Insurance Newsletter - December 08 to 12, 2014

The Union Finance Minister Arun Jaitley said that he is hopeful that the Insurance Market expansion would take place once the Insurance Amendment Bill is passed by the Parliament.

Dec 12, 2014 12:12 IST India Infoline News Service

Top Story
 
Rajya Sabha Select Committee submits reports on Insurance Bill
The Rajya Sabha Select Committee submitted its report on the Insurance Bill, according to reports. The report has recommended a composite cap of 49% on foreign investment in insurance. Finance Minister Arun Jaitley had said in his budget speech in July that the "composite cap" in the insurance sector should be increased to 49% from the current level of 26%.
 
FM: Insurance Market expansion would take place once Insurance Amendment Bill is passed
The Union Finance Minister Arun Jaitley said that he is hopeful that the Insurance Market expansion would take place once the Insurance Amendment Bill is passed by the Parliament. The Finance Minister Jaitley expressed his sense of satisfaction over the recommendations made by the Parliamentary Select Committee with regard to the Insurance Amendment Bill referred to it. The Finance Minister Shri Jaitley was speaking when Mr Jerry Gimstone, Chairman, Standard Life, UK and Shri Uday Kotak,  Executive VC and MD , Kotak Mahindra Bank , both Co-Chair of India UK Financial Partnership called on the Finance Minister in his office...Read More

Domestic News
 
Cabinet approves Amendments to the Insurance Laws (Amendment) Bill, 2008
The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, today approved the officials Amendments to the Insurance Laws (Amendment) Bill, 2008 and introduction in the Rajya Sabha when the Bill is taken up for consideration and passing. The Bill is aimed at removing archaic and redundant provisions in the relevant legislations and to enable the insurance sector to work for the betterment of the insured with greater efficacy.
 
Govt proposes amendments to Insurance Act 1938
The Government has proposed amendments to Insurance Act 1938, General Insurance Business Nationalization Act, 1972 and the Insurance Regulatory and Development Authority Act, 1999 through the Insurance Laws (Amendment) Bill, 2008. The Insurance Laws Amendment Bill proposes, inter-alia, to empower the Authority to frame regulations on matters involving policy holder protection and other aspects of insurance sector development. The proposed amendments also aim at removing archaic and redundant provisions in the legislations. This information was given by the Union Minister of Finance, Arun Jaitley in written reply to a question in Lok Sabha.
 
Bajaj Allianz Life Insurance launches Special Revival Campaign 2014-15
Bajaj Allianz Life Insurance is conducting a Special Revival Campaign to help policyholders renew their lapsed life insurance policies, if they fall under the prescribed revival period. The campaign is for traditional life insurance policies only. The campaign is currently underway and will continue till the end of the month. However, it could be extended further...Read More

Shriram Life Insurance launches ‘Shriram Life Assured Income Plan’
Shriram Life Insurance Co. Ltd (SLIC),  part of Rs 80,000 Crore Shriram Group, today announced the launch of its brand new “Shriram Life Assured Income Plan” with simplified attractive guarantees. This new product is designed to meet the diverse needs of its customers such as children’s education, retirement, elderly parent’s care and many more...Read More

HDFC Life bags National Award for Excellence in Cost Management for the second consecutive year
HDFC Life, India's leading long term private life insurance solutions provider, has been recognized for its excellence in cost management at the 11th National Awards for Excellence in Cost Management organized by Institute of Cost Accountants of India. HDFC Life received first prize under the category of Private-Service Sector (Large) Companies...Read More

SBICAP Trustee Company launches 'MyWill Services Online'
SBICAP Trustee Company Limited (SBICTCL), a wholly owned subsidiary of SBI Capital Markets Limited (SBICAP) - the Investment Banking subsidiary of India's largest public sector bank, State Bank of India (SBI), has launched an online Will creation service for individuals. The service, called 'MyWill Services Online' enables interested individuals to create a Will online in an easy, transparent, hassle free and confidential manner...Read More

Digitisation of LIC Policies
Life Insurance Corporation of India (LIC) has informed that LIC has been digitizing all its polity records and as on date all of LIC policy records have been digitized. The Insurance Regulatory and Development Authority (IRDA) vide Circular ref: IRDA/ADMN/GDL/GLD/080/04/2011 dated 29th April, 2011 has issued Guidelines on insurance repositories and electronic issuance of insurance policies followed by a clarification circular vide ref: IRDA/NL/CIR/MISC/138/07/2013 dated 18th July, 2013...Read More

Maharashtra tops with highest share in total motor insurance premium collected across India: Study
Maharashtra has emerged ‘numero-uno’ with highest share of over 16 per cent in total motor insurance premium (own damage) worth about Rs 17,098 crore collected as of 2012-13 across India, according to a just concluded study by apex industry body ASSOCHAM.

“However, Gujarat has ranked on top thereby clocking compounded annual growth rate (CAGR) of over 123 per cent in terms of gross direct premium in motor insurance (own damage category) collected by the state during 2009-10 and 2012-13,” noted the study titled ‘Motor Insurance: The way ahead,’ conducted by The Associated Chambers of Commerce and Industry of India (ASSOCHAM)..... Read More

SBI Life Insurance launches Smart Champ Insurance
Further strengthening its vast product offerings, SBI Life Insurance has launched a new non-linked participating Child Plan, SBI Life - Smart Champ Insurance, The product is structured to ensure fulfillment of a child’s educational aspirations, even in unforeseen circumstances...Read More

Liberty Videocon General Insurance announces its foray into Health Insurance
 
Liberty Videocon General Insurance Company Limited, a joint venture between the Videocon Industries Limited and Liberty Citystate holdings PTE Ltd, a group Company of US based Liberty Mutual group, a leading global insurance group has announced today its entry into health insurance by launching ‘Liberty Health Connect Policy’.

Liberty Videocon’s new offering focuses on the current and emerging needs of customer further aligning with the company’s objective of being responsible and making its consumers’ safe and secure...Read More

HDFC ERGO walks the talk of health with Stepathlon Lifestyle
HDFC ERGO General Insurance Company, India's 3rd largest general insurance company in the private sector, is taking its association with Stepathlon Lifestyle (SLPL) to the next level with a health drive amongst its employees. Motivated HDFC ERGO employees have participated enthusiastically in the second edition of the Stepathlon. Setting an example across the organization, Ritesh Kumar, Managing Director & CEO, HDFC ERGO General Insurance, has successfully walked close to 1,006,908 steps in a period of 85 days, covering an amazing distance of 644 kms... Read More

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