Page 79 - Insurance News
Reinsuarance back-up safeguards GICs from premium loss
As a result the risk premium unlikely to go up in any significant fashion next year
 "Reinsuarance back-up safeguards GICs from premium loss")
IRDA to end licensing system for insurance agents
Regulator has also been planning to treat health insurance as a stand-alone segment
 "IRDA to end licensing system for insurance agents")
Insurer's liability in third party motor accidents to be limited at Rs 15 lakh
New Motor Vehicles Act allows a victim to claim any amount in third-party accidents and if the insurer refuses to pay, claimant can approach the court
 "Insurer's liability in third party motor accidents to be limited at Rs 15 lakh")
SBI General launches health plan only for SBI & its associates' account-holders
This would be available at the 20,000 plus branches of the SBI network
 "SBI General launches health plan only for SBI & its associates' account-holders")
 "Changes on the horizon")
Industry seeks tax sops for home insurance, special buckets for long-term savings policies
Say hike in tax incentives will attract more people to buy insurance
 "Industry seeks tax sops for home insurance, special buckets for long-term savings policies")
IRDAI upholds order asking SBI Life to refund excess premium
Life insurer asked to return Rs 275 crores to beneficiaries of Dhanaraksha Plus
 "IRDAI upholds order asking SBI Life to refund excess premium")
Trading in insurers' shares gains currency
Hopes of listing driving gray market volumes, say dealers
 "Trading in insurers' shares gains currency")
IRDA gives nod for Rs 1,500-crore nuclear liability pool
GIC, the domestic re-insurer, would be the nodal agency for creating a nuclear liability pool
 "IRDA gives nod for Rs 1,500-crore nuclear liability pool")
RuPay cards: NPCI gets 9 bids for insurance cover
The last day for receiving quotations ended on Feb 20; the winner of the bidding process will be announced next week
 "RuPay cards: NPCI gets 9 bids for insurance cover")
Sundaram Finance to buy out UK partner RSA Group's 26% stake in insurance venture
Sundaram Finance will pay Rs 450 crore to buy out RSA Group's 26% stake
 "Sundaram Finance to buy out UK partner RSA Group's 26% stake in insurance venture")
Mahindra Insurance Brokers to reach 100,000 more villages in 3-4 yrs
Firm says in FY14 itself, it had a million retail cases serviced and generated gross premium of Rs 825 cr
 "Mahindra Insurance Brokers to reach 100,000 more villages in 3-4 yrs")
Insurance Ordinance: Firms wait for enactment before moving on FDI
An insurer executive says foreign shareholders not comfortable with raising their stake at this stage
 "Insurance Ordinance: Firms wait for enactment before moving on FDI")
Dwindling agent numbers to get boost
Insurance ordinance gives insurers right to appoint agents
 "Dwindling agent numbers to get boost")
Change in the air at Irdai as top posts fall vacant
Insurers fear lack of quick appointment of regulatory body members would affect industy adversely by delaying work
No more confusion: Plain vanilla insurance products coming up
Public sector insurers have already begun work to introduce easy-to-understand, low-cost policies
IRDAI bats for banks as brokers
Urges them to go for open architecture, fresh guidelines for insurance arms soon
Long-term comprehensive policy for two-wheelers to be an expensive affair
The premium rates for a three-year policy could be as much as 2.5 times higher than on an annual basis
Poor new premium collections pulls down life insurance premium
The industry collected Rs 73,777 cr in Apr-Dec 2014 as new premiums compared to Rs 84,725 cr in year-ago period