Page 6 - Insurance Companies

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

Investors react positively to LIC's good showing in second quarter

LIC posted a record rise in the Q2 profit after tax (PAT) to Rs 15,950 crore, up 10x year-on-year (YoY) compared to Rs 1,433.71 crore a year ago

Nippon Life-Birla Sun Life merger talks fail ahead of RCap deal deadline

Sources say Nippon Life of Japan not keen on diluting its holding in Reliance Nippon Life Insurance Company to less than 10%--something that the merger will bring about

LIC sees multifold increase in Q2 net profit at Rs 15,952 crore

This is due to transfer of funds from non-par to shareholders' account

Borrowing costs bite: Interest-rate surge hurts corporate profits

Interest expenses of listed firms (ex-BFSI) were up 18.5% YoY in Q2FY23

Aditya Birla Capital joins race to acquire life insurer Reliance Nippon

Reliance Capital holds 51 per cent stake in RNLIC and Nippon Life of Japan the rest

Edelweiss raises $425 mn for 3rd special situation fund, seeks $1 bn corpus

Company says it has investment commitment from insurance companies, pension funds, high net worth individuals

ICICI Pru, 14 insurance firms evaded Rs 824 crore input tax credit

Officials said further investigation revealed that other insurance companies and NBFCs also exploited a similar route to avail of ineligible ITC

Govt bonds and immediate annuity plans: 2 options for retirement income

The first offers a guaranteed rate of return for long; the other secures income for the rest of your life

Sebi keeps Digit Insurance's IPO in 'abeyance'; no explanation on action

Market regulator Sebi has kept an initial public offering from Digit Insurance on hold, according to a document on its website

Insurtech platform Zopper raises $75 million; plans global expansion

Insurtech platform Zopper said it has raised $75 million in its Series C funding, led by Creaegis with participation from ICICI Venture and Bessemer Venture Partners