GI Council targets 2.5% non-life insurance penetration by 2030

The General Insurance (GI) Council is eying a 2.5% non-life insurance penetration by 2030 along with a target of premium Read more

Insurers can offer cover to Indian refineries for Iran crude import: IRDA

Insurance Regulatory and Development Authority (IRDA) has enabled Indian insurers and reinsurers to help cover Iran crude oil import by Indian refineries.

IRDA chairman J Hari Narayan said that therefore, Indian refineries can ship oil from Iran with appropriate insurance cover. Read more

Anti-Money Laundering /Counter Financing of Terrorism (AML/CFT)-Guidelines for General Insurers from IRDA

The Guidelines on Anti-Money laundering /Counter Financing of Terrorism (AML/CFT) were issued under Section 34 of the Insurance Act, 1938 on 31st March 2006. The Guidelines were made applicable to general insurance companies in the modified form effective from 1st January 2007. Read more

GIC Re denies refusing cover to Indian refineries

India’s sole reinsurer General Insurance Corporation of India (GIC), clarified that it has not refused cover to any Indian refinery dealing with Iranian crude and is only engaging in discussions to bring in clarity. Read more