apr-Oct
Private non-life insurers collected Rs 22,535 cr premium, a growth of 11%
 "General insurers see 13% growth in premium in Apr-Oct")
 "Insurance commissions could have minimum, maximum caps")
No need to carry motor policy in physical form: Irdai
Will be first implemented in Telangana, those issued via repositories won't need paper policy
 "No need to carry motor policy in physical form: Irdai")
Pension products by insurers can be managed by IRDAI: Nilesh Sathe
Meanwhile, IRDAI has taken up the issue of taxation in insurance with the govt
 "Pension products by insurers can be managed by IRDAI: Nilesh Sathe")
Tata Docomo to give Rs 3 lakh of free accidental insurance
To avail oneself of this free insurance benefit, customer has to do a recharge of Rs 107 followed by a cumulative recharge of Rs 200 every three months
 "Tata Docomo to give Rs 3 lakh of free accidental insurance")
 "IRDAI fixes third-party motor insurance for e-carts, e-rickshaws")
PolicyX.com looks to raise $25 mn Series A funding
Proceeds to complement company's plans to capture major chunk of online insurance market space by 2018
 "PolicyX.com looks to raise $25 mn Series A funding")
Tighter norms for global reinsurers opening branches
Irdai to monitor appointment and chief executive remuneration
 "Tighter norms for global reinsurers opening branches")
Drought in Odisha likely to force insurer to take a Rs 1000 cr hit
The state government has declared 139 blocks in 21 out of total 30 districts as drought affected
 "Drought in Odisha likely to force insurer to take a Rs 1000 cr hit")
Only established foreign reinsurers can set up India branch office
All appointments and remuneration of senior management in this branch office will need Irdai's nod
 "Only established foreign reinsurers can set up India branch office")
ICICI Bank to sell 9% stake in ICICI Lombard to Fairfax
The bank said in a statement that its board has approved the sale of 9 per cent shareholding in ICICI Lombard to its joint venture partner
 "ICICI Bank to sell 9% stake in ICICI Lombard to Fairfax")
Prem Watsa's Fairfax to increase stake in ICICI Lombard to 35%
ICICI Bank to sell 9% stake sale in general insurance venture to foreign partner
 "Prem Watsa's Fairfax to increase stake in ICICI Lombard to 35%")
Irdai directive fuels concern among insurers
Insurance regulator says no claims could be rejected after three years
Nippon to acquire 23% stake in Reliance Life for Rs 2,500 cr
With this, Nippon's stake will rise to 49%, which is the upper limit for a foreign player in a private insurance firm
 "Nippon to acquire 23% stake in Reliance Life for Rs 2,500 cr")
General insurers' H1 premium up 12.3%, may miss annual target
Motor and health, which have been traditionally driving the growth, have shown progress in the second half
LIC in talks with state-run banks for Nomura stake sale
More clarity on the issue is likely to come after the LIC board meeting scheduled for October 28
 "LIC in talks with state-run banks for Nomura stake sale")
Insurance firms back to drawing board to redraft JV agreements
Irdai gives three months to comply with new rules
National health insurance plan to continue till December
The scheme may be further extended till March 31, 2016
 "National health insurance plan to continue till December")
Policyholders get regulator nod for disputing claim
Recently the IRDAI has said that the execution vouchers does not foreclose the rights of policy holder
 "Policyholders get regulator nod for disputing claim")