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Budget 2025-Insurers expect tax benefits, concessions for healthcare
Sameer Bansal, MD & CEO, PNB MetLife, said that while India is...
IRDAI imposes Rs1cr penalty on Royal Sundaram General for violating Outsourcing norms
In an order passed by two members of the IRDAI- Rajay Kumar...
“For 2021, we expect the pricing to maintain. In the non-proportional segment, pricing is soft and challenging” GLN Sarma,CEO, Hannover Re, India Branch
Germany based Hannover Re, is the third-largest global reinsurance group, with a gross premium of around €24 billion. It has set up its India branch office in Mumbai three years back and has ambitious plans for India as part of its long term Asian growth strategies....
Tatas and Max Life Insurance foray into pension sector, apply for licenses to become pension fund mangers
Axis bank also wants to set up a company as Pension Fund Manager and is waiting for approvals from Reserve Bank of india (RBI) which may be completed in next 15 days.
So far, NPS has seen a 60% jump in NPS onboarding in the first six months of this financial year and our returns (in CAGR) is more than 10% over a period of 12 years. The total corpus has grown to Rs. 6.67 trillion and the total number of subscribers is 4.60 crores as on 25th September, 2021.
LIC seeks to appoint CFO before its mega IPO planned in 2021/22
LIC is currently under going a valuation exercise for an IPO that could be India’s biggest ever as the government seeks to raise around 900 billion Indian rupees by selling 5%-10% stake in the company by the end of the fiscal year that runs through March.
Fintech firms can check digital frauds: RBI Dy Guv Sankar
”Another area where fintech holds promise is to prevent digital frauds, which have become apparent as the pace of digital penetration has outstripped development of awareness,” he said. Citing data, he said incidents of digital frauds have risen during the pandemic.
DIPAM shortlists Cyril Amarchand Mangaldas as legal advisor for LIC IPO
The government aims to come out with the IPO and subsequent listing of LIC on the bourses in the January-March quarter of 2022. The government is also mulling allowing foreign investors to pick up stakes in country’s largest insurer LIC.
‘Flipping’ by startups poses security threat, says SJM
Ashwani Mahajan, National Co-Convener of SJM – a wing of the Rashtriya Swayamsevak Sangh, says unicorns with over USD 1 billion valuation ‘flipping’ means avoiding Indian regulatory oversight and loss of revenue to the country.
”India has been proud of its startups creating immense value and adding to the GDP of the country. But our happiness remains short-lived when we find that they have not remained Indian any more. Most of these high ticket startups have flipped away and are no longer Indian companies in essence,” he told PTI.
Flipping means a transaction where an Indian company incorporates a firm in a foreign jurisdiction, which is then made the holding company of the subsidiary in India. The most favourable foreign jurisdictions for Indian companies are Singapore, the United States and the United Kingdom.
WPP settles with US SEC charges of bribery in India, other FCPA violations; to pay $19 mn to watchdog
Issuing an order after accepting WPP’s offer to settle the matter, the Securities and Exchange Commission (SEC) said the bribery scheme took place at a WPP’s majority-owned subsidiary in India, which through intermediaries paid as much as a million dollars in bribes to Indian officials to obtain and retain government business.
Digital cos’ data hegemony may lead to ‘attention economy’, says CCI chief
While noting that rapid changes are happening in markets, which are increasingly shifting towards a digital platform-centric configuration,Competition Commission chief Ashok Kumar Gupta also pointed out that these platform markets are by their very nature “winner-takes-all or winner-takes-most”.
“Network effects, access to large amounts of data, economies of scale and scope, induced behavioural biases among consumers etc., in digital markets, may heighten market concentration and result in the creation of impermeable entry barriers,” Gupta said.
CCI clamps down on cartelisation in beer sales; slaps over Rs 873 cr fine on UBL, Carlsberg, others
The final order has been passed against United Breweries Ltd (UBL), SABMiller India Ltd, now renamed as Anheuser Busch InBev India Ltd (AB InBev), and Carlsberg India Private Ltd (CIPL), among other entities.
An official release said the companies and other entities have been found to be ”indulging in cartelisation in the sale and supply of beer in various States and Union Territories in India, including through the platform of All India Brewers’ Association (AIBA)”.
EU plans 120 billion euro economic boost by easing insurance rules
Olav Jones, deputy director general for Insurance Europe, an industry body, said he welcomed EU acknowledgement of the need to reduce capital requirements, but only a “significant and permanent” cut in capital would allow insurers to increase support for the economy and regain global competitiveness.
Brussels proposed easing the impact of the so-called volatility adjustment, which mitigates the impact of short-term market moves on insurer solvency.
It also wants to make it easier for insurers to benefit from preferential capital treatment worth around 10.5 billion euros from investing in long-term assets to green the economy.