Page 81 - Insurance News
Life insurers to move Irda against Section 45 on claims
Say they want some safeguard against fake claims
 "Life insurers to move Irda against Section 45 on claims")
Life insurers can't charge more than Rs 100 for change in nominee
For e-policies issued through an insurance repository, fee should not exceed Rs 50
 "Life insurers can't charge more than Rs 100 for change in nominee")
Reinsurance rates to remain flat in 2015, no hardening seen
Insurance officials say this is because no major catastrophic event impacted the books of the companies
 "Reinsurance rates to remain flat in 2015, no hardening seen")
Life insurers queue up to partner DCB to sell its products
This, as DCB's current contract with a life insurer is coming up for renewal
 "Life insurers queue up to partner DCB to sell its products")
United India Insurance eyeing Rs 400 cr premium income in UP
CMD, Milind Kharat, says pan-India compnay was aiming at premium income of Rs 11,000 cr up from about Rs 9,700 cr last fiscal
Tata AIA Life partners with Citibank to offer insurance through bank channel
The bank's 44 branches will be selling points for the nine bouquet products, apart from its website
Moving SAT against Irda decisions could hit insurers
According to the ordinance, every appeal under the Act has to be made within 45 days from the date on which the IRDAI order is received
 "Moving SAT against Irda decisions could hit insurers")
IRDA evaluating fresh norms for banks as insurance agents
This follows RBI's decision last week to allow banks to act as brokers for insurers
 "IRDA evaluating fresh norms for banks as insurance agents")
JLT plans to make India insurance hub
JLT Independent marks Jardine Lloyd Thompson Group's direct presence in India through a JV with Sunidhi Group
 "JLT plans to make India insurance hub")
Banks reluctant to become insurance brokers
May not enter broking unless forced since risks are high, say experts
 "Banks reluctant to become insurance brokers")
Life insurance policy holders may get 15% cut in premiums
The objective of creating an insurance repository is to provide customers the facility to keep policies in electronic format
Private insurers welcome RBI's move to ease interest rates
This rate cut complements fiscal policy steps already being taken by the govt to boost growth, says Future Generali
 "Private insurers welcome RBI's move to ease interest rates")
Irda to revise agents' commission norms
Industry officials want a balance between the first-year and second-year commissions
 "Irda to revise agents' commission norms")
Pournima Gupte takes charge as member-actuary at IRDAI
Prior to this, Gupte was the chief actuary at IDBI Federal Life Insurance
Insurance agent commission norms to be revisited
New propsal sent to IRDA says there should be a balance between the first year and second year commissions
Investment income boosts general insurers bottomline in FY14
Total net profit of non-life insurers stood at Rs 4,439 crore in 2013-14
 "Investment income boosts general insurers bottomline in FY14")
Motor insurance business to remain flat over excise duty increase
Car prices soar with withdrawal of levy concession in Dec, premium collection likely to be hit
 "Motor insurance business to remain flat over excise duty increase")
More agents join force to sell insurance
Regulator raises concern about high attrition rate despite net increase in number by 3.1%
 "More agents join force to sell insurance")
IRDA proposes increasing terror risk insurance pool
The Authority is likely to increase the Indian Market Terrorism Risk Insurance Pool due to changing circumstances
Insurance agent numbers see first growth in three years
The year 2013-14 witnessed 3.1% growth in number of individual agents, says IRDAI Annual Report
 "Insurance agent numbers see first growth in three years")