Category: Insurance

Unions oppose performance linked wages; demand merger of PSU general insurers

General Insurance Employees’ All India Association (GIEAIA) has expressed its reservation about linking pay to performance and demanded the merger of all four public sector general insurance companies. Linking wage revision for the wages from 2022 with the performance of the individual and the company is contrary to the practice in any PSU, central or […]

Aditya Birla Capital enters fray to pick up Reliance’s 51% stake in Nippon Life JV

Reliance Capital’s stake in insurance company Reliance Nippon Life Insurance Company (RNLIC) is being eyed by Aditya Birla Capital, with the debt-ridden Reliance arm going through an insolvency resolution. Aditya Birla Capital is reportedly looking to buy out 51% stake that Reliance has in the joint venture with Nippon Life of Japan. The deadline for […]

IRDAI offers more flexibility to general insurance companies on products under miscellaneous lines

The Insurance Regulatory & Development Authority of India has offered more flexibility to general insurance companies in designing and pricing of products under miscellaneous lines of business and allowed them to launch these in the market without prior regulatory approval. This decision was taken “to facilitate the industry to respond faster to the emerging market […]

RBI categorises 16 large financial entities as upper-layer NBFCs

The Reserve Bank on Friday categorised 16 big non-banking financial companies, including LIC Housing Finance and Bajaj Finance, as upper-layer NBFCs that will be subject to an enhanced regulatory framework. The RBI in October 2021 announced to put in place a four-layered regulatory structure for non-banking financial companies (NBFCs) to keep a stricter vigil on […]

Axis Bank Ltd looks to buy near 10% stake in Go Digit Life Insurance

Indian private lender Axis Bank Ltd said on Tuesday it has signed a non-binding term sheet to invest 499-699 million rupees ($6.12-$8.57 million) for a 9.94% stake in Go Digit Life Insurance. The development underscores private lenders’ growing interest in India’s lucrative and largely untapped insurance sector. The country’s biggest private lender HDFC Bank also […]

Medi Assist to acquire Medvantage Insurance TPA

Medi Assist, the country’s leading health insurance third party administrator (TPA), is set to acquire 100% stake in Mumbai-based Medvantage Insurance TPA, one of the oldest TPAs that manages marquee corporate clients like Microsoft and Wells Fargo. The companies last week signed a definitive agreement towards this merger and are now awaiting approval from sector […]

Piramal, Zurich Insurance mull joint bid for Reliance General Insurance

Piramal Group and Zurich Insurance plan to form a joint venture for taking over Reliance General Insurance, a subsidiary of debt-ridden Reliance Capital undergoing a resolution process. Both Piramal and Zurich, which had submitted separate non-binding bids for the general insurance business of Reliance Capital in August, may hold 50 per cent each in the […]

Government exhorts banks to lend more to industry

The Union government on Friday urged bankers to increase lending to the industries segment given the multiplier benefits it offers for the country’s economic growth. The Department of Financial Services (DFS) under the Union finance ministry is also mulling to carry out a survey on customer service for banks and come out with rankings of […]

IRDAI eases NPS regulations

In another step towards easing regulations, Insurance Regulatory and Development Authority of India (IRDAI) has done away with the need to submit a separate proposal form for taking an annuity product from proceeds of National Pension Scheme (NPS). Currently, retirees submit an exit form to NPS and a proposal form to insurers at the time […]

Insurance plays the catalyst role in financial and risk protection and fills the gap adequately

B2B Infomedia: An article by Yashesh Sampat, Head- Affinity & Association Gallagher Insurance Brokers Over the years the logistics sector has immensely benefited with the solutions offered by insurance industry right from the motor own damage covers to liability protection to the healthcare and life protection of the manpower supporting this backbone sector of the […]

Back To Top
%d bloggers like this: