Life insurers to submit product planners by month-end: IRDA
Life insurance companies will now have to submit their plans for launch of new products to IRDA (Insurance Regulatory and Development Authority).
The insurance regulator has directed all life insurers to submit a product planner 45 days before the beginning of every financial year. Every insurer shall file a Product Planner… with the Authority, at least 45 days before the beginning of the each financial year i.e. before 15th of February every year, IRDA chairman TS Vijayan said in a notification on 25th March… Read more
Reverse repo, CBLO deal to be treated at par
The IRDA (Insurance Regulatory and Development Authority) on 4 December 2012 permitted repo / reverse repo in corporate bonds with government securities where in, an overall limit of 10% of all funds was given for reverse repo transactions for life insurers (10% limit for repo / reverse repo in case of general insurers).
In this regard, the insurance regulator is in receipt of representations from some insurers stating that limiting reverse repo transactions in G-secs to 10% of the funds would restrict the ability to generate optimal policyholder returns and therefore reverse repo transactions may be treated at par with CBLO (collateralised borrowing and lending obligation) transactions… Read more
RBI releases entry norms for CICs into insurance business
The Reserve Bank of India (RBI) on Monday has allowed core investment companies (CICs) to set up a joint venture company for undertaking insurance business with risk participation, subject to safeguards. CICs hold their assets predominantly as stock in group companies but not for trading.
“While the eligibility criteria, in general, are similar to that for other NBFCs, no ceiling is being stipulated for CICs in their investment in an insurance joint venture. Further, it is clarified that CICs cannot undertake insurance agency business,” RBI said in a notification… Read more
Reliance Life launches Easy Care Fixed Benefit Plan
Reliance Life Insurance, part of Reliance Capital Ltd, launched its new healthcare solution ‘Reliance Life Easy Care Fixed Benefit Plan’ for individuals.
The launch was announced by Anup Rau, chief executive officer, Reliance Life. The new health plan guarantees a fixed rate of premium for five years, even if there is a claim during the policy term. The plan offers an option of paying single premium upfront for the entire policy period of five years… Read more
Getting married… Have you heard of a wedding policy?
An average wedding insurance policy covers the threats from fire, theft of jewellery, clothes and other expensive things and even cancellation of wedding due to death and other untoward incident… Read more
RIL invests Rs. 8bn in Anil Ambani led Reliance MF
Mukesh Ambani-led Reliance Industries Ltd (RIL) has invested more than Rs. 8 billion in various mutual fund schemes of Anil Ambani's Reliance Group, according to a media report.
Reliance MF is part of Anil Ambani-led group’s financial services arm Reliance Capital Ltd. RIL has made these investments mostly in the fixed maturity plans and other debt schemes of Reliance Mutual Fund, the report added.
Max Bupa wins AIMA Global Innovation Award 2013
Max Bupa Health Insurance has been awarded the Breakthrough Innovation in Marketing Award by All India Management Association (AIMA) for Max Bupa Walk For Health 2012. The award was presented at AIMA’s 4th Global Innovation Conference among industry stalwarts.
The Max Bupa Walk for Health is a unique initiative that has been encouraging thousands of Indians to walk for a healthier lifestyle. More than 18, 000 Indians in 9 cities participated in Max Bupa Walk for Health 2012 and pledged to incorporate more walking into their daily lives… Read more
Liberty Videocon General launches new offices in four cities
Mumbai-based Liberty Videocon General Insurance announced the commencement of their business operations in the cities of Ahmedabad, Chennai, Hyderabad & Pune. With these cities, the coverage is now extended to seven cities across India.
Launch of these new offices are an integral part of the company’s strategy to be present in major metros and to reach out to the commercial and retail audiences in the region effectively… Read more
L&T, Generali, Future Group sign deal for insurance JV merger
Pantaloon Retail (India) Ltd (Future Retail Limited) has announced that the Company has, inter alia, signed a non-binding term sheet with Larsen & Toubro Limited (L&T) for merger of its insurance joint venture company Future Generali India Insurance Company Limited (FGIICL) with L&T General Insurance Company Limited (LTGI) and sale of partial stake to L&T and its other joint venture partner Participatie Maatschappij Graafschap Holland NV (which is a subsidiary of Assicuranzioni Generali S.P.A) in the merged entity… Read more
Social media OK for company announcements if investors are alerted
The US Securities and Exchange Commission on Tuesday issued a report that makes clear that companies can use social media outlets like Facebook and Twitter to announce key information in compliance with Regulation Fair Disclosure (Regulation FD) so long as investors have been alerted about which social media will be used to disseminate such information.
The SEC’s report of investigation confirms that Regulation FD applies to social media and other emerging means of communication used by public companies the same way it applies to company websites… Read more