Page 19 - Insurance Sector

GIEAIA asks Centre to send insurance amendment Bill to Parliamentary panel

The amendment Bill should be first sent to the Standing Committee of Finance in Parliament, demands the General Insurance Employees' All India Association (GIEAIA)

Govt proposes issuance of one licence for all insurance businesses

Suggests allowing insurers to sell other financial products

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 draft norms do away with specific caps on commissions to agents

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

Port and combine your base health policy with a top-up to prune cost

Features like recharge and guaranteed no-claim bonus enhance the cost-effectiveness of health insurance policies

LIC aims to reach a mix of 75:25 between par and non-par in individual biz

The corporation has launched only non-par products this year, which cater to specific segments in its drive to increase the non-par business

LIC's sale of RCAP debt of Rs 3,400 cr to ACRE upsets lenders, bidders

LIC is conducting a Swiss Challenge process to invite bids (EOIs) from Asset Reconstruction Companies (ARCs) to sell its exposure in the Reliance Capital

LIC has edge over private insurers: Gains market share in FY23

Top private insurance firms shed 447 bps as national insurer gets aggressive in group biz

LIC's shares jump nearly 6% after July-September quarter earnings

With a 10 per cent fall in equity markets, the embedded value of LIC declines by 7 per cent

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

General Insurance company ICICI Lombard launches new range of products

Offers for senior citizens without an age cap

USA's Advent may leave race for Reliance Capital general insurance arm

PE firm previously submitted the highest non-binding bid for the business

RCapital lenders meet ends in stalemate over key challenge mechanism issue

CoC decides that all bidders, while submitting their resolution plans, will agree in writing to participate in the Challenge Mechanism in whatever form it is implemented by the lenders later

One-stop for insurance services 'Bima Sugam' a game changer: IRDAI Chairman

Insurance regulator IRDAI is working on Bima Sugam, which will act as a game changer in the insurance sector by providing a one-stop platform for multiple services including the sale of policy, renewal, and settlement of claims. This tech-led portal will help in expanding insurance penetration in the country by ensuring a hassle-free experience for customers across the country. Insurance Regulatory and Development Authority of India (IRDAI) chairman Debasish Panda in an interview with PTI said Bima Sugam should be a UPI moment for the insurance industry. Unified Payments Interface (UPI) has revolutionised digital payment in the country as common people have started using it for making even small payments. The success of UPI in a short span of time has caught global attention and many countries are trying to replicate it. Launched in 2016, Payment through UPI has crossed a milestone of Rs 11 lakh crore in September this year. "Bima Sugam will be a one-stop shop for buying and sellin

Insurance regulator Irdai proposes changes to reinsurance regulations

Seeks to revise order of preference while placing reinsurance business

Life insurers' retail protection biz down YoY, seen stabilising going ahead

Max Life bucks trend with 11% YoY growth in retail protection APE in Q2

Motor insurance picked up pace, grew neck and neck with health in H1FY23

Motor insurance, which saw muted growth in the last two years, has finally seen some momentum, although the base is low