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Former State Bank of India chairman OP Bhatt has been appointed on a panel that will assist in the search for the next chief of Insurance Regulatory and Development Authority, a move that signals Bhatt’s return to the establishment. Read more
J Hari Narayan hit out at companies filing for approval of pension products that do not have the pension element in it. Addressing reporters at an insurance summit organised by Assocham, he said: “Products which have been called pension products and filed for approval are not pension products. They may call it such but it is not. It’s much like a mutual fund product in which you make a periodic investment and anytime can pull it back… Hence, it will not be approved.†Read more
Pushing for higher foreign direct investment (FDI) cap in the insurance sector, Insurance Regulatory Development Authority (IRDA) chairman J Hari Narayan recently said the FDI in insurance would enable the companies to grow and infuse more capital in the business as most of the insurance companies are going through a capital crunch. The IRDA chief will meet finance minister P Chidambaram on Wednesday to resolve various taxation issues and speed up growth in the sector. Read more
A fortnight ago, the finance minister met the CEOs of Insurance companies and the chairman of Irda, J Hari Narayan, in a bid to understand the problems that have crippled the growth of the insurance sector. Read more