Debasish Panda,chairman, IRDAI At the recently concluded Bima...
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3 PSU general insurers need Rs 94-102 billion capital infusion to meet solvency of 1.5, says ICRA
Neha Parikh, vice president and sector head – Financial Sector...
IRDAI allows e-signature of customers for buying life insurance policies till March 2021
The insurance agents can’t solicit non-single premium unit-linked insurance policies for annualized premium exceeding Rs.50,000 or single premium unit-linked insurance policies exceeding Rs. 1,00,000.
Bank employees to get 15 % salary hike, PLI scheme introduced for banks
The wage negotiation covered 29 banks — 12 public sector banks, 10 private banks, and seven foreign banks — and 500,000 employees in the banking sector.
A joint statement by the four unions representing the workmen said for the first time, there will be uniform basic, dearness allowance, house rent allowance (HRA), special allowance, and transport allowance. The HRA rate will be 10.5 per cent on pay across the country.
India to spend $27 billion over 5 years to boost manufacturing
The incentives will be given to manufacturers in 10 sectors including automobiles and auto parts, pharmaceuticals, textiles and food products to attract investment, Nirmala Sitharaman said.
The scheme has been designed to ensure that “critical sunrise sectors get necessary support from the government so we are able to build an India which is strong enough to serve the domestic market and link up with the global value chain,” Sitharaman said.
New India’s net profit rises 5 % to Rs 555.59 cr in Q2 FY 2020-21, combined ratio improves from 116.62% to 105.75%
Thanks to the lock down due to the Covid-19 pandemic, -for the first time , NIA has booked underwriting profits in motor during the period. The company’s liability portfolio has been profitable during the period.
Atul Sahai, Chairman Cum Managing Director, NIA said,”Considering the challenging macro environment, the company has delivered excellent results for the quarter and the half year ended 30th Sep 2020. Compared to the Industry the company has registered much better growth and has also increased its market share to 14.56 per cent as of Sep 30,2020. The growth has been accompanied by healthy operating metrics with combined ratio declining from 116.62 per cent in H1FY20 to 105.75 per cent in H1FY21.”
SEBI proposes extending risk management committee requirement to top 1,000 listed firms
The committee should be responsible for taking measures for risk mitigation, business contingency plan as well as monitoring and overseeing implementation of the risk management policy, as per the watchdog. It should also be responsible for keeping the board informed about the nature and content of its discussions, recommendations and actions to be taken.
FM Sitharaman asks banks to ensure all accounts are linked with Aadhaar by March next year
” by March 31, 2021, every account should have a PAN where needed and where applicable, and Aadhaar in every one of your accounts,” Sitharaman said while addressing the 73rd annual general meeting of the Indian Banks’ Association (IBA).
She said banks should discourage non-digital payments and should bank on promotion of digital payments techniques and also adopt many of the UPI driven payments.
Delhi-NCR air quality hits ’emergency’ levels after city records AQI of 476
The Ministry of Earth Sciences’ air quality monitor, SAFAR, said the city is witnessing an “unusual” condition and no quick recovery is predicted from the “severe” air pollution.
Edelweiss Tokio Life Insurance launches one yr Covid-19 cover,offers a minimum critical illness benefit of Rs10 lakh
With premium rates starting at only Rs. 5,329,the product,it offers a substantial critical illness benefit, a term cover, and offers instant decisioning without any medical examination
In addition, on diagnosis of Covid-19, the product also triggers minimum enhanced term cover worth Rs. 25 lakhs sum assured.
Life insurers’ new premium income rises 32 % to Rs 22,776 crore in Oct, LIC & HDFC Life shine
Majorly bolstered by Individual Single Premium and Group Single Premium, LIC, with a market share of 70 per cent, itself has grown its new premium income by 36 per cent y-o-y to Rs 15548.06 in the month of October while the private sector led by HDFC Life has expanded by 23.56 per cent y-o-y to Rs 7227.96 crore during the month..
NGT imposes ban on sale, use of firecrackers in NCR from Nov 9 to Nov 30
A bench headed by NGT Chairperson Justice Adarsh Kumar Goel clarified that the direction will apply to all cities and towns in the country where the average of ambient air quality during November (as per available data of last year) fell under the ‘poor’ and above categories.