With Pant's departure, LIC has now vacancies of two managing...
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Insurance and bank stocks erase $14 billion on IRDAI’s fee cap plan
PB Fintech, which owns Policybazaar, plunged as much as 34%, while...
India’s insurance sector sees resilient growth, but profitability, productivity remain key challenges: McKinsey
Between fiscal years 2017 and 2025, the number of in-force...
IRDAI’s Distribution Reforms: Commission on general insurance products to be slashed from 30% to 20%, to 12.5% for life over 5 yrs
Greater transparency would be required from insurers and large distribution entities, which would have to disclose commission policies and structures in a simple and accessible manner. Specified commercial insurance policies would also carry commission disclosures,...
Hong Kong sets out initiatives to secure long-term development of pillar industries
"We will consolidate and enhance Hong Kong's status as an international financial centre, and stay committed to our global positioning," Hong Kong's Chief Executive John Lee said Hong Kong: Hong Kong's Chief Executive John Lee rolled out various measures to develop...
CBI lodges FIR against Anil Ambani’s RCAP over Rs 2,684-cr LIC investment ‘fraud’
Anil Ambani,Group chairman,Reliance Group According to the Central Bureau of Investigation (CBI), LIC has alleged that between April 12, 2012, and March 9, 2018, it subscribed to five non-convertible debentures (NCDs) issued by RCAP, aggregating to Rs 3,900 crore.The...
IRDAI fines Canara HSBC Life and IndusInd bank Rs 1 cr each for violating norms
Indian insurance regulator IRDAI has imposed a fine of Rs one crore each on Canara HSBC Life Insurance and IndusInd Bank for violating regulations. Canara HSBC Life Insurance had sold a deferred annuity policy with an annual premium of Rs 2 lakh and a four-year...
LIC leads $703mn NSE anchor book
LIC, NSE’s largest shareholder, emerged as the biggest anchor investor, acquiring 2.24 million shares valued at ₹400.3 crore. Societe Generale’s offshore derivative instrument desk picked up 1.77 million shares worth ₹316 crore, while Norway’s Government Pension Fund...
Ind AS:11 re/insures switch to new accounting system, says IRDAI
The insurers that have been granted forbearance and are scheduled to implement Ind AS from FY 2027-28 are being closely monitored by IRDAI as per their board approved monthly implementation milestones. The IRDAI is engaging with insurers on an ongoing basis, with any...
China to pump $45 billion into state banks, insurers in capital-boosting push
Last week, the National Financial Regulatory Administration published draft amendments to the Insurance Law. The first such revisions since 1995 propose tighter oversight of insurers’ shareholders, higher minimal capital thresholds, a wider scope of insurers that...
Insurer can’t reject claim if alcohol habit disclosed before policy purchase: Consumer commission
The commission, however, pointed out that the medical examination form submitted on May 20, 2021, before the policy issuance, clearly stated the insured consumed "whisky of 90 ml twice in a month since 15 years". Further, relying on Supreme Court orders that termed...
ICICI Bank acquires 2% stake from joint venture partner of its life insurance arm for Rs 1,470 cr
the bank's shareholding in ICICI Life stands at approximately 52.8 per cent. New Delhi: ICICI Bank on Wednesday said it has raised its stake in its life insurance venture by buying a 2 per cent stake from its joint venture partner for a sum of Rs 1,470 crore. The bank...
LIC launches 2 New Plans: Bima Platinum and Jeevan Raksha
On the occasion of 70th anniversary of Life Insurance Corporation, R. Doraiswamy, the CEO & MD,LIC, launched two new plans- Bima Platinum (Plan 770) andJeevan Raksha (Plan 894). LIC’s Bima Platinum is a Non-Par, Non-Linked, Individual Plan which offers an...