The insurance regulator IRDAI can now announce the date of adoption...
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Axis Bank-Max Life deal: Delhi HC rejects Subramanian Swamy’s PIL
On Monday, the high court bench led by Acting Chief Justice...
Life insurers’ new business premium rises 14% to Rs 31,823 crore in July
Life Insurance Corporation of India (LIC) saw a 19.78 per cent jump...
Ping An Insurance annual profit drops for first time since 2008
The company’s total investment income from its life and health insurance businesses, which accounts for the bulk of its profits, rose 4.5% to 182.5 billion yuan, versus 175 billion yuan a year ago.
India’s more relaxed rules on investment in insurers set to attract U.S., European players
A lawyer said several insurers from Asia have also shown interest in ramping up Indian investments, and started seeking more details about Monday’s proposal hours after it was announced.
In a statement to Reuters, lobby group U.S.-India Business Council (USIBC), part of the U.S. Chamber of Commerce, said New Delhi’s decision will help American insurance companies enhance financial inclusion in India.
Aviva investors threatens to ditch top carbon emitters over climate inaction
Among the actions Aviva said it expects of the companies are that they commit to net zero carbon emissions by 2050 and ensure their plan to do so is in line with the Science-Based Targets Initiative, an NGO-led group that signs off on corporate climate plans.
The companies would need to integrate the climate goals into their business strategy, including capital expenditure plans; set short- and medium-term targets; align management pay with the goals; and ensure lobbying efforts supported the goals.
LIC IPO post Oct;BPCL, Air India stake sale by SeptDIPAM Secy
“LIC Amendment Act and Amendment to IDBI Bank (Transfer of Undertaking and Repeal) Act has been made part of the Finance Bill. There will be no separate bill. LIC IPO would come post-October,” Pandey said.
Swiss Re and Diameter Health join forces for breakthrough in digital health data
First ever scalable solution to use electronic clinical health data for life insurance underwriting.Will greatly help life insurers improve the speed and quality of their
underwriting
Union Budget 2021-22:Sitharaman announces FDI limit hike from 49 % to 74 % in Indian insurance sector, one PSU general insurer will be privatised
Outlining some features of a company with FDI of 74 per cent, Sitharaman said in such insurance companies, 50 per cent of board will be independent directs, and all key person will be Indians.
The management control will be lying with the majority shareholders..
Sitharaman also announced government’s intention to privitise one of the state owned insurance companies and listing of the Life Insurance Corporation.
The government will launch a new federal health scheme with an outlay of around 641 billion Indian rupees ($8.80 billion) over the next six years,
Budget 2021: Social security benefits to be extended to platform and gig workers, says FM
A portal will be set up to collect info on gig and platform workers, building and construction workers, among others, to provide them with benefits like health, credit (easy financing), food, and others, Sitharaman said in her speech.
She noted that for the first time Code on Social Security Code 2020 has made provision for universalisation of social security for the entire workforce including gig and platform workers.
IRDAI rejects insurance brokers’ demand for life time licenses
`One of the demands of the brokers was to have their licenses in perpetuity. We can’t accept it. The current system, where each broker has to renew his license in every three years, is perfectly fine. Even,in some countries, the insurance brokers need to renew their licenses in every two years.’’said Subhash Chandra Khuntia, chairman,IRDA whiile addressing the 17th Annual Insurance Insurance Brokers’ Summit organized by Insurance Brokers Association of India (IBAI)
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OUTLOOK 2021: Regulatory challenges abound for U.S. insurers as Biden takes over, pandemic rages
While a major overhaul of insurance regulation has been ruled out, and Biden’s primary insurance-related focus is expected to be on healthcare, experts say life and property-and-casualty insurers will also need to prepare for an increase in regulatory attention from the new administration as it rushes to temper the impact of the COVID-19 pandemic.
Chinese regulator emphasizes party leadership in corporate governance of banks and insurers
The draft rules urged state-owned banking and insurance institutions to prioritize the key business decisions made by the Communist Party committee before consulting the board and the top leadership, according to statements of the China’s Banking and Insurance Regulatory Commission (CBIRC).