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Premium collected by life insurance companies dropped 3.45 per cent in the April-October period due to various factors that are influencing the financial sector as a whole.
As per the data released by the Insurance Regulatory and Development Authority of India (IRDA), premiums collected by 23 private sector companies and lone state-owned LIC totalled Rs 53,814.09 crore during the period. Read more
The total premium collections of the life insurance industry in the country have gone down by 4.2 per cent in the first six months of the current fiscal to Rs 46,963 crore. Read more
The Insurance Regulatory and Development Authority (IRDA) has asked health insurance companies to indicate premium to be paid by the policyholder in the first five yearswhile filing new products for its approval. Read more
The exposure draft of IRDA (Insurance Regulatory and Development Authority) has proposed to include paint material in the list of items which have depreciation rates. The move is aimed at having a uniform practice across the country and across all the non-life insurance companies. Read more
To prevent over-billing by hospitals, the insurance regulator is working on a system to capture data with regard to health insurance systems and entire medical process and billing claims, according to media reports. Read more
After the Insurance Regulatory and Development Authority (IRDA) rolled out the Sharing of Database Regulations, 2010, all insurance companies have been filing applications for approval of referral entities with IRDA. This process is done through Referral Portal designed by IRDA. Read more
The Insurance Regulatory and Development Authority (IRDA)—in its draft norms for traditional products—has proposed an increase in  agents’ commissions and a reduction in surrender value of policies. Surrender value the amount the policyholder will get from the life  insurance company if he decides to exit the policy before maturity. Read more
The increase in FDI limit in the insurance sector may attract Rs 30,000 crore that  the industry requires over the next five years, Insurance Regulatory and  Development Authority (IRDA) has said.
A day after the Centre announced its decision to allow up to 49 per cent Foreign  Direct Investment (FDI) in insurance, IRDA Chairman J Hari Narayan said the move  was essential as inflows are necessary for the sector to grow at 11 to 12 per cent. Read more
Some major highlights of the Insurance Amendment Bill are as below:-
1. FDI has been hiked to 49% which will allow foreign companies to increase their stake in Indian joint venture. It will also help the Indian partner to raise money to beef up operations
In brief, the various issues relating to direct taxes and service tax on which the Ministry of Finance assured further examination by the CBDT and the CBEC will be of particular interest to the insurance industry and may well prove to be a game changer.
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