Intermediaries

18 PSBs hit by fraud cases of Rs 1.17 trn in Apr-Dec of FY20

Facts       Feb 13, 2020

Mumbai: A total of 8,926 cases of fraud involving Rs 1.17 trillion hit 18 public sector banks during the first three quarters (April-December) of the current fiscal, a reply to an RTI query has revealed.   The country's largest lender State Bank of India (SBI) was...

Cabinet okays changes to bank laws to avoid repeat of PMC Bank-like crises

Indian News       Feb 05, 2020

  New Delhi: In order to protect interest of depositors, the Union Cabinet on Wednesday approved amendment to Banking Regulation Act to strengthen cooperative banks and avoid PMC Bank like crisis.   There are 1,540 cooperative banks with depositor base of 86 million having total savings of...

Aon acquires Canadian cyber security firm Cytelligence Inc

International News       Feb 04, 2020

  CHICAGO: Aon plc announced today the acquisition of Cytelligence Inc, a Canadian-based cyber security firm that provides incident response advisory, digital forensic expertise, security consulting services and cyber security training for employees to help organizations respond to cyber security threats and strengthen their security position.  ...

IRDAI issues guidelines on group health insurance policies of merged PSBs

Indian News       Jan 28, 2020

  Hydearbad: The insurance regulator IRDAI on Tuedsay has laid down the gidelines on the Group Health Insurance Policies issued by the Public Sector Banks (PSBs) which are gettimg merged.   Upon merger of these PSBs, the underlying group health Insurance policies of the customers of the...

M. R. Kumar, chairman,Life Insurance Corporation

Banks should sell life insurance products more aggressively:LIC chief

Indian News       Jan 10, 2020

  Pune: M. R. Kumar, chairman,Life Insurance Corporation(LIC), has suggested two keyways to increase the life insurance penetration in the country: first the banks need to sell aggressively to their existing customers and the insurance companies need to go extensively to recruit agents. ``As far as...

Cholamandalam GI and Toyota Tsusho lnsurance Broker penalised for violating MISP norms

Indian News       Jan 09, 2020

  Hyderabad: Even as Maruti lnsurance Broking Hero lnsurance Broking lndia  have brought stays from the Securities Appellate Tribunal (SAT) against IRDAI's decision to fine them for violating  the Motor lnsurance Service Provider (MISP) norms, the insurance regulator continued its punitive actions against more players on...

IRDAI slaps a Rs 3 cr penalty against Aditya Birla Insurance Brokers for violating MISP norms

Indian News       Jan 07, 2020

  Hyderabad: Regulator IRDA has slapped a fine of Rs 3 crore against Aditya Birla Insurance Brokers Limited (ABIBL), a part part of Aditya Birla Group,  for violating the Motor lnsurance Service Provider (MISP) norms.   The IRDA thus far has taken actions against three large brokers, ...

Prudential Vietnam and SeABank establish exclusive bancassurance partnership

International News       Jan 06, 2020

HONG KONG, CHINA: Prudential Vietnam Assurance Private Limited ("Prudential Vietnam"), a subsidiary of Prudential plc, and Southeast Asia Commercial Joint Stock Bank ("SeABank") have entered into an exclusive bancassurance partnership with a 20-year term.   Prudential Vietnam will also become the preferred life insurance provider to...

Gallagher expands Asian presence with stake in specialist Malaysian broker

International News       Jan 06, 2020

  Chicago: US based Gallagher today announces that it has extended its investment in Asia with the acquisition of a minority stake in specialist Malaysian broker SP&G Insurance Brokers Sdn Bhd (“SP&G”). Terms of the transaction were not disclosed.   The deals extends Gallagher’s strategic development in...

Insurance intermediaries with majority foreign stake can't repatriate over 75% as dividend: IRDAI

Indian News       Jan 03, 2020

  Hyderabad: Insurance intermediaries with majority foreign stake can't repatriate over 75% as dividend: IRDAIInsurance intermediaries having majority foreign holding cannot repatriate dividend more than 75 percent of the net profit and if there is any extra-ordinary profits or income, the dividend payout ratio should be...