IRDA releases report on insurance broking
The Insurance Regulatory and Development Authority has released a report on insurance broking on Wednesday.
The report analyses wide range of regulatory drivers for brokers and examines ways in which the broking industry can balance these new demands, while keeping an eye on creating positive value for enhanced performance.
According to the report, the bank broking unit should have at least two persons with the requisite qualifications, mandatory theoretical and practical training and having passed the examinations required by the examining body… Read more
IRDA releases guidance note on preparation of investment returns
The Insurance Regulatory and Development Authority (IRDA) on Wednesday has released a guidance note on preparation of investment returns, wherein detailed procedure for it has been given.
The assets under management (AUM) increased to around Rs 17.83 trillion in 2013 from Rs. 2.91 trillion in the year 2000.
To keep up with this growth in funds, IRDA has proposed the systems and processes, should keep pace… Read more
IRDA probes money laundering allegations against insurers
Insurance Regulator and Development Authority (IRDA) on Monday said it will examine the allegations of money laundering against insurance companies which include LIC, Reliance Life, Tata AIA and Birla Sunlife.
"The insurance companies concerned have been asked to file a report on the allegations. The matter is under examination and appropriate action will be taken at the earliest," IRDA said in a release.
In its expose earlier in the day, the online portal Cobrapost alleged that there was violation on PMLA (Prevention of Money laundering Act), KYC (know your customer) and banking norms… Read more
FY14 will be tough for insurance industry: HDFC Life
Speaking about the outlook for insurance industry for FY14, Amitabh Chaudhry, MD and CEO, HDFC Life, says, FY14 will be tough for the insurance industry due to political uncertainties and product-related guidelines. The company is expecting better than industry growth this year… Read more
Result this week
HDFC Life reports net profit of Rs4.51bn in FY13
Private insurer HDFC Life on Tuesday said it has registered net profit of Rs. 4.51 billion in 2012-13. The company recorded 16% positive growth in new business premium income (individual business).
The new business premium income increased to Rs. 31.13 billion from Rs. 26.95 billion in 2011-12… Read more
SBI General premium income at Rs7.71bn in FY13
SBI General Insurance, the general insurance arm of State Bank of India (SBI), has successfully achieved Premium Income of Rs.7.71bn during the FY13, registering an impressive 208% growth… Read more
Cobrapost expose: 23 bks, insurance cos in money laundering net
Cobrapost’s expose on money laundering has now spread to encompass 23 banks and insurance companies. If you thought only private players were bending the rules, marquee state-owned names like Life Insurance Corporation of India and State Bank of India along with other PSU entities would come as a shocker.
In all, 23 banks and insurance companies have been exposed, namely, State Bank of India, Bank of Baroda, Punjab National Bank, Canara Bank, Indian Bank, Indian Overseas Bank, IDBI Bank, Oriental Bank of Commerce, Dena Bank, Corporation Bank, Allahabad Bank, Central Bank of India, all public sector banks, and their insurance associates… Read more
15 PSU bank employees suspended post Cobrapost sting
After the online portal Cobrapost alleged instances of money laundering by some state owned banks and LIC (Life Insurance Corporation of India), the Finance Ministry on Tuesday said action has been taken against 15 employees, including suspension, for violation of various regulations.
“So far, 15 officers/employees of various public sector banks have been suspended including one from insurance sector. Beside it, ten officers of PSBs have been divested of their work and six have been asked to proceed on leave,” Finance Ministry said in a release… Read more
SBI General to infuse Rs2.5bn in FY14
SBI General Insurance on Wednesday said it is planning to infuse Rs. 2.5 billion capital in the current fiscal.
The Mumbai-based general insurer is on the lookout for capital to run its business.
The company will continue to focus on retail and certain other segments such as travel insurance, home insurance and health insurance plans.
SBI General expects to breakeven by FY15
What is FSLRC? How will it change the financial regulation landscape?
The FSLRC report proposes certain basic rights for all financial consumers. For lay investors, the report proposes additional set of protections… Read more
DLF Pramerica Life launches savings-cum protection plan
Private insurer DLF Pramerica Life Insurance (DPLI) on Tuesday launched Sahaj Suraksha, a savings cum protection plan.
Sahaj Suraksha is designed to help customers meet essential expenses and to help them continue with their lifestyle without making any compromises by supplementing their existing retirement savings, DPLI said in a release… Read more
SBI General launches health insurance policy
SBI General’s Health Insurance Policy is a location based health plan wherein the premium is based on the probable location of treatment to be availed by the customer.
The Policy also offers some useful in built features like Convalescence benefit, parental and child care and increase in sum insured (SI) in case of accidental hospitalisation… Read more
ING posts Q1 CY13 net profit of 800mn euro
Dutch bancassurer ING Group NV on Wednesday reported a surge in the first-quarter profit. Group 1Q13 underlying net profit rose to EUR 800 million from EUR 579 million in 1Q12 and EUR 483 million in 4Q12, ING said in a press release…. Read more
Are cos prepared to cope with natural catastrophes?
Companies recognize potential risks posed by natural catastrophes yet have insufficient mitigation plans in place. This is the key finding of a survey on natural catastrophes: business risks and preparedness», presented today by Zurich Insurance Group (Zurich).
The study, conducted in January 2013 by the Economist Intelligence Unit and sponsored by Zurich, continues the Group's research into understanding and mitigating risks… Read more
ING completes sale of Thai invst mgmt unit
ING said that it has completed the sale of its investment management business in Thailand to UOB Asset Management Ltd (UOBAM).
As announced on 20 November 2012, ING has received a total cash consideration of EUR 10 million for the investment management business in Thailand, the company said in a press release on 3rd May.