News

Global Fintech Fest 2023 : IRDAI Chairperson Debashish Panda says IRDAI exploring flexible, DIY insurance products "IRDAI is actively pursuing reforms in the insurance sector to enhance its adaptability and responsiveness. We are currently at a juncture marked by personalized offerings and shifting consumer preferences. To meet these changes, we are exploring flexible, do-it-yourself insurance products, leveraging advisory technologies and digital assistants. We anticipate a future where insurers can efficiently manage large and diverse data sources, harnessing quantum computing to revolutionize...
Global Fintech Fest 2023 : IRDAI Chairperson Debashish Panda says IRDAI exploring flexible, DIY insurance products
Global Fintech Fest 2023 : IRDAI Chairperson Debashish Panda says IRDAI exploring flexible, DIY insurance products
Source: PR Agency
7/09/2023 11:40:48 AM
`General Insurance Corporation of India (GIC Re) Unveils Customized Corporate My Stamp (CCMS) to Commemorate Golden Jubilee` General Insurance Corporation of India (GIC Re), the national reinsurer released its Customized Corporate My Stamp (CCMS) commemorating it’s Golden Jubilee last evening, 05th September 2023. The stamp was released by Shri Vivek Joshi, Secretary, Department of Financial Services (DFS), Ministry of Finance and the occasion was graced by Shri Krishan Kumar Sharma, Chief Postmaster General, Maharashtra Circle. The Corporation celebrated its 50th Foundation Day on 22nd November 2021....
`General Insurance Corporation of India (GIC Re) Unveils Customized Corporate My Stamp (CCMS) to Commemorate Golden Jubilee`
`General Insurance Corporation of India (GIC Re) Unveils Customized Corporate My Stamp (CCMS) to Commemorate Golden Jubilee`
Source: PR Agency
6/09/2023 5:51:57 PM
Financial Stability and Development Council resolves to remain vigilant against fiscal vulnerabilities RBI Governor Shaktikanta Das on Monday chaired the meeting of the sub-committee of the Financial Stability and Development Council (FSDC), which reviewed the major global and domestic macroeconomic and financial developments. It resolved to remain vigilant against any build-up in vulnerabilities in all segments of the Indian financial system as well as in the broader economy. It also focussed on preserving the financial system stability for attaining strong, sustainable and inclusive gr...
Financial Stability and Development Council resolves to remain vigilant against fiscal vulnerabilities
Financial Stability and Development Council resolves to remain vigilant against fiscal vulnerabilities
Source: IANS
29/08/2023 9:29:52 AM
Reaction quote on recent IRDAI`s amendments to the reinsurance regulations By Mr. Prateek Singhal, Howden Insurance Brokers India Pvt. Ltd. Below The Reaction quote on recent IRDAI's amendments to the reinsurance regulations Mr. Prateek Singhal, Head Reinsurance, Howden Insurance Brokers India Pvt. Ltd. “With a vision to foster the entire ecosystem around reinsurance, IRDA has brought about a few amendments that aim to boost the overall capacity in India. The minimum required capital for foreign reinsurance branches has been halved from Rs. 100 crore to Rs. 50 crore, enabling more reinsurers to enter the Indian ...
Reaction quote on recent IRDAI`s amendments to the reinsurance regulations By Mr. Prateek Singhal, Howden Insurance Brokers India Pvt. Ltd.
Reaction quote on recent IRDAI`s amendments to the reinsurance regulations By Mr. Prateek Singhal, Howden Insurance Brokers India Pvt. Ltd.
Source: PR Agency
25/08/2023 4:17:47 PM
Liberty General Insurance Appointed as Lead Non-Life Insurer for Delhi under IRDAI`s State Insurance Plan Liberty General Insurance, one of the leading non-life insurance companies in India, has been appointed as the “Lead Insurer” for Delhi by the Insurance Regulatory and Development Authority of India (IRDAI). This appointment is part of IRDAI’s State Insurance Plan, which aims to enhance financial awareness and drive insurance inclusion in collaboration with other insurers.  IRDAI’s decision to identify Liberty General Insurance as the lead insurer (Non-Life) fo...
Liberty General Insurance Appointed as Lead Non-Life Insurer for Delhi under IRDAI`s State Insurance Plan
Liberty General Insurance Appointed as Lead Non-Life Insurer for Delhi under IRDAI`s State Insurance Plan
Source: PR Agency
27/07/2023 3:21:47 PM
IRCTC travel insurance: Passengers now automatically covered, can opt out too From opting in for Rs 10 lakh personal accident insurance cover, the Indian Railway Catering and Tourism Corporation Ltd (IRCTC) has now changed the scheme to allow the option to opt out. In other words, passengers booking their train tickets on the IRCTC portal are now automatically provided insurance cover for Rs 10 lakh, a senior insurance industry official told IANS preferring anonymity. Those not wanting the insurance cover have to opt out by clicking the appropriate button. Cur...
IRCTC travel insurance: Passengers now automatically covered, can opt out too
IRCTC travel insurance: Passengers now automatically covered, can opt out too
Source: IANS
18/07/2023 9:38:20 AM
Indian insurers await classification of HDFC bonds post-merger; assess impact on holdings Indian insurers are awaiting clarity on how Housing Development Finance Corp's bonds will be categorised after the lender is folded into HDFC Bank, as they assess the impact of the merger on their debt portfolios. There is uncertainty whether HDFC's bonds will be classified under housing and infrastructure after the merger, and we are awaiting clarification from regulators, Arun Srinivasan, head of fixed income at ICICI Prudential Life Insurance, told Reuters. "In case it d...
Indian insurers await classification of HDFC bonds post-merger; assess impact on holdings
Indian insurers await classification of HDFC bonds post-merger; assess impact on holdings
Source: Reuters
28/06/2023 4:48:34 PM
Decoding expectations of Indian consumers: How Future Generali India Life Insurance`s latest study underscores the many challenges Life Insurers ought to overcome to improve Insurance penetration in India. Future Generali India Life Insurance Co. Ltd., one of India's leading insurance providers, conducted an insightful study on the perceptions and preferences surrounding life insurance in honour of National Insurance Awareness Day. The report highlights key hurdles consumers face when purchasing life insurance or enhancing their coverage, especially the rising discontent amongst Gen-Z policyholders who remain unenthused by the lack of transparency, trust and commitment displayed by life ins...
Decoding expectations of Indian consumers: How Future Generali India Life Insurance`s latest study underscores the many challenges Life Insurers ought to overcome to improve Insurance penetration in India.
Decoding expectations of Indian consumers: How Future Generali India Life Insurance`s latest study underscores the many challenges Life Insurers ought to overcome to improve Insurance penetration in India.
Source: PR Agency
27/06/2023 5:59:16 PM
India regulator orders takeover of Sahara India Life Insurance unit by SBI Life India's insurance regulator on Friday ordered the takeover of a unit of Sahara India Life Insurance by SBI Life Insurance, following the company's "continuous deterioration of financial position". The Insurance Regulatory and Development Authority of India (IRDAI) on Friday said the life insurance business of Sahara India Life will be transferred to SBI Life with immediate effect. SBI Life clarified that there will be a transfer of Sahara India Life's policyholder ...
India regulator orders takeover of Sahara India Life Insurance unit by SBI Life
India regulator orders takeover of Sahara India Life Insurance unit by SBI Life
Source: Reuters
3/06/2023 8:50:54 AM
Cancel licences of tax evading insurers: GIEAIA With about goods and services tax (GST) evasion amounting to about Rs 2,250 crore by some players in the general insurance industry, a major union in the sector has urged the government and the regulator to cancel licences of such entities. "We demand the IRDAI (Insurance Regulatory and Development Authority of India) take a proactive action in this regard," Trilok Singh, General Secretary, General Insurance Employees' All India Association (GIEAIA) told IANS. "The ev...
Cancel licences of tax evading insurers: GIEAIA
Cancel licences of tax evading insurers: GIEAIA
Source: IANS
10/05/2023 9:24:53 AM
Finance minister Nirmala Sitharaman to review state of economy at meeting of FSDC Amid global and domestic challenges, Finance minister Nirmala Sitharaman may review the state of the economy at a meeting of the Financial Stability and Development Council (FSDC) on May 08, 2023. The 27th meeting of the high-level panel will be attended by all financial sector regulators, including RBI Governor Shaktikanta Das. This would be the first meeting of the FSDC after the passage of Rs 45 lakh crore Budget for 2023-24 with greater emphasis on capital expenditure with an outlay of Rs...
Finance minister Nirmala Sitharaman to review state of economy at meeting of FSDC
Finance minister Nirmala Sitharaman to review state of economy at meeting of FSDC
Source: Accord Fintech
8/05/2023 9:38:27 AM
HDFC Bank gains on executing definitive agreements to invest Rs 69.90 crore in Go Digit Life Insurance HDFC Bank is currently trading at Rs. 1681.35, up by 7.55 points or 0.45% from its previous closing of Rs. 1673.80 on the BSE. The scrip opened at Rs. 1675.20 and has touched a high and low of Rs. 1685.15 and Rs. 1675.00 respectively. So far 52999 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 1715.85 on 17-Apr-2023 and a 52 week low of Rs. 1271.75 on 17-Jun-2022. Last one week high and low of the scrip stood a...
HDFC Bank gains on executing definitive agreements to invest Rs 69.90 crore in Go Digit Life Insurance
HDFC Bank gains on executing definitive agreements to invest Rs 69.90 crore in Go Digit Life Insurance
Source: Accord Fintech
24/04/2023 11:10:08 AM
Religare Enterprises to Acquire MyInsuranceClub, an Insurance Web Aggregator Religare Enterprises Limited (REL), in its quest to democratize the insurance business in the country and expand its offerings into the insurance distribution space, has signed Share Purchase Agreement for the proposed acquisition of MyInsuranceClub (MIC) (www.myinsuranceclub.com), an insurance web aggregator, from iGear Holdings Private Limited, part of The Indian Express Group. Announcing this on Wednesday, Religare Group said that the proposed acquisition, which is subject to regulatory ap...
Religare Enterprises to Acquire MyInsuranceClub, an Insurance Web Aggregator
Religare Enterprises to Acquire MyInsuranceClub, an Insurance Web Aggregator
Source: PR Agency
6/04/2023 2:16:14 PM
Religare Enterprises gains on inking pact to acquire insurance web aggregator `MyInsuranceClub` Religare Enterprises is currently trading at Rs. 154.80, up by 0.95 points or 0.62% from its previous closing of Rs. 153.85 on the BSE. The scrip opened at Rs. 154.10 and has touched a high and low of Rs. 154.95 and Rs. 152.85 respectively. So far 992 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 192.30 on 28-Nov-2022 and a 52 week low of Rs. 97.65 on 12-May-2022. Last one week high and low of the scrip stood...
Religare Enterprises gains on inking pact to acquire insurance web aggregator `MyInsuranceClub`
Religare Enterprises gains on inking pact to acquire insurance web aggregator `MyInsuranceClub`
Source: Accord Fintech
6/04/2023 9:52:36 AM
Shriram General Insurance Company (SGIC) welcomes IRDAI`s decision to remove cap on commission payments Shriram General Insurance Company (SGIC), a leading insurance company in India, welcomes the IRDAI’s (Insurance Regulatory and Development Authority of India) move to remove the cap on commission payments to agents, aggregators and brokers. Under the IRDAI (Payment of Commission) Regulations, 2023, notified on 26th March 2023, the insurance regulator has replaced the earlier cap on commission payments with an overall cap on expenses of management of insurers. The move is widely belie...
Shriram General Insurance Company (SGIC) welcomes IRDAI`s decision to remove cap on commission payments
Shriram General Insurance Company (SGIC) welcomes IRDAI`s decision to remove cap on commission payments
Source: PR Agency
29/03/2023 10:31:59 AM
IRDAI forms consultative committee on insurance investments Indian insurance regulator has formed a 15-member consultative committee (including Chairman and Convenor) to review the regulatory framework on managing the investments in the sector and for other aspects. The Committee with a tenure of two years will be headed by Supratim Bandopadhyay, former Chairman of the Pension Fund Regulatory and Development Authority (PFRDA). "With a view to monitor the dynamic financial markets on a continuing basis, and to review the regulatory framework...
IRDAI forms consultative committee on insurance investments
IRDAI forms consultative committee on insurance investments
Source: IANS
11/02/2023 2:55:55 PM
IRDAI should set up a committee to review its regulations: Experts In line with Finance Minister Nirmala Sitharaman's budget announcement, the Insurance Regulatory and Development Authority of India (IRDAI) should set a committee of its own to review its various regulations governing the sector, said industry experts. They also said the said committee should have representation from all the regulated entities and policyholders. Industry officials told IANS that the Regulations Review Committee (RRC) and the various sub-groups set up by the two in...
IRDAI should set up a committee to review its regulations: Experts
IRDAI should set up a committee to review its regulations: Experts
Source: IANS
6/02/2023 11:18:25 AM
2023 may see an M&A surge in insurance sector: Shriram General Insurance MD & CEO The year 2022 has been one of the best years for the Indian general insurance industry. As per the trends, the industry is expected to double its compound annual growth rate (CAGR) to 10.2 per cent by the end of 2022 from its slowest growth of the decade at five per cent from 2021, said a top official of Shriram General Insurance Company Ltd. He also said that with the new regulations ushered in, there will be more players entering the field and may result in mergers and acquisitions. T...
2023 may see an M&A surge in insurance sector: Shriram General Insurance MD & CEO
2023 may see an M&A surge in insurance sector: Shriram General Insurance MD & CEO
Source: IANS
2/01/2023 1:03:47 PM
YEARENDER: Composite insurance licence regime may trigger M&A activity: HDFC Life CFO Niraj Shah The Central governments decision to issue composite insurance licences (insurers who can sell both life and general insurance policies) may increase a potential for merger and acquisition (M&A) activity in the sector, said a senior official of HDFC Life Insurance Company. He also said the proposed regulation on composite licences may result in expanding business lines for insurers. "HDFC Life completed the merger with Exide life in 2022. We do believe that there is enough growt...
YEARENDER: Composite insurance licence regime may trigger M&A activity: HDFC Life CFO Niraj Shah
YEARENDER: Composite insurance licence regime may trigger M&A activity: HDFC Life CFO Niraj Shah
Source: IANS
28/12/2022 2:32:46 PM
`Not all banks may opt to sell products of 27 insurers` Not all corporate insurance agents - banks and others - may sign up soon to distribute products of 27 insurers - nine each in life, general and health- said experts. Even when the Insurance Regulatory and Development Authority of India (IRDAI) had allowed the corporate agents to tie up with three insurers in each segment, not many had opted for that. "The nine tie ups in each sector were recently prescribed. We have distribution tie-ups with three life insurers and two general insu...
`Not all banks may opt to sell products of 27 insurers`
`Not all banks may opt to sell products of 27 insurers`
Source: IANS
10/12/2022 9:54:55 AM
Reliance General Insurance urgently seeks Rs 600cr capital infusion from RCAP Reliance General Insurance Company Ltd. (RGICL) has sought Rs 600 crore capital infusion from Reliance Capital on an urgent basis. In a letter to the Reliance Capital Administrator, RGIC has sought Rs 600 crore capital support from the RCAP by December 31, 2022. The Committee of Creditors (COC) is expected to consider and discuss RGIC's request for capital infusion in December 9 meeting. The company has said that the fund infusion is essential to preserve the business, enhance th...
Reliance General Insurance urgently seeks Rs 600cr capital infusion from RCAP
Reliance General Insurance urgently seeks Rs 600cr capital infusion from RCAP
Source: IANS
9/12/2022 9:08:08 AM
IRDAI plans to allow general insurers to vend long-term motor package policies The Indian insurance regulator has sought the stakeholders' views on allowing general insurers again to issue long term comprehensive two wheeler and private car insurance policies. The Insurance Regulatory and Development Authority of India (IRDAI) has proposed to allow non-life insurers to issue comprehensive/package five year own damage cover for two wheelers or three years for private cars which are co-terminus with third party liability cover. A comprehensive/package vehicle po...
IRDAI plans to allow general insurers to vend long-term motor package policies
IRDAI plans to allow general insurers to vend long-term motor package policies
Source: IANS
8/12/2022 4:07:27 PM
LIC can be converted into composite insurer merging 4 PSU general insurers with it With the Central government proposing to allow composite insurers, the four public sector general insurance companies can be merged with the Life Insurance Corporation of India (LIC) is one of the views voiced by industry experts. The Centre has proposed to amend various provisions of the Insurance Act 1938 and the Insurance Regulatory and Development Authority Act 1999. The amendments proposed are: allowing composite insurers -- one insurer selling life and non-life insurance policies;...
LIC can be converted into composite insurer merging 4 PSU general insurers with it
LIC can be converted into composite insurer merging 4 PSU general insurers with it
Source: IANS
8/12/2022 10:04:52 AM
Send insurance amendment Bill to Parliamentary panel, says union With the government announcing its intention to almost rewrite the insurance laws by proposing far-reaching amendments, the amendment Bill should be first sent to the Standing Committee of Finance in Parliament, demands the General Insurance Employees' All India Association (GIEAIA). The GIEAIA is the major union in the four government-owned general insurance companies and also is the first one to react to the proposed amendments. According to the GIEAIA, the proposed amendments to ...
Send insurance amendment Bill to Parliamentary panel, says union
Send insurance amendment Bill to Parliamentary panel, says union
Source: IANS
6/12/2022 12:39:28 PM
Insurance laws amendments : Delegation unlimited may invite despotism The proposal to shift the legislative powers and vest them with insurance regulator and several other amendments proposed to the two insurance laws have raised many an eyebrow in the insurance sector. They also wondered about the legality of the amendments proposed. "The industry as a whole is surprised at the gamut of the amendments proposed," an industry official told IANS on the condition of anonymity. "The proposed amendments are a mixed bag. Those who are initiate...
Insurance laws amendments : Delegation unlimited may invite despotism
Insurance laws amendments : Delegation unlimited may invite despotism
Source: IANS
5/12/2022 3:38:41 PM
Don`t hike repo rate beyond 25-35 bps, ASSOCHAM urges RBI With Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) set to meet to decide on the policy rate revision, industry lobby body ASSOCHAM has urged the former for a moderate hike. ASSOCHAM has also requested the RBI to treat retail loans for purchase of electric vehicle (EV) as priority sector lending. According to ASSOCHAM, the interest rate hike should be moderate so that the rising cost of borrowing does not have an adverse and disproportionate impact on the nascent econ...
Don`t hike repo rate beyond 25-35 bps, ASSOCHAM urges RBI
Don`t hike repo rate beyond 25-35 bps, ASSOCHAM urges RBI
Source: IANS
3/12/2022 9:12:48 AM
Government proposes scrapping minimum capital for insurance Scrapping of the statutory Rs 100 crore startup capital for life and general insurance business and Rs 200 crore for reinsurance business, allowing different kinds of insurers including captives, changing the investment provisions are some of the major amendments proposed by the Indian government to the insurance laws. The government also proposes to allow an insurer to provide services related or incidental to insurance business and distribute other financial products as specified by and ...
Government proposes scrapping minimum capital for insurance
Government proposes scrapping minimum capital for insurance
Source: IANS
1/12/2022 11:27:37 AM
RattanIndia Enterprises gains as its arm receives insurance direct broker licence from IRDAI RattanIndia Enterprises is currently trading at Rs. 49.85, up by 0.25 points or 0.50% from its previous closing of Rs. 49.60 on the BSE. The scrip opened at Rs. 49.70 and has touched a high and low of Rs. 50.30 and Rs. 49.60 respectively. So far 79656 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 65.85 on 12-Jan-2022 and a 52 week low of Rs. 30.50 on 12-May-2022. Last one week high and low of the scrip stood a...
RattanIndia Enterprises gains as its arm receives insurance direct broker licence from IRDAI
RattanIndia Enterprises gains as its arm receives insurance direct broker licence from IRDAI
Source: Accord Fintech
29/11/2022 12:15:53 PM
Max Financial Services jumps on getting IRDAI`s nod to acquire balance 5.17% stake in Max Life Max Financial Services is currently trading at Rs. 684.00, up by 18.95 points or 2.85% from its previous closing of Rs. 665.05 on the BSE. The scrip opened at Rs. 680.05 and has touched a high and low of Rs. 702.45 and Rs. 680.05 respectively. So far 49412 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 1081.00 on 11-Jan-2022 and a 52 week low of Rs. 627.80 on 23-Nov-2022. Last one week high and low of the scrip...
Max Financial Services jumps on getting IRDAI`s nod to acquire balance 5.17% stake in Max Life
Max Financial Services jumps on getting IRDAI`s nod to acquire balance 5.17% stake in Max Life
Source: Accord Fintech
28/11/2022 3:16:07 PM
The relaxation in investment criteria for venture capital funds will help attract a higher flow of capital Says Ishaan Mittal, Sequoia India Below is statement on Relaxation of investment criteria in insurance industry By Ishaan Mittal, MD, Sequoia India "We would like to congratulate IRDAI for bringing in a series of pathbreaking reforms towards realising the goal of insurance for all by 2047. The relaxation in investment criteria for venture capital funds will help attract a higher flow of capital to India’s insurance sector, resulting in greater innovation, deeper insurance penetration, and better offeri...
The relaxation in investment criteria for venture capital funds will help attract a higher flow of capital Says Ishaan Mittal, Sequoia India
The relaxation in investment criteria for venture capital funds will help attract a higher flow of capital Says Ishaan Mittal, Sequoia India
Source: PR Agency
26/11/2022 6:11:22 PM
IRDAI allows foreign reinsurance branches, Lloyds India to repatriate excess capital The Insurance Regulatory and Development Authority of India (IRDAI) on Wednesday allowed foreign reinsurance branches (FRB) and Lloyd's India to repatriate excess capital. According to the IRDAI, to ensure sufficient reinsurance capacity in India and to attract more players for offering reinsurance at a competitive price, the free movement of assigned capital for foreign reinsurance branches is required. The Indian insurance regulator has allowed repatriation of excess capital by FR...
IRDAI allows foreign reinsurance branches, Lloyds India to repatriate excess capital
IRDAI allows foreign reinsurance branches, Lloyds India to repatriate excess capital
Source: IANS
27/10/2022 9:36:58 AM
HDFC Life Insurance Company gains on completing Exide Life merger HDFC Life Insurance Co is currently trading at Rs. 523.85, up by 0.95 points or 0.18% from its previous closing of Rs. 522.90 on the BSE. The scrip opened at Rs. 523.00 and has touched a high and low of Rs. 526.00 and Rs. 518.90 respectively. So far 1132058 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 725.00 on 15-Nov-2021 and a 52 week low of Rs. 497.30 on 08-Mar-2022. Last one week high and low of the scri...
HDFC Life Insurance Company gains on completing Exide Life merger
HDFC Life Insurance Company gains on completing Exide Life merger
Source: Accord Fintech
17/10/2022 12:53:01 PM
Max Life to pay penalty of Rs 3 cr imposed by IRDAI Max Life Insurance Company (Max Life) announced that recently in transactions involving Axis Bank and Max Financial Services (MFSL) with respect to transfer of shares of Max Life, a material subsidiary of MFSL, which were all duly approved the Board and shareholders of Max Life and MFSL, Insurance Regulatory and Development Authority of India (IRDAI) vide an order issued to Max Life imposed a penalty aggregating to Rs 3 crore alleging non-compliance of certain terms of its approvals granted. ...
Max Life to pay penalty of Rs 3 cr imposed by IRDAI
Max Life to pay penalty of Rs 3 cr imposed by IRDAI
Source: Dion Global Solutions Ltd
17/10/2022 11:20:45 AM
HDFC Life Insurance Company rises on getting IRDAI`s nod to merge Exide Life Insurance with itself HDFC Life Insurance Company is currently trading at Rs. 523.40, up by 2.75 points or 0.53% from its previous closing of Rs. 520.65 on the BSE. The scrip opened at Rs. 530.25 and has touched a high and low of Rs. 533.45 and Rs. 523.20 respectively. So far 34850 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 725.00 on 15-Nov-2021 and a 52 week low of Rs. 497.30 on 08-Mar-2022. Last one week high and low of the s...
HDFC Life Insurance Company rises on getting IRDAI`s nod to merge Exide Life Insurance with itself
HDFC Life Insurance Company rises on getting IRDAI`s nod to merge Exide Life Insurance with itself
Source: Accord Fintech
14/10/2022 10:51:15 AM
RattanIndia Enterprises zooms as its arm gets in-principle clearance to act as Direct Insurance Broker RattanIndia Enterprises is currently trading at Rs. 48.25, up by 1.10 points or 2.33% from its previous closing of Rs. 47.15 on the BSE. The scrip opened at Rs. 47.80 and has touched a high and low of Rs. 49.00 and Rs. 47.25 respectively. So far 299101 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 65.85 on 12-Jan-2022 and a 52 week low of Rs. 30.50 on 12-May-2022. Last one week high and low of the scrip stood ...
RattanIndia Enterprises zooms as its arm gets in-principle clearance to act as Direct Insurance Broker
RattanIndia Enterprises zooms as its arm gets in-principle clearance to act as Direct Insurance Broker
Source: Accord Fintech
4/10/2022 3:07:38 PM
Reducing startup capital for insurers, changing solvency norms will put policyholders at risk: N. Rangachary Allowing regional insurance companies, reducing minimum startup capital, changing investment norms and other measures may result in mushrooming of small insures and the return of pre-1956 period, said N. Rangachary, the first Chairman of the Insurance Regulatory and Development Authority of India (IRDAI). Prior to 1956, there were several hundreds of small life insurers who were issuing policies in a restricted manner and sold in an unrealistic manner, while claims were not paid. "...
Reducing startup capital for insurers, changing solvency norms will put policyholders at risk: N. Rangachary
Reducing startup capital for insurers, changing solvency norms will put policyholders at risk: N. Rangachary
Source: IANS
13/09/2022 3:54:24 PM
Bank of Baroda to raise up to Rs 2,500 cr via Basel-III AT1 bonds on Aug 30 Bank of Baroda is planning to raise up to Rs 2,500 crore through Basel-III Additional Tier-I (AT1) bonds on August 30, a source close to the development told IANS on Friday. The auction for the additional tier-I bond is expected to be held on August 30 on the BSE's bidding platform. The source expects there will be higher demand for the bonds from the investors considering the issuances taken place in few days where coupon has been set lower. "On the upcoming AT1 bond of Ban...
Bank of Baroda to raise up to Rs 2,500 cr via Basel-III AT1 bonds on Aug 30
Bank of Baroda to raise up to Rs 2,500 cr via Basel-III AT1 bonds on Aug 30
Source: IANS
26/08/2022 12:51:00 PM
Indian general insurance sector logs 21% premium growth in July Chennai, Aug 11 (IANS) The Indian non-life insurance industry closed last month with 20.82 per cent premium growth as compared to the previous year's corresponding period. According to the Insurance Regulatory and Development Authority of India (IRDAI) the non-life insurance sector had earned a premium of Rs 23,392.46 crore in July 2022 up from Rs 20,157.23 crore. The growth would have been higher but for the negative premium growth posted by Agricultural Insurance Company of I...
Indian general insurance sector logs 21% premium growth in July
Indian general insurance sector logs 21% premium growth in July
Source: IANS
11/08/2022 7:23:07 PM
RCAP resolution plan submission deadline likely to be extended yet again The deadline for the submission of Resolution Plan for Reliance Capital (RCAP) is likely to be extended yet again as bidders seek more time to complete the due diligence process. According to sources, few bidders, including Piramal, Torrent, Oaktree and IndusInd, have written to the RCAP Administrator to extend the deadline by 20 to 35 days. The RCAP resolution plan submission date has already been extended four times in the past couple of months. The current deadline to submit the plan...
RCAP resolution plan submission deadline likely to be extended yet again
RCAP resolution plan submission deadline likely to be extended yet again
Source: IANS
31/07/2022 2:12:15 PM
IRDAI looks to revise startup capital for insurers, experts ask about pricing method The Insurance Regulatory and Development Authority of India (IRDAI) has set up a committee to examine the capital needs of different types of insurers to increase the insurance penetration in the country, said a senior official. The IRDAI is looking at allowing niche insurers like regional, captives, composites, micro and for their subsidiaries. Currently the minimum capital needed to start a primary insurance company is Rs 100 crore as prescribed by the Malhotra Committee on Insurance ...
IRDAI looks to revise startup capital for insurers, experts ask about pricing method
IRDAI looks to revise startup capital for insurers, experts ask about pricing method
Source: IANS
27/07/2022 11:43:52 AM
IRDAI acts to increase health insurance penetration  The Insurance Regulatory and Development Authority of India's (IRDAI) move to allow insurers to empanel health care service providers/hospitals, as per the standards set by their boards, is a welcome move for offering cashless facility, industry officials said. "This announcement by the IRDAI is a significant development that liberates the health insurance providers to broaden their spectrum of healthcare network, thus enabling the dual benefit of deeper insurance penetratio...
IRDAI acts to increase health insurance penetration
IRDAI acts to increase health insurance penetration
Source: IANS
21/07/2022 4:48:30 PM
IRDAI has not decided on disclosure of agent commission on policies The Insurance Regulatory and Development Authority of India (IRDAI) on Friday said it has not taken any decision on disclosing the commission paid to insurance intermediaries on the policy document. In a statement, IRDAI clarified that it has not taken any decision on this matter. Furthermore, the IRDAI will hold extensive consultations with all stakeholders before any such decision is taken. Insurance intermediaries like agents and brokers voiced their views against the proposal to ...
IRDAI has not decided on disclosure of agent commission on policies
IRDAI has not decided on disclosure of agent commission on policies
Source: IANS
15/07/2022 5:07:50 PM
IRDAI processing licence applications of 12 companies A total 12 applications for starting an insurance company-non-life/life/reinsurance are under various stages of processing at Insurance Regulatory and Development Authority of India (IRDAI), it is learnt. Industry officials told IANS that the IRDAI has not licensed any new insurer during the past couple of years. And that situation is expected to change in the near future with some of the applications are in advanced stages of processing at IRDAI. Out of the 12 applications with IRDA...
IRDAI processing licence applications of 12 companies
IRDAI processing licence applications of 12 companies
Source: IANS
9/07/2022 12:08:01 PM
Pay as you drive should be applicable to 3rd party insurance as well With the Indian insurance regulator allowing non-life insurers to offer innovative covers like 'pay as you drive, pay how you drive', the question that pops up is should that not be extended to the third party insurance as well. When asked by IANS, industry officials kept a stoic silence as the companies are raking in money from the motor insurance portfolio. At a time when the industry is lobbying for more regulatory relaxations, barring one or two CEOs, others are mum, when it...
Pay as you drive should be applicable to 3rd party insurance as well
Pay as you drive should be applicable to 3rd party insurance as well
Source: IANS
8/07/2022 10:11:51 AM
Non-life insurers can offer innovative vehicle insurance covers More than two decades after the Indian insurance industry was opened up, the sectoral regulator has allowed the non-life insurers to offer innovative add-on covers on motor insurance policies. The Insurance Regulatory and Development Authority of India (IRDAI) on Wednesday said non-life insurers can offer the following technology enabled concepts on the motor insurance policies covering the vehicles. The new covers on the own damage or vehicle damage portion are: pay as you drive, pay h...
Non-life insurers can offer innovative vehicle insurance covers
Non-life insurers can offer innovative vehicle insurance covers
Source: IANS
6/07/2022 3:58:44 PM
IRDAI should exercise caution, be customer friendly while relaxing regulations: Experts  The Indian insurance regulator should move cautiously while making changes to the over two decade old regulations that seems to have prevented companies going belly up like several finance companies, said experts. The Insurance Regulatory and Development Authority of India (IRDAI) has made some regulatory changes and is also mulling more. The new IRDAI Chairman Debashish Panda told the life and non-life insurers that every Indian should have an insurance policy. He also told th...
IRDAI should exercise caution, be customer friendly while relaxing regulations: Experts
IRDAI should exercise caution, be customer friendly while relaxing regulations: Experts
Source: IANS
4/07/2022 1:40:09 PM
IRDAI sets Rs 11.73L cr premium target for non-life insurance industry by FY27 Ever heard of a sectoral regulator giving targets for the industry as a whole and also for the individual players? Well, it happened in the insurance sector with the Insurance Regulatory and Development Authority of India's (IRDAI) Chairman Debasish Panda, at his meeting with the heads of non-life and reinsurance companies at Hyderabad on Friday. "The IRDAI is now looking at the market developmental role. All these years, the Authority was carrying out the regulatory role,"...
IRDAI sets Rs 11.73L cr premium target for non-life insurance industry by FY27
IRDAI sets Rs 11.73L cr premium target for non-life insurance industry by FY27
Source: IANS
2/07/2022 2:54:13 PM
Insurance CEOs to meet IRDAI Chairman to press further regulatory relaxations More regulatory relaxations, consolidation of the regulations, corporatisation of Insurance Information Bureau of India (IIBI), formation of a common software platform for health claims are some the matters that will be discussed by the CEOs of the insurance companies with the sectoral regulator, said industry sources. Pushing for further regulatory relaxations in the insurance sector, the captains of life and non-life insurers will be meeting Debasish Panda, Chairman of Insurance Regulato...
Insurance CEOs to meet IRDAI Chairman to press further regulatory relaxations
Insurance CEOs to meet IRDAI Chairman to press further regulatory relaxations
Source: IANS
26/06/2022 4:32:04 PM