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The newly-appointed chairman of the Insurance Regulatory and Development Authority T S Vijayan has met Finance Minister P Chidambaram and is believed to have discussed the issues plaguing the insurance sector. Read more
Six people, including murder accused Prakash Shingnapure, who had allegedly killed his wife and daughter, have been booked for defrauding the insurance company of Rs 2.79 lakh by submitting the wife’s fake death certificate. Read more
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
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
Life Insurance Corporation (LIC) of India is eyeing greater regional outreach, as premiums in Bahrain registered a steady growth despite a general slowdown of the industry. India’s largest insurer is upbeat about growth prospects as it tries to encourage Bahrainis to take up life insurance. Read more
Insurance Corporation Employees’ Union (ICEU) threatened to go on nation-wide strike protesting against the government’s proposal to increase foreign direct investments in insurance sector to 49 per cent from present 26 per cent.
State-owned Life Insurance Corporation (LIC) of India will leverage to the hilt the government’s Aadhar programme, which aims to provide unique identities to the entire 120 crore-odd population, chairman DK Mehrotra said. Read more
The Life Insurance Corporation of India has become the “richest” organisation in the country by rejecting rightful claims of insured under mediclaim policies on “flimsy” grounds, the Delhi State Consumer Commission has said.
Tata AIA and Reliance Life witnessed steepest decline in the collection of life insurance premium during the six-month period ending September 2012, Parliament was informed. Read more
A fresh tussle between the government and a regulator has burst out into the open, with the finance ministry allowing Life Insurance Corporation (LIC) to own up to 25% of a listed company over the objections of sector watchdog IRDA, which has blasted the decision. Read more