Finance Ministry may allow FDI in insurance through fresh equity

The new proposal to increase foreign investment in insurance may not mean that promoters of insurance companies get to cash in on a portion of their stake. That’s because the finance ministry may be inclining towards allowing additional foreign investment only though the issue of fresh equity, and not a stake sale. Read more

IRDA panels to make insurance crystal clear

Welcome relief for life insurers and policyholders. There was a time when only the Life Insurance Council, the industry body representing life insurers, was the sole agency dealing with regulatory knots and consumer issues. In a week’s time, the Insurance Regulatory and Development Authority (IRDA) will set up product-specific committees which will complement the Life Insurance Council. Read more

Insurance News: Cooperative model leads to inclusive growth

In a first ever move by the finance ministry to seek life insurers’ view on taxation issues, it has invited suggestions from life  insurance companies for making changes in direct and indirect taxes for the sector, to be considered in the Union Budget 2013-14.  In a letter to the Life Insurance Council, the ministry has called for suggestions and views for changes in the duty structure, rates  and broadening of tax base, giving economic justification for the same. Read more

International Insurance News: Insurance council inks MoC with German Insurance Association

Life Insurance Council, the industry body of all life insurance companies in the country, today said it has signed a Memorandum of Cooperation (MoC) with the German Insurance Association (GDV). Read more