Page 31 - Insurance

PMC Bank customers not to get Rs 5 lakh deposit cover in first lot

Customers of stressed Punjab & Maharashtra Co-Operative Bank (PMC Bank) will not get up to Rs 5 lakh insurance cover in the first lot as the multi-state co-operative bank is under the resolution process. Deposit Insurance and Credit Guarantee Corporation (DICGC) in the first lot will pay customers of 20 stressed banks except PMC Bank. For the first lot, the mandatory 90 days period concludes on November 30. It is to be noted that RBI had in June given in-principle approval to a consortium of Centrum Financial Services and fintech startup BharatPe to acquire the stressed PMC Bank. Clearing decks for the takeover, the RBI earlier this month gave licence for small finance bank to the consortium. Recently, the DICGC said there may be a need to invoke the provisions of Section 18 A (7) (a) of the Deposit Insurance and Credit Guarantee Corporation (Amendment) Act, 2021, As per the Section 18 A (7) (a) of the Act, if a stressed bank is under the resolution process, the period for ...

Swiss Re to invest Rs 920 cr for 23% stake in Paytm's insurance initiative

Paytm Insuretech plans to leverage Paytm's customer base and merchant ecosystem to develop innovative insurance products and solutions

Aditya Birla Sun Life AMC second quarter profit up 38% to Rs 173 cr

The company had posted a profit after tax of Rs 125.4 crore in the year-ago period

Soon, regular yoga will get you a discount on your insurance premium

Irdai set to allow wellness programme along with life plans; policyholders participation voluntary

Insurance firms can fuel the startup ecosystem

The insurance regulator's move to allow insurers to invest in fund of funds creates a significant source of domestic capital for Indian entrepreneurs

Understand policy coverage before buying

The National Commission observed that both the insured and his spouse were doctors and hence capable of understanding the scope of the policy

Digit insurance clocks $400 mn in annual premiums, served 20 mn customers

In the wake of the pandemic, the company's group health business grew by 11 times to Rs 170 crore.

Online sale of term life insurance products gains traction: Max Life

The pandemic has brought in a lot of awareness among the people and this is evident from the fact that sale of pure protection plan has seen a significant jump post COVID-19.

Compensate for damage due to natural calamity

The National Commission observed that the melting of snow caused discharge of water in the river, causing the tank's collapse. This was a peril under the policy

Life insurers see impressive 22% YoY growth in new business premium in Sept

While private insurers, 23 in total, saw their NBP go up over 42%, LIC saw a 12 per cent rise

SME Chatroom: 'Defective packaging can imperil marine insurance claims'

Clause 4.3 of Institute Cargo Clauses (C) says that in no case will insurance cover loss, damage or expense caused by insufficiency or unsuitability of packing or preparation of subject matter insured

Metlife boosts stake in Indian JV after investment limit relaxed

The deal will boost MetLife's stake in PNB MetLife to more than 47%

Dip in Covid-specific policy sales as consumers go for comprehensive covers

However, despite losing money on short-term Covid products, insurers say they will offer them till the regulator specifies

Amid rise in cybercrimes, a cyber risk insurance can cut your losses

But also buy a comprehensive antivirus software

Enforced bumper-to-bumper cover won't work logistically or economically: HC

Withdraws its previous order, entrusts lawmakers to examine need for amendment in law on wide coverage of vehicles so as to protect victims

Insurers must reimburse Customs under marine policy

The National Commission ordered the insurer to pay the Rs 16.65 cr together with interest at 9% per annum from January 1

Irdai issues draft rules for promoting and regulating surety insurance biz

A general insurer can start a surety business if it has 1.25x the solvency margin; but if solvency goes below the required level, insurer will stop underwriting new business

Insurance woes

Recent growth masks sustained underperformance

Monopoly to oligopoly: Here's a look at 20-year journey of insurance sector

As many as 50 players have set up shop but penetration remains low and only a handful dominate the business

Streamline investment for insurance, pension funds in InvITs: NITI Aayog

A staggered approach should be followed for streamlining of investment guidelines and limits to keep pace with the growth in the InvIT market, it suggested