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Govt allows 49% FDI in insurance under automatic route

Govt allows 49% FDI in insurance under automatic route

Seeking to attract more foreign investment, the government has relaxed FDI norms for insurance sector by permitting overseas companies to buy 49 percent stake in domestic insurers without prior approval.

Clearly mention conditions, benefits of insurance products: IRDA

To help consumers guard against bogus claims being made by insurers, sector regulator IRDA has said the companies will have to clearly define conditions along with benefits and riders of products to customers.

Kotak Group enters general insurance space

Private-sector lender Kotak Mahindra Bank Tuesday announced its entry into the highly fragmented general insurance space, a week after buying out ING Vysya in one of the biggest deals in the country's banking space.

'RBI just taking baby steps on customer rights'

Customers expected the Reserve Bank of India (RBI) to leap forward with a strong regulation for consumer protection than taking baby steps with its draft charter on customer rights, a consumer activist said.

LIC launches pilot project with repositories for digitisation

The insurance behemoth LIC said here on Friday that it has launched a two-month pilot project in the city to digitise policies.

Irda fines Sahara India Life Insurance for violating norms

Regulator Irda has imposed Rs 5 lakh penalty on Sahara India Life Insurance Company Ltd for non-compliance of social sector obligations in 2012-13.

Non-life insurers premium income up 12% in March at Rs 77,541 crore

Among other categories, health insurance premium witnessed a rise of 13.5 per cent at Rs 17,623.91 crore in March 2014 and premium towards motor TP (third party) increased substantially by 25.7 per cent to Rs 15,682.85 crore.

Insurance regulator seeks expert to streamline processes

Insurance sector regulator IRDA is seeking an information technology consultant to help it to streamline processes and lower the cost of compliance.

IRDA to SBI Life Insurance: Refund Rs 275 cr to policy holders

Insurance regulator IRDA Tuesday asked SBI Life Insurance company to refund Rs 275.29 crore to the policy holders as the amount was collected from them in violation of norms.

IRDA permits insurers to invest in equity ETFs

ETF is a security that tracks an index, a commodity or a basket of assets like an index fund, but trades like a stock on an exchange.

Banks' insurance broking model to gain traction in time: IRDA

Notwithstanding the tepid response by banks to act as brokers for selling products of multiple insurers, sectoral regulator IRDA is hopeful that this model will pick up in due course even as it said it is renewing the corporate agency licence of banks as of now.

IRDA sets up 9-member panel to review FSLRC recommendations

The committee will also examine the extant legislative and regulatory framework in compliance 14 non-legislative recommendations (NLRs), IRDA said in an order.

Comply with anti-money laundering norms: Irda to LIC, ICICI Pru

Irda has asked LIC to put in place systems and controls to comply with AML provisions. It said there were no systems in place to detect and monitor when a person made multiple cash transactions aggregating over Rs 50,000 in cash.

Know fund source for premium of Rs 1 lakh/yr: IRDA to Birla Sun

Insurance sector regulator IRDA has asked Birla Sun Life Insurance Company to adopt effective procedure to know source of funds by policyholders and not merely rely on documentation for premium payment of over Rs 1 lakh per annum.

IRDA may make insurance broking model compulsory for banks

The Insurance Regulatory and Development Authority may make the broking model for banks compulsory soon if significant traction is not achieved in insurance penetration.

Irda imposed Rs 5-cr fine on 12 insurance cos in FY13

HDFC Life paid a fine of Rs 1.47 crore, while ICICI Prudential Life had to shell out Rs 1.18 crore for failure to comply with various provisions of the Insurance Act 1938.

IRDA to bring CSCs for selling simple policies in rural areas

The Insurance Regulatory and Development Authority (IRDA) is roping in Common Service Centres as a platform for insurers to sell simple policies in rural areas.

IRDA asks Reliance Life to tighten anti-money laundering norms

The Insurance Regulatory and Development Authority (IRDA) said, "The receipt of this letter be acknowledged and compliance submitted before December 31, 2013."

Standard protocol needed for affordable insurance products: IRDA

Absence of a standard protocol for treatment has led to lack of uniformity in cost of treatments and there is a need to make affordable insurance products, a member of the insurance sector regulator IRDA said on Monday.