Page 6 - Insurance Companies

Several insurance companies exceed limit on expenses in FY22: Irdai report

The expense of management of regulations (2016) for life insurers prescribes the allowable limits of expenses of management taking into account the type and nature of product,

FinMin asks banks not to use unethical practices to sell insurance policies

Concerned over rising incidence of mis-selling, the finance ministry has directed heads of public sector banks to put in place strong mechanisms to avoid unethical practices for selling insurance policies to customers. The Department of Financial Services has received complaints that fraudulent and unethical practices are adopted by banks and life insurance companies for procuring policies from the bank customers, a letter addressed to chairpersons and managing directors of public sector banks said. There have been instances where life insurance policies were sold to customers aged above 75 years in Tier II-III cities. Usually, branches of the banks push products of their subsidiary insurers. When resisted by customers, branch officials would sheepishly convince that they are under pressure from top. Insurance products are pushed when customers go to seek any kind of loan or buy a term deposit. In this regard, it said, the department has already issued a circular wherein it has been

Private companies lap up Esri's GIS software for multiple uses

Government departments have used it to build village land records, track rural roads, and manage water resources

HC asks Irdai to consult insurance firms about health cover for disabled

Court asked regulator and insurance companies to submit a status report before March 17, 2023

In a first: Bajaj Allianz set to launch surety bonds on December 19

SBI General Insurance and Tata AIG General Insurance are also said to be looking at launching a surety insurance product soon, said sources

New business premium of life insurance companies rises 30% in November

Private insurers' APE growth rebounds after lagging behind for three months

Govt to launch first surety bonds for road contractors on December 19

Will provide relief to contractors, free working capital stuck in bank guarantees, says Gadkari

Explained: Why private insurance companies in India are coveted buys

By chasing profit over rapid expansion, companies have conserved capital, making them attractive for potential buyers

More risk in our book helps us become more agile: MD, Bajaj Allianz Life

In a Q&A, Tarun Chugh dwells on how his firm became the fastest growing in its space, recent Irdai initiatives, and the company's future plans

Tepid demand for cyber insurance policies despite steep rise in attacks

Experts see signs of change because of heightened awareness and increase in enquiries

Top Headlines: One licence for insurance biz, amendment in IBC, and more

Here is our morning brief of today's top headlines

Irdai tonic for health insurance: A regulator for hospitals and doctors

By asking health insurers to access a national list of doctors, the regulator hopes to encourage them to offer more flexible policies outside of the hospital network

Max Financial Services gets Irdai nod to acquire residual stake in Max Life

This transaction is expected to be completed in the next fortnight, the company said in a statement on Monday

Irdai endorses panel's view to cut obligatory cession to zero from 4%

The obligatory cession was reduced from 5 per cent to 4 per cent in FY23. The regulator has been reducing the obligatory cession over time

Irdai approves amendments, simplifies rules to set up insurance firms

Under the current guidelines, to invest in insurance companies as "promoter", a PE fund can do so only through an SPV

Removal of cap: Insurers to get flexibility to allocate commissions

According to Irdai, the revised draft regulations on commissions emphasise on the board's oversight through a board-approved policy on the payment of commission

Social safety net product Bima Vistaar being developed for Bima Sugam

The regulator last month had formed a 24-member committee, headed by Devasia, to develop an affordable, accessible and comprehensive cover - Bima Vistaar -- for rural population

Irdai draft norms do away with specific caps on commissions to agents

Proposes that commissions to agents can't exceed management expense limit

60% in survey report personal data breach by their loan service provider

Four out of 10 in LocalCircles study point finger towards insurance providers or banks

Leading insurance companies under GST scanner for alleged fake invoicing

Notices have also been issued to vendors of these companies