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Status Quo: IRDAI retains general insurers’ Obligatory Cession for GIC Re at 4% in FY26
The percentage cession of the sum insured on each general insurance policy to be reinsured with the Indian Re-insurer (GIC Re), will be 4% (four percent) during the financial year beginning from 1st April, 2025 to 31st March, 2026, except the terrorism premium and...
EPFO retains 8.25 pc interest rate on employees’ provident fund deposits for 2024-25
The retirement body had paid 50.8 million claims worth Rs 2.05 lakh crore in 2024-25, up from 44.5 million claims totaling Rs1.82 lakh crore in the previous year. The 8.25 per cent interest rate in 2023-24 was based on EPFO’s record investment income of Rs 1.07 lakh...
IRDAI issues norms allowing insurers to use derivatives for hedging their equity portfolios
In line with these guidelines, insurers will be able to buy hedges in stock & index futures and options against their holding in equities subject to the exposure and position limits. The equity derivatives shall be used only for hedging purpose. Any OverThe...
AM Best affirms credit ratings of ICICI Lombard General Insurance
Despite its lack of underwriting profitability, ICICI Lombard has consistently outperformed India’s general insurance market. Underwriting performance showed a slight improvement in fiscal year 2024, mainly due to lower claims for motor and health insurance, although...
Govt appoints Fin Secy Tuhin K Pandey as new Sebi chief for 3 yrs
Tuhin Kanta Pandey, Chairman, Sebi IRDAI chief Debasish Panda will also complete his three-year tenure on Mar 14 and it is yet to be know whether the government will extend his tenure at the Indian insurance regulatory body New Delhi: The government on Thursday...
LIC receives GST demand notice of Rs 479.88 crore
The company has received a communication/demand order for interest and penalty for Maharashtra on February 27 from Deputy Commissioner of State Tax, Mumbai, LIC said in a regulatory filing Mumbai: Life Insurance Corporation of India (LIC) on Thursday said it has...
Delhi HC asks probe agencies to exercise caution over blanket freezing of bank accounts
While an investigating agency was fully empowered to conduct an investigation and recommend freezing of the entire account to the bank, the court pointed out, when resorted to such a measure, it must assign reasons. When it comes to small-time vendors, the action...
India committed to partnering with international stakeholders to tackle global healthcare challenges: Goyal
Piyush Goyal,Union Commerce Minister Goyal also mentioned that over the past decade, transformative steps have been taken in public healthcare, such as providing free treatment to millions of Indians, establishing Jan Aushadhi Kendras, and building modern medical...
Swiss Re appoints Kera McDonald as its Group Chief Underwriting Officer
Swiss Re's Group Chief Executive Officer Andreas Berger said: "Underwriting is at the core of everything we do, and the re-establishment of this function underscores our commitment to enhancing technical excellence across all businesses.'' Zurich: Swiss Re announced...
Hong Kong’s Peak Re receives license to open office in GIFT-IFSC
Peak Re, the fourth reinsurer to get a license, has a total global business of $1.75 billion. It has already developed a major Indian portfolio, largely constituting Crop and Property, as a Cross Boarder Reinsurer(CBR) and gearing up to expand it further in the...
NCLT asks RCAP lenders to complete all procedural issues by Mar 12
An IIHL spokesperson said that IIHL voluntarily offered to release Rs 2,750 crore in equity capital into Reliance Capital's account to demonstrate its commitment to completing the transaction. The tribunal accepted the proposal Reliance Capital has three insurance...
India on the verge of becoming clinical trials hub
India's clinical trials data market is estimated to touch $1.51 billion in 2025, according to U.S.-based GrandView Research. While India's reputation as a trusted region for conducting trials is improving, several challenges, such as a lack of standardized regulations...
Participation of Indian women in employment rises to 25% in 2024 from 22% in 2019
The findings of the 2024 survey revealed that 75 per cent of the males and 25 per cent of the females in the 15-59-year age group participated in employment and related activities during the reference period of 24 hours. Such participation was 70.9 per cent for males...
El Nino, La Nina forecast: Weather Agencies grapple with prediction challenges
An accurate read on the status of the El Niño-Southern Oscillation is essential for governments, energy markets and farmers planning their cropping regimes, especially as global warming exacerbates extreme weather. Warm and cold phases can cause sapping droughts or...
SC sets aside Allahabad HC direction mandating govt officials to use public hospitals
A bench comprising Chief Justice of India (CJI) Sanjiv Khanna and Justice Sanjay Kumar said that such directives interfere with policy decisions and limit individual choice regarding medical treatment New Delhi: The Supreme Court on Tuesday set aside a 2018 Allahabad...
Premiums to fall as Govt finalises GST cut from 18% to 12 % on Term Life and Health cover with input tax credit(ITC)
On Tuesday, senior officials Ministry of Finance, Insurance Regulatory Development and Authority(IRDA) and insurers had met in Delhi to finalise the GST cut proposals before they are sent to GST Council, headed by Finance Minister Nirmala Sithraman that will take a...
Star Health further expands its home health care network
Anand Roy, MD & CEO, Star Health Insurance, said, “It is a bridge to accessible and affordable healthcare for every individual. Our vision is to remove barriers such as high hospitalization costs, logistical challenges and the stress associated with seeking care.”...
Regulatory standards must be stronger for quality medicines: Health secy
The meeting with state drug regulators comes in the wake of the Drugs Controller General of India (DCGI) prohibiting the production and export of all combinations of pain relief medicines tapentadol and carisoprodol, following reports that unapproved combinations of...