The general exclusions under fire insurance policy
There are nine exclusions under the policy. They are: Read more
Month: December 2012
Abhyudaya co-op bank under RBI scanner
One of the top urban cooperative banks Abhyudaya co-op bank based in Munbai is also not spared when it comes to RBI’s norms. Read more
Compensate accident victims kin, HC tells insurance firm
The Madurai bench of the Madras high court has upheld a judgment passed by the Motor Accidents Claim Tribunal, Dindigul, on September 29, 2009, and directed the New India Assurance Company Ltd. to give Rs 6.6 lakh as compensation to the family of an accident victim.
Insurance Regulatory and Development Authority chief differs with finance ministry over new post
There is a difference of opinion between the chairman of the Insurance Regulatory and Development Authority (IRDA) and the finance ministry over the creation of a new post in the regulatory body. IRDA chief J Hari Narayan chose to stay away from a meeting to fill the new position even as the panel comprising bureaucrats shortlisted two candidates. Read more
No relation between RBI’s OMO and disinvestment
The Department of Disinvestment has said that the impression created by the news item “Did RBI’s OMO help govt’s NMDC selloff?” is not correct. Reserve Bank of India (RBI) is an independent banking regulator who regularly conducts OMOs (Open Market Operations) as a normal tool of monetary policy as per its analytical mechanisms and policy decisions. Read more
RBI proposal may put 70% NBFCs out of business; over 9,000 companies may lose licences
More than two-thirds of non-banking finance companies (NBFCs) face closure if the Usha Thorat panel recommendation on minimum asset size is implemented by the Reserve Bank of India, shutting a vital source of funding in many parts of the country. Read more
Proposed RBI norms may hit NBFCs profitability: ICRA
The proposed guidelines by the Reserve Bank of India (RBI) for the non-banking finance companies (NBFCs) are likely to impact the profitability of these entities by 15-20 basis points (0.15-0.20%) in medium-term, according to a research report by the rating agency ICRA. Read more
Life insurance industry’s profit doubles to Rs 5,974 cr
Even as premium income fell, the life insurance industry’s net profit more than doubled during 2011-12, at Rs 5,974 crore, against Rs 2,657 crore the previous year. Of the 24 life insurers in business during the last financial year, 14 reported profits, according to the Insurance Regulatory and Development Authority’s annual report for 2011-12. Read more
Insurance cover for panches, sarpanches soon: Minister
The Jammu and Kashmir government will soon provide insurance cover to panches and sarpanches, Minister Ali Mohammad Sagar said, reports PTI. Adequate remuneration will also be provided to them, he said after inaugurating a Panchayat Ghar constructed at an estimated cost of Rs20 lakh at Matwar in block Balwal. Read more
Max Life Insurance Announces First Ever Special Bonus for its Policyholders
Max Life Insurance, one of India’s leading life insurance companies in India, announced a “one-time†special bonus to all its active policyholders who have participating policies issued on or before 31st December 2005. The special bonus will be paid at the respective policy anniversaries commencing February 1, 2013. The special bonus would be calculated as a percentage of the annual premium paid. For the eligible policies, the longer the policyholder has been with the Company, the higher will be the percentage of the special bonus. Read more