Insurance Newsletter – July 15 to July 19, 2013

India Infoline News Service | Mumbai |

Bajaj Allianz is a joint venture between Bajaj Finserv and Germany's Allianz SE.

Top Stories 

Eyeing $, govt allows 100% FDI in telecom; Opens 13 sectors

At present, FDI is allowed either through automatic route or by approval of the Foreign Investment Promotion Board. While in telecom up to 49% will be allowed under the automatic route, the balance will be through FIPB’s approval. For courier services, FDI up to 100% will be allowed under the automatic route. In defence, 26% FDI through the FIPB route has been maintained for state-of-the-art technologies. Foreign direct investment in the insurance space has been capped at 49% from 26% earlier. Read more...

Berkshire won't sell Bajaj Allianz's online insurance
US investment firm Berkshire Hathaway Inc will no longer sell online insurance products offered by Bajaj Allianz General Insurance for Indian customers, according to media reports on Wednesday. However, no further details were provided. Bajaj Allianz is a joint venture between Bajaj Finserv and Germany's Allianz SE. As their agent, Berkshire sold mainly motor insurance through the BerkshireInsurance.com website. Read more...

Insurers can lend equities to generate extra income: IRDA

The IRDA (Insurance Regulatory and Development Authority) said that insurers can generate extra yield on the securities held in their custody by lending securities through SLB (securities lending and borrowing) mechanism.  Read more...

IRDA may allow banks to sell multiple insurance

The Insurance Regulatory and Development Authority is likely to allow insurers to use their bank branches to sell policies, if banks decide to act as insurance brokers, according to a media report. Read more...

Special Stories
 

Wave of new regulation tops insurance sector risks: Survey

The greatest risk currently facing the insurance industry comes from the wave of new regulations which are being introduced at international and local levels, according to a new survey which ranks insurance sector risk.   The CSFI’s latest Insurance Banana Skins survey, conducted in association with PwC, says that new rules governing issues such as solvency and market conduct could swamp the industry with costs and compliance problems. It could also distract management from the more urgent task of running profitable businesses at a time when the industry is under stress. Read more...

Non-CTS-2010 cheques to be cleared till 31 Dec: RBI

Non-CTS-2010 cheques (Cheque Truncation System) will continue till December 31, 2013,the Reserve Bank of India (RBI) said. While banks have begun to issue fresh cheques in the CTS-2010 format, there is still a large volume of non-CTS-2010 format cheques being presented in image-based clearing. In March, the timeline for withdrawal of residual non-CTS-2010 standard cheques was extended up to July 31, 2013. Read more...

IRDA to lay strong emphasis on analytics

The Insurance Regulatory and Development Authority (IRDA) would lay special emphasis on the use of analytics in the industry for better structuring and pricing of policies. Read more...

IDFs to be considered as debt instruments: PFRDA

Domestic News

Reliance General to launch health insurance plan in August

Reliance General Insurance on Sunday said it plans to launch health insurance plan in August for independent woman and girl child at a discount. Rakesh Jain, CEO, Reliance General Insurance said the objective of the plan is to support healthcare needs of women and empower them. Read more...

RCAM increases total AUM by Rs. 7bn to Rs. 180bn

Reliance Capital Asset Management (RCAM), part of Reliance Capital Ltd,,.has increased its total Assets Under Management (AUM) by Rs 70bn in Q1FY14. The total AUM now stands over Rs 180bn across MFs, PMS, EPFO, Pensions Funds and Offshore Mandates, The Company registered a 21 per cent increase in its Average AUM In Mutual Funds to Rs 977.71bn  during Q1FY14. Read more...

LIC policies to become expensive from October 1

Life Insurance Corporation of India's (LIC) policies will become expensive more from October 1, according to a media report. The public sector insurer will charge service tax of around 3% on the premiums paid onall non-unit-linked products from October 1, the report added. Read more...

Weak rupee may affect general insurance industry

Apollo Munich Health Insurance launches health portal

New Appointments

Former LIC chief Dinesh Mehrotra named to MCX board

Dinesh Kumar Mehrotra, former chairman of Life Insurance Corporation, has been appointed as an independent non-executive director on the board of the Multi Commodity Exchange of India (MCX). Read more...

Learning

7 ridiculous insurance myths debunked

 Don’t let these insurance myths, keep you from achieving your financial goals. Planning for contingencies like death and hospitalisation forms an important part of financial planning. Buying a life insurance cover provides money to the dependents of the bread earner on his or her death. However, there are a number of myths associated with life insurance that should be debunked first to ensure that one buys adequate life cover to protect the family. Read more...

International News

Focus General Insurance to Deploy Agilis Core solution

Agile Financial Technologies, a leading software provider for insurance, banking and financial services sectors, announced that it has signed a contract with Focus General Insurance (FGI), who have recently acquired their license in Zambia, to deploy its general insurance solution - Agilis Core General Insurance. Agile FT’s integrated comprehensive insurance solution will cover FGI’s entire business cycle from underwriting and claims management to reinsurance and accounting in addition to helping the company streamline its business processes and increase operational efficiency. Read more...
 

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