PNB eager to relook at insurance mkt Nov 22, 2009
The JVs business model, it maybe recalled, was disallowed the Insurance Regulatory opment Authority (IRDA) though the latter permitted PNB to offer insurance through the referral route. Under the referal mechanism, PNB can only supply potential business leads for the insurance companyLIC in this case to pursue. (India Times)
SBI favours one bank, insurer model Oct 1, 2009
A panel constituted by the Insurance Regulatory and Development Authority (IRDA) is re-looking at whether banks should be allowed to be distributors of insurance products from multiple companies. A report containing recommendations of the panel is expected to be released shortly. (India Times)
Insurance needs capital Sep 22, 2009
The insurance regulator IRDA and the stock market watchdog Sebi should sit together and work out a regime that is equitable to all stakeholders. Read business stories in. (India Times)
An SMS could end your vehicle's insurance-free ride Sep 22, 2009
Insurance regulator Insurance Regulatory and Development Authority (IRDA) is deploying technology which will enable a simple SMS query to ascertain whether a vehicle is insured or not ... IRDA is working on a Vehicle Insurance Status SMS System (VISSS) project which envisages creation of a huge database created from motor policy information supplied by all insurance companies ... In a draft report, IRDA said the VISSS would provide an additional facility to police authorities to verify insurance... (India Times)
Norms for insurance IPOs soon Sep 19, 2009
MUMBAI: Insurance regulator IRDA will come out with disclosure norms for IPOs to be launched by insurance companies by month-end, its chairman J Hari Narayan said on Friday ... IRDA thinks proper disclosure norms will make the process transparent and also make the consumer aware of the health of the company ... "There are few (insurance) companies which have shown interest for IPOs, and IRDA is working with market regulator Sebi to come out with guidelines, Narayan said. The route towards an IPO... (India Times, India -- Intl Business)
No IPO unless govt amends law: IRDA Sep 19, 2009
No insurance co IPO unless govt amends law, says IRDA chief- IPOs-Markets-The Economic Times ... No insurance co IPO unless govt amends law, says IRDA chief19 Sep 2009, 0511 hrs IST, ET Bureau ... "At the present moment, nobody can issue an IPO because the law has not yet been changed," said J Harinarayan, chairman of Insurance Regulatory opment Authority (IRDA) on the sidelines of the 12th insurance summit organised by the Confederatio 00004000 n of Indian Industry (CII). (India Times)
Valuation norms for insurance cos soon: IRDA chief Sep 18, 2009
"We are working with SEBI to find ways and methods of how insurance companies can be valued and it will be available in a couple of weeks," J.Hari Narayan, chairman of Insurance Regulatory Development Authority (IRDA), said in a conference ... Both the regulators - IRDA and SEBI - are also working on disclosure norms in prospectus of insurance companies going for IPOs, Narayan said. (India Times)
LIC's market share rises to 64% Sep 3, 2009
NEW DELHI: The market share of the state-run Life Insurance Corp (LIC) has gone up to 64 per cent in the first four months of FY10, even as the private sector insurance firms continue to bleed, IRDA said. LIC's first year premium collection on insurance policies during first four months of the current fiscal rose by 32 per cent to Rs 14,265 crore, according to the monthly figures revealed by insurance regulator IRDA. ... The market share of the state-run Life Insurance Corp has gone up to 64 per... (India Times)
Stock exchanges should worry about other issues apart from listing: CB Bhave Aug 22, 2009
IRDA and SEBI are working on the disclosure norms. Once these are finalized, both the boards will have to approve it. (India Times)
BoB to start insurance biz in 7 months Aug 16, 2009
The bank has applied for R2 clearance from the IRDA, he said, adding, "we are hopeful that in the next four to five months all the necessary regulatory approvals would be obtained.". The proposed venture should be up and running by the end of the current fiscal and first policy should be underwritten by March 2010, he added. (India Times)
Combi products from single agent Jul 10, 2009
Insurance Regulatory and Development Authority ( 00004000 IRDA) has proposed such a product, which could be sold by either a nonlife or a life agent ... Meanwhile, IRDA on Thursday allowed all life insurance companies to use the electronic route to pay policyholders and beneficiaries ... Insurance Regulatory and Development Authority (IRDA) has proposed such a product, which could be sold by either a nonlife or a life agent. (India Times)
SBI gets IRDA nod for non-life JV Jul 9, 2009
MUMBAI: Insurance Regulatory and Development Authority (IRDA) has granted an in-principle approval to the State Bank of India (SBI) for its proposed non-life joint venture with IAG of Australia ... However, its application to IRDA got delayed because of the global financial crisis, following the Lehman collapse ... IRDA has also cleared the application of Bank of Baroda for its joint venture with UK insurer Legal al. Andhra Bank is a third partner in the life venture with 30% stake. (India Times)
Tough life ahead for insurers in '09 Mar 1, 2009
According to industry officials, the Insurance Regulatory and Development Authority's (IRDA) stipulation of a minimum five-year lock-in period for unit-linked insurance policies (Ulips) is what is preventing large-scale redemptions ... "Complying with IRDA's investment norms, a life insurer won't earn more than 7-8 percent on its investments. After removing expenses, cost of capital and cost of insurance, the customer would get about 3.5-4.5 percent as bonus, which will not be attractive," said... (India Times)
