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Uttarakhand floods that have claimed over 100 lives in the last few days has also got insurance companies preparing for the claim settlement process. Both life and general insurance companies have said that their respective claims team have started gearing up to handle claims and process them in a quicker manner.
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The government recently appointed S K Roy as chairman of Life Insurance Corporation of India. The Appointments Committee of the Cabinet (ACC) has already cleared his name. The notification in this regard has been issued, sources said.
India’s largest insurer Life Insurance Corporation of India (LIC) and four public sector general insurance companies will open around 1,800 branches by the end of the next financial year to cover all Indian villages with a population of over 10,000.
In Chair: Sri J Hari Narayan, Chairman, IRDA
The Authority has received a complaint on 16th April, 2012 alleging the fictitious individual Micro Insurance Business procured by various Divisional Offices under the Central Zone (Bhopal) of Life Insurance Corporation of India (hereafter referred as the Life insurer). The Authority has carried out a focused onsite inspection of the Micro Insurance Unit, Bhopal Divisional Office of the Life Insurer during 25th April, 2012 to 27th April, 2012 which interalia revealed certain violations to various provisions of the Insurance Act, 1938, the Regulations notified there under and the Guidelines/Circulars issued by the Authority from time to time. Read more
The Life Insurance Corporation of India (LIC), the biggest domestic institutional investor in India, is likely to double its profits from sale of equities this fiscal. Read more
The race for the post of the chairman of Insurance Regulatory Development Authority (IRDA) may not be a done deal yet. The Central Vigilance Commission (CVC), it seems, is frowning at the proposal to appoint T S Vijayan, former chairman of the Life Insurance Corporation of India (LIC), according to sources familiar with the development.
Life Insurance Corporation of India has rejigged its portfolio in several companies ahead of New Year 2013. The companies whose shares were bought and sold by LIC through the open market included Cairn India, Tata Global Beverages and Sanofi India. Read more
One swallow does not a summer make. But two swallows? Possibly, especially when it comes to the rarefied sphere of financial sector regulation! We in India do not have a tradition of independent regulators. Read more
Asean, a not-for-profit organisation that runs Faridabad-based Asean Institute of Insurance and Risk Management (AIIRM), along with insurance companies is holding talks with various state governments for setting up an insurance university. Read more
Life Insurance Corp, the country’s biggest institutional investor, has turned contrarian, taking Rs 11,000-crore profit off the table from share sale this year at a time global funds have invested more than Rs 1.1 lakh crore. Read more