Life insurers’ new business premium rises 7% in July
New business premium (NBP) of life insurers grew 6.86 per cent in July to Rs. 22,986 crore, compared to Rs. Read more
life insurers
Life insurers see 32% decline in new premium income in March 2020
Life Insurers in India have reported a 32 % decline in new premium income in the month of March. Read more
Life Insurers demand lower GST rate of 12%
Life insurance Companies in India have demanded a lower Goods and Services Tax (GST) rate of 12 per cent on Read more
To grow, Life Insurers need to focus on 3 areas
Life insurance is inherently a business of trust between the insurer and the insured. Despite an optimistic start in the early part of the century, the industry has squandered away a golden opportunity to build trust.
Norms issued for unit-linked insurance products
Independent rating agencies will now be allowed to evaluate unit linked insurance funds of insurance companies to help policyholders better assess and compare insurance products, according to the guidelines notified by the insurance regulator. Read more
AML/CFT guidelines-Procedures for Determination of Beneficial Ownership
Attention is drawn to clause 3.1.1 (iii) of IRDA Circular reference IRDA/F&I/CIR/AML/158/09/2010 dated 24th September 2010 on AML/CFT guidelines (the Master Circular 2010) which requires insurers to identity and verify the beneficial owner to an insurance contract. Read more
IRDA™s proposed application form may be difficult for consumers
Life insurers said that the seven pages draft application form proposed by IRDA (Insurance Regulatory and Development Authority) to facilitate need-based selling is too complex, according to media reports. Read more
Why Life Insurers Need Reinsurance Protection?
In life insurance business, India ranked 9th among the 156 countries. During 2010-11, the estimated life insurance premium in India grew by 4.2 per cent. However, during the same period, the global life insurance premium expanded by 3.2 per cent. Read more
Life insurers’ premium collection rises 2.3%
The premium collections of life insurers stood almost flat with just a 2.3 cent rise in October at Rs 6,851 crore, compared to the corresponding month last year, according to data from Insurance Regulatory and Development Authority (IRDA). While the new business premiums of private life insurers were marginally down with a one per cent drop in October, compared to October 2011, Life Insurance Corporation of India (LIC) saw a four per cent rise. 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