Even as the Indian reinsurance market has seen hectic activity, players are unhappy with rules framed by the regulator. Listed company Fortune Financial-owned ITI Reinsurance has opposed these rules and has written to the Finance Ministry and IRDA, people close to the developments told CNB-TV18.
This move will facilitate Fairfax to entry into the general insurance space in India. Fairfax needs to bring down its stake to foray into general insurance as per norms.
Naval Goel (Founder & CEO of PolicyX.com), a graduate from IIFT-Delhi and a former consultant with AIG, started an insurance comparison portal PolicyX.com in 2013. Approved by the Insurance Regulatory and Development Authority or the IRDA, PolicyX.com provides free quotes and comparison for various insurance policies and products.
Insurance Regulatory and Development Authority (IRDA) has given second-level approval to five foreign insurance companies to start operations in India, according to people privy to the details of a meeting the insurance regulator held last week.
Their collective first year (or new business) premium during September 2015 stood at Rs 10,415.35 crore, data collected by the Insurance Regulatory and Development Authority showed.
ITI Reinsurance, a subsidiary of Fortune Financial Services, may get IRDA nod by September. It will start with Rs 500 crore initial cap, learns CNBC-TV18.
At present, it is necessary that at least one of the two parties in the swap is either a bank or the RBI itself or an entity regulated by it. Any other regulated entities are not allowed to deal in IRS.
Providing succour to two sectoral watchdogs, the government will exempt "regulatory services" provided by Sebi and Irda from the service tax ambit.
Sanjiv Bajaj, MD, Bajaj Finserv says the general insurance industry is still seeing slow growth of 10-11 percent because a large part of the industry is motor insurance and motor sales have remained tepid.
Private insurers slowly but surely are making inroads into LIC's market share. Riding high on Unit Linked Insurance Plans (Ulips), some 23 of them have eaten up a full 5 percent of new premium market from LIC, taking their combined share to 30 percent in 2014-15, according to annual data from the Life Insurance Council.
The committee, chaired by IRDA member M Ramaprasad, is expected to finalise its report with recommendations within two months.
Under the norms notified on Wednesday, 26 percent foreign investment, including foreign direct investment (FDI), Foreign Institutional Investors (FII) and Non-Resident Indians (NRI) will be allowed under the automatic route in insurance companies, insurance brokers, Third Party Administrators (TPAs), surveyors and loss assessees.
The Insurance Regulatory and Development Authority in one of its recent directives had asked general insurance companies to keep at least 65 years as the maximum entry age for a health insurance policy.
SBI Life Insurance plans to relaunch about 10 products by January 1 as part of regulatory compliance to make the policies more customer-friendly.
Life Insurance of India (LIC) has said it has asked the regulator for extending the deadline for withdrawing existing products that do not meet the new norms from October 1.
Latest guidelines from IRDA threaten to further tighten the screws on web aggregators but they aren't rattled yetâ€”after all, internet-savvy consumers are their insurance
Insurance Regulatory and Development Authority (IRDA) on Wednesday directed all insurance companies to allow policyholders who are paying premium through the Electronic Clearing System (ECS) to discontinue the mode and shift to other form of payments.
Irda imposed a penalty of Rs 10 lakh (Rs 5 lakh each for the financial year 2008-09 and 2009-10) for payouts made to corporate agent Barclays Investments & Loans (India) Ltd apart/over and above permissible commission limits
Insurance Regulatory and Development Authority (IRDA) today said the government's recent move to allow LIC to own up to 30 per cent in a listed company is a matter of legal interpretation. "The issue is a matter of legal interpretation.
Taking serious note of violation of claims servicing regulations by Bajaj Allianz General Insurance, insurance regulator Irda has asked it to 'scrupulously adhere' to the norms.
In a bid to expand presence in semi urban and rural areas Insurance Regulatory and Development Authority (IRDA) decided to consider the introduction of sub-broking system in the insurance market. It formed a 11 member committee to examine the matters in this regard.
UR Associates has come out with its report on infrastructure sector. According to the research firm, the Insurance Regulatory and Development Authority (IRDA) carried out a detailed review of the existing investment regulation including the requirement to facilitate a higher flow of insurance funds to infrastructure sector.
Insurance regulator IRDA is in advanced stages of forming guidelines for a product design template that will enable speedier clearances, a top official said.
Insurance Regulatory and Development Authority (Irda) today said it is likely to issue final IPO guidelines for general insurance companies in the next two weeks.
Insurance Regulatory and Development Authority's chairman J Hari Narayan today said the authority will issue the draft public float guidelines for general insurance companies within a week.