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ICICI Pru Life Insurance gets demand notice of Rs 328.4 cr from I-T Dept
The demand notice served on various counts, including shareholders'...
Exclusive cooperative insurance firm on anvil, to provide coverage to all cooperative societies in country: Amit Shah
Amit Shah, Union Minister of Home Affairs and Co-operation To...
LIC dispels Rahul Gandhi’s concern over new IRDAI rules making insurance unaffordable for poor and affecting agents
“ We want to clarify that LIC has introduced products that align with the New Product Regulations set by IRDAI, effective from October 1, 2024, keeping policyholders’ interests at the forefront .” said Siddhartha Mohanty, CEO & MD, LIC New Delhi/Mumbai; State...
Need safeguard measures before raising FDI limit to 100 pc in insurance: Par Panel
Bhartruhari Mahtab,chairman, Standing Committee on Finance The Committee would like to emphasise the need for some safeguard measures to be in place to counter concerns like profit repatriation i.e. foreign investors sending earnings back to home countries rather than...
Hinduja group’ IIHL completes acquisition of Reliance Capital; mgmt transfer to take place on Wednesday
The journey for value creation would now begin, Ashok Hinduja said, adding that the value of the Reliance Capital business on a conservative basis would be Rs 20,000 crore. IIHL would complete the review of the entire RCAP business and take a call on the fund infusion...
LIC likely to announce its stake buying in a health insurer by Mar 31, says Mohanty
Siddartha Mohanty, MD & CEO, Life Insurance Corporation `Our plans to get into health insurance have made progress. We are now at the final stage and hopeful that a decision will be taken before March 31. We have to also get regulatory approvals and that take...
Allianz exits 2 Bajaj insurance JVs by selling its 26 % for Rs 24,180 crore, to set up new Indian insurance companies
Allianz, which had invested just Rs 174 crore in both the JVs way back in 2001 , is expected to start new insurance new companies in India soon either by partnering with another Indian company or with full ownership after the government allows 100 per cent FDI in the...
Religare Enterprises seeks governance review, funding from Burman family
The objective is to review past operating practices, suggest improvements and to identify any potential instances of misconduct by certain current and/or former employees of Religare and its units, the company said in an exchange filing New Delhi: India's Religare...
IDRAI asks insurers to keep their offices opened during Mar 29-31 including Saturday & Sunday
The insurers have to give adequate publicity to the special arrangements made for the last 3 days of the month Hyderabad: Insurance regulator IRDAI has asked all the insurers to keep their offices open as per normal working hours on 29th(Saturday), 30th(Sunday) and...
GFIA urges Sithraman to reconsider rules imposing additional restrictions on insurers with foreign partners
Finance Minister Nirmala Sitharaman In the letter, GFIA noted that foreign insurers play a pivotal role in India’s insurance market since its liberalisation in 1999, with over two-thirds of Indian life and non-life insurers having foreign partners. However, several...
NCLT gives all parties 8 days to complete procedural issues for ownership transfer of RCAP to IIHL
The procedural documentation and filings for the last leg of the transaction for the remaining Rs 4,500 crore is under process. However, due to the upcoming banking holidays, a seven-day extension was considered appropriate by all parties Mumbai: The National Company...
100% FDI: Govt expects insurance industry to grow at 7.1% annually over next 5 years outpacing global and emerging market growth
This enhanced limit will be available to those companies which invest their entire premium in India, said Pankaj Chaudhary, minister of state, Ministry of Finance in the Lok Sabha. New Delhi: By raising foreign direct investment(FDI) in the Indian insurance sector...