Federal Bank has increased equity stake in Ageas Federal Life...
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Insurers demand longer term assets to fund Govt’s Rs29.7 lakh crore debt pile
The finance ministry has set a record target of Rs 2.5 trillion of...
Tata AIA’s Swaminathan S. Iyer appointed as Member, Life, IRDAI for 5 yrs
Swaminathan S. Iyer, Member-designate, Life, IRDAI ``The...
Lenders to meet on Tuesday to discuss bids for Reliance Capital acquisition
In an e-auction conducted under the Challenge Mechanism, Torrent had presented a resolution plan for Reliance Capital Ltd (RCL) with a net present value of Rs 8,640 crore, while Hinduja's offer was Rs 8,110 crore After the e-auction was over, sources said, Hinduja...
SBI asks field functionaries to desist from mis-selling of insurance products
The bank asked the field functionaries to ensure that the branches conduct need-based selling of insurance products with strict compliance to the Assessment of Suitability and Appropriateness Framework (ASAF) and sourcing of business is undertaken for 100 per cent KYC...
Man loses Rs 14 lakh to fraudsters offering Rs 50 lakh loan on `insurance policies’
The accused lured victims with low interest rate loan offers against the newly purchased insurance policy which was also sold by them to the victims New Delhi: The Delhi Police has busted a gang which operated under the disguise of an insurance firm at a Noida-based...
LIC may consider composite licence after passage of Insurance Laws (Amendment) Bill
The Bill, with proposed amendments to the Insurance Act 1938 and Insurance Regulatory and Development Authority Act, 1999, is expected to be tabled in Parliament in the upcoming Budget session starting next month, sources said. New Delhi:The country's largest insurer...
Reliance Capital: Hinduja Grp re-enters the fray with a higher offer of Rs 9,400 crore
Lenders will now take a call on whether they will accept Hinduja’s revised bid Analysts say Hinduja offer of Rs 9,000 crore cash upfront trumps Torrent bid of just Rs 4,000 crore cash and the balance to be paid to lenders in three equal instalments in year 3/4/5 with...
Ministry asks banks to cease from using unethical practices to sell insurance policies
There have been instances where life insurance policies were sold to customers aged above 75 years in Tier II-III cities. Usually, branches of the banks push products of their subsidiary insurers. The department has already issued a circular wherein it has been...
Insurance density in India rises from $78 in 2020-21 to $91in 2021-22, Insurance penetration at 4.2 % in 2021-22
While the penetration of life insurance sector has gone up from 2.15 per cent in 2001-02 to 3.2 per cent in 2021-22, non-life insurance penetration has gone up from 0.56 per cent to 1.0 per cent during the same period “2022 has been a year marked with milestone...
Insurers settled over 2.25 lakh death claims on account of Covid: Irdai report
The net incurred claims of the general insurers stood at Rs 1.41 lakh crore in 2021-22 as against Rs 1.12 lakh crore in 2020-21, an increase of about 26 per cent New Delhi: Over 2.25 lakh death claims due to the Covid-19 pandemic were settled by insurance companies up...
Reliance Capital Auction: Torrent Group highest bidder at Rs 8,600 crore in phase 1
The acquisition will help Torrent group to venture into the financial services as Reliance Capital has a wholly owned subsidiary- Reliance General Insurance, and 51 per cent stake in Reliance Nippon Life Insurance among other assets. Hinduja Group was the second...
Huge setback for Reliance Capital resolution process as Cosmea-Piramal consortium pulls out
Cosmea Financial is promoted by Sam Ghosh,who was heading Reliance Capital between 2008-2017 According to sources, the Cosmea-Piramal consortium has decided to walk out of the resolution process as it believes that the contours of the bidding process have been...