Amit Bhandari, Chief Technical Officer at Magma HDI General...
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Insurance intermediaries with majority foreign stake can’t repatriate over 75% as dividend: IRDAI
Besides, the financial statements pertaining to the financial year for which the insurance intermediary is declaring a dividend should be free of any qualifications by the statutory auditors, which have an adverse bearing on the profit during that year.
Reinsurance markets diverge at 1.1 renewal:Willis
James Kent, Global CEO of Willis Re, said: “Other than retro aggregate, some treaty aggregate covers, and liability placements viewed as inadequately priced, most buyers have been able to secure the capacity they require, albeit at considerably increased prices in some of the stressed classes of business. Reinsurers’ client-centric underwriting meant preferred clients achieved their renewal requirements for pricing and conditions more straightforwardly than others. An understandable outcome of this has been a wide variance in the quoting process, which increased the challenge in establishing market clearing prices.”
IRDA slaps Rs 2.18 cr of fine against Hero lnsurance Broking lndia for violating MISP norms
lt was observed that even though HIBIL has empanelled nine general insures and one standalone health insurers, no justification was given by HIBIL to restricl the number of insurers to 10 and not allow other general insurers to sell motor insurance policies through HIBL’s sponsored MISPs thereby leading to violation of MISP guidelines.
Maruti lnsurance Broking fined Rs 3 cr by IRDAI for violating motor insurance norms
Further, taking serious note that the affidavit submitted by the principal officer-Surender Shrivastav,- of MIBL is contrary to the facts, the IRDAI had directed that MIBL not not pay performance incentives to the Principal Officer for one year from the date of this order.
Complaints to banking ombudsman rise 20% in FY19: RBI
The number of complaints pertaining to mis-selling have gone up from 579 complaints in 2017-18 to 1,115 in 2018-19, an increase of 92.57 per cent.
Insurers and brokers can’t set up TPAs as promoters:IRDAI
It is not immediately known in what ways new regulations will be applicable to four PSU general insurance companies , National Insurance Company, New India Assurance Company, United Insurance Company, Oriental Insurance Company and General Insurance Corporation of India, which are promoters of , Health Insurance TPA of India(HITPA), the common in-house TPA for four companies to handle health insurance claims. There are couple of insurance brokers who have set up TPAs.
Parliament clears chit fund Bill: Monetary limits, commissions to go up
The maximum chit amount is proposed to be raised from Rs 1 lakh to Rs 3 lakh for those managed by individuals or less than four partners, and from Rs 6 lakh to Rs 18 lakh for firms with four or more partners.
Aon to acquire small-medium business digital insurance agency Cover Wallet
The acquisition provides Aon with additional access to the fast-growing, $200+ billion premium digital insurance market for small and medium-sized businesses, as well as the opportunity to leverage CoverWallet’s platform to develop and scale innovative digital client experiences that support the firm’s Aon United growth strategy.
Tencent buys 10% of Policybazaar, enters India insurance market
The Chinese technology giant bought 10% of Policybazaar, half of Tiger Global Management LLC’s stake in the company, the person said, asking not be identified as the matter was not public. The $150 million deal was signed earlier this week, the person added.
Govt unveils norms for 100% FDI in insurance intermediaries sector
However if a bank, whose primary business is outside the insurance area, is allowed by the IRDAI to function as an insurance intermediary, the foreign equity investment caps applicable in that sector, which is 74 percent, will continue to apply, subject to the condition that the revenues of such entities from the primary (non-insurance related) business must remain above 50 per cent. of their total revenues in any financial year.