Page 3 - Insurance Firms

Axis Bank in talks to issue 10-year infra bonds, taps insurance firms

Lender in talks with end-investors to issue infra bonds at a rate of around 7.85%

Insurers settled over 225,000 death claims on account of Covid: Irdai

Over 2.25 lakh death claims due to the Covid-19 pandemic were settled by insurance companies up to March 2022, the Insurance Regulatory and Development Authority of India (Irdai) said in its annual report released on Thursday. It further said the general insurers and stand-alone health insurers received a huge number of Covid treatment related claims which the industry handled "quite efficiently" and settled claims approximating to Rs 25,000 crore. As per the data in the report, a total of 26,54,001 health insurance claims were settled. Irdai said insurance companies settled over 2.25 lakh death claims on account the pandemic and paid Rs 17,269 crore towards claims up to March 31, 2022. The life insurance industry paid benefits of Rs 5.02 lakh crore in 2021-22, which constitutes 73.1 per cent of the net premium. LIC accounted for 70.39 per cent of total benefits paid and private insurers the remaining 29.61 per cent. "In case of individual life insurance business, the life indust

Proposed changes to insurance laws may cause health claim disputes: Unions

The Unions also said the proposed amendments does not define the term liability which may lead to misappropriation by the insurers

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

Piramal, Zurich Insurance may bid separately for Reliance General Insurance

Piramal, Zurich Insurance may bid separately for Reliance General Insurance

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 boss signals faster regulatory reforms to boost insurance penetration

Dwells on huge potential of insurance in the country; emphasises need for Insurance Ombudsman to be fair and equitable

Changed and new rules for National Pension Scheme: All you need to know

Here is a list of the changed and new rules by Irdai and PFRD regarding the National Pension Scheme

Growth, moderate valuations positive for ICICI Prudential Life Insurance

Value of new business growth and margins remained strong in Q2

Thrust on non-par products to yield desired results: LIC chief M R Kumar

We intend to sharpen the focus on bancassurance to steadily and considerably increase its volume, thereby its share in our business, said Kumar

Fake invoices can lead to insurance claim repudiation, shows a recent order

Aristo Texcon, a private limited company, had its factory in Kolkata's Tangra Industrial Estate. A massive fire occurred on February 19, 2012. Here's what happened when they approached their insurer.

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

Irdai proposes limits on expenses of management of life insurers

Insurance regulator releases exposure draft aiming to provide greater flexibility to insurers as far as their corporate agency tie-ups are concerned

Irdai says no decision on mandatory disclosure of insurance commissions

Irdai said it regulator intends to hold discussions on the matter before a decision

Regulator allows insurance firms 'use & file' procedure for agri products

Companies can introduce a product in the market and then file with the Insurance Regulatory and Development Authority of India (Irdai) for approval

Irdai seeks to remove Rs 100 cr entry cap for new players in insurance biz

Debasish Panda, chairman, Insurance Regulatory and Development Authority of India (Irdai), said it should be left to the regulator instead to decide what should be the entry fee for interested players

Ahead of mega IPO, TN CM Stalin asks Centre to rollback LIC divestment

An ideal government builds institutions instead of involving itself in a selling spree. I urge the Union government to rollback this ill-thought-out decision and save LIC India: Stalin

15-year cap on tenure of MD, CEOs of insurance companies on cards

Proposed remuneration to be divided between fixed/variable pay, perquisites

Three private life insurers increase term plan rates by 10-30%

Munich Re had nudged its insurance partners on the hike in September and insurers were engaged in negotiations with the reinsurer on the quantum of increase.