Corporation shall file an appeal before Commissioner (Appeals),...
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SBI Caps CEO RK Sinha appointed as Member, Finance & Investment, IRDAI
RK Sinha, MD& CEO, SBI Capital Markets Sinha is an officer from...
Pramerica Life launches new brand campaign,
Pramerica Life Insurance on Monday announced the launch of its...
Insurance Penetration and Density are on a slow recovery path in India
The life insurance industry’s penetration has seen a slight increase in 2015 reaching 2.72 percent, remained same in 2016 and increased to 2.76 in the year 2017. The penetration of non-life insurance sector in the country has gone up from 0.56 in 2001 to 0.93 in 2017(0.77 in 2016).
Myanmar set to approve licenses for foreign insurers
life insurance providers will be given two options to operate. The first option allows not more than three licenses for foreign life insurers to operate as 100 percent wholly owned subsidiaries. The second allows foreign life insurers with a representative office in Myanmar to form a joint venture with a local life insurer.Two large Indian state owned insurers, The non-life insurance providers with rep offices in Myanmar will be allowed to form a JV with local non-life insurers.The New India Assurance, country’s largest non-life company and the Life Insurance Corporation(LIC), are keen to set up their operations in Myanmar.
Senior care facilities & their Insurers try to keep up with Aging America’s falls
Falls are the biggest risk. Allegations of falls account for nearly half of all assisted living claims that insurer CNA Financial Group closed in 2016 and 2017, the company said.
Govt appoints Hemant Bhargava interim chairman of LIC
For the first time, the Banks Board Bureau (BBB) will be interviewing eight senior officials of the state-owned Life Insurance Corporation(LIC),in the rank of executive directors(ED), on Jan 4,to select the new chairman and one managing director for the corporation
BBB to interview 8 sr LIC officials on Jan 4 to select a new chairman and two MDs
The senior officials, who have been called for the interview, with over two years of residual services and in order of seniority, are- K. Ganesh, Executive Director(ED), Customer Relationship Management(CRM(, M R Kumar Zonal Manager(ZM), Delhi, Vipin Anand ZM, Mumbai, TC Suseelkumar, ZM, Hyderabad, MK Gupta ED, Personnel. Raj Kumar CEO, LIC Mtual Fund , HS Sasikumar, ZM,Bhopal, and S Nallakuttalam.
In the last 15 years, the government has followed the principle of seniority while appointing the chairman of the corporation
Indiabulls receives IRDAI nod for its life insurance venture
Also, the country’s first dental insurance company OCARE set up by Neeraj Seth, a dentist by profession, that received its R1 license in July, will apply for the R2 in Feb.
The insurer has a capital of Rs 230 crore
“18 out of 24 companies are profitable in the Indian life insurance space in 2017-18’’
The AUM of the industry has gone up by Rs.3.3 lakh crore during FY 2017-18.
The total asset of the industry is currently around Rs 34 lakh crore (Provisional) and the AUM is around Rs.32 lakh crore (Provisional).
BoI eyes Rs 1200-cr from exiting life insurance arm Star Union
Star Union Dai-ichi Life Insurance, which commenced operations in February 2009, is a joint venture between Bank of India, Union Bank of India and the Japanese major Dai-ichi Life Insurance Company.The company has negligible market share in the 24-player industry dominated by the national insurer LIC
HC rejects plea against LIC move to acquire 51% stake in IDBI
Justice Vibhu Bakhru rejected the petition by the All India IDBI Officers Association, which had opposed the move of Life Insurance Corporation (LIC) on the ground that change in shareholding could take away the public sector bank status of IDBI. The association was concerned that taking away public sector status of IDBI could affect the employment conditions of its staff
HDFC Int Life & Re assigned “BBB” rating with stable outlook by S&P
Its business consists of both treaty and facultative reinsurance arrangements assumed from ceding companies in the GCC region, relating to a broad range of life insurance product lines covering individual life, group life and group credit life