Page 7 - Insurance Companies

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

Investors commit $7.1 trn of assets in pursuit of 1.5 deg C climate goal

A coalition of pension funds and insurance companies have committed to managing $7.1 trillion of assets in line with the Paris Agreement's goal of limiting warming to 1.5 degrees Celsius

Sebi puts Fairfax Group-backed Go Digit's IPO in 'abeyance'

Capital markets regulator Sebi has kept in "abeyance" the proposed initial share sale of Canada-based Fairfax Group-backed Go Digit General Insurance Ltd. However, the Securities and Exchange Board of India (Sebi) did not clarify further. Go Digit had filed preliminary IPO papers with the capital markets regulator on August 17. Cricketer Virat Kohli and his wife Anushka Sharma are among the investors in the firm. Going by the draft papers, the company's proposed initial public offering (IPO) comprised fresh issuance of equity shares worth Rs 1,250 crore and an offer for sale of 10.94 crore equity shares by a promoter and existing shareholders. Proceeds from the fresh issuance were to be utilised for the augmentation of the company's capital base and maintenance of solvency levels and general corporate purposes. Without disclosing the reason, Sebi said "issuance of observations (has been) kept in abeyance" with regard to the IPO of Go Digit, an update on the regulator's website sh

Tata Sons to invest Rs 975 crore in Pune IT City Metro rail project

The Rs 7,420-crore, 23-km project is being financed through debt-to-equity of 1.8 times and the entire debt has been tied up, and the envisaged equity commitment is supported by Tata Sons

PSU general insurers recommend 12% wage hike, unions dissatisfied

The unions had earlier warned the management of the five companies not to vitiate the industrial relations (IR) environment by a unilateral action

GST wing of CBIC conducts tax inspections against insurance companies

A government source said the tax searches were about cases where the insurance companies had taken input tax credit in excess of what they are entitled to.

Consider loss of cover, deductions before surrendering life insurance plan

If your income is likely to revive soon, consider taking a loan against the policy instead of surrendering it

Ombudsmen disposed of 32% more complaints against insurers in 2021-22

Complaints relating to health insurance made up a third of the total number cases disposed of in 2020-21, a period marked by the first wave of Covid-19

Regulator seeks to make insurers have clear policy for agents' commission

Boards will make written norms that will be reviewed annually, says draft IRDAI proposal

Govt hardens norms on Irdai, public insurer top brass' post-retirement jobs

This comes after the Centre had reportedly received complaints against two past Irdai chairpersons, Subhash Chandra Khuntia and T S Vijayan

New business premiums of life insurance companies jump 91% in July

This is thanks to strong premium growth by LIC

Irdai proposes single limit on expenses for non-life insurance firms

According to the exposure draft released by the regulator, non-life insurers cannot spend an amount exceeding 30 per cent of the gross premium written as company expense during a financial year

Irdai tightens anti-money laundering rules for insurance companies

The guidelines come as the regulator is preparing the ground for a larger exposure of foreign companies and a wider range of domestic financial sector companies to enter the sector

Irdai may offer more flexibility to insurers in corporate agency tie-ups

Insurance regulator's board proposes limit on expenses of management for general insurers

Compensation to blame: Amendments to strengthen law on industrial accidents

Proposed amendments to the Public Liability Insurance Act may end the high level of non-compliance among companies

Irdai carrying out series of reforms for ease of doing business: Minister

Irdai has also developed a mechanism to process applications filed for registration of new insurers and for grant of certificate of registration to commence the insurance business in India

Insurance companies made Rs 40,000 cr in 5 years under PMFYB scheme

The companies paid claims worth Rs 119,314 crore to farmers against the total premium collection of Rs 159,132 crore under PMFBY