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Private insurer Reliance Life Insurance Company (RLIC) has recently announced the launch of ‘Face-to-Face’ distribution channel aiming to provide services to its customers whose agents have become inactive and also to provide post-sales service to policyholders. Read more
London Mayor Boris Johnson has backed India’s verdict to open up the insurance and multi-brand retail sectors for FDI, arguing it might augur well for the poor even as he suggested that India can experiment with more ‘openness’. Read more
Life Insurance Corporation of India (LIC) and Employee Provident Fund Organisation (EPFO) subscribing to Rs 7,400 crore debt issue of Air India (AI) as part of the government’s bailout plan for the state-owned airlines, the ASSOCHAM demanded a similar dispensation for the Kingfisher Airlines (KFA) as well.
ASSOCHAM Secretary General D S Rawat said the circumstances under which both Air India and Kingfisher Airlines went down under were almost similar, largely emerging from the demand slowdown, high cost of aviation turbine fuel and other rising overhead costs. Read more
Singapore-based India International Insurance Pvt Ltd (III), a joint venture of India’s five state-owned insurance companies, plans to expand operations into Vietnam and Malaysia in the coming years, its director N S R Chandraprasad has said.
III, which was formed as a regional business unit in 1987 by Indian insurance companies, has grown over the last 25 years, providing cover worth millions of dollars, told a press conference. Read more
The office of the Commissioner and the Deputy Commissioner of Delhi Police have been awarded a compensation of over Rs 22,000 by a Motor Accident Claims Tribunal (MACT) here in a road mishap in which a PCR van was rammed from behind and suffered damage. MACT Presiding Officer Nirja Bhatia directed New India Assurance Company Limited, with which the offending vehicle was insured, to pay the amount to the official authorities. Read more
Amidst the spooky environment of death threats issued against 34,000 elected panches of Kashmir valley by the militant outfits in May this year, the state government is mulling to provide an insurance cover to all of them. The sop is being deliberated a few days after Omar Abdullah, chief minister of Jammu and Kashmir, outrightly refused to give security cover to each and every panch and sarpanch. Read more
Saraogi Insurance and Brokers Ltd (SIBL) said it plans to invest Rs 195 crore to develop and offer an array of IT driven new insurance products over the next three years. The company will soon be launching an online service ‘Bimaonclick.com’ for retail insurance offering an exclusive bouquet of insurance products both in life and general insurance, it said in a statement. Read more
Bharti Walmart’s insurance cover against litigations and scandals faced by its directors and senior officers may be triggered as the probe into potential violations of America’s anti-bribery laws by the Indian unit Walmart gathers pace. Read more
By allowing the Life Insurance Corp. of India (LIC) to increase its investment threshold in companies against the advice of the insurance regulator, the government is sending out yet another signal that the independence of the institutions is under threat. Read more
The government proposes to push through key economic reforms Bills in sectors like insurance, pension and banking in the forthcoming Winter Session of Parliament which begins. Insurance Bill, that seeks to raise foreign direct investment (FDI) cap in the sector from 26 per cent to 49 per cent figures in the list of official business for the session. Read more