Insurance Ind records 11.35% growth in premium income in H1

The insurance industry overall has registered a growth of 11.35 percent in premium collection at Rs 55,866.54 crore in the first six months of this fiscal as compared to Rs 50,171.09 crore in the year-ago period.

SBI Life regains top slot among pvt insurers in first half

SBI Life, an insurance venture
promoted by the country`s largest lender SBI, has regained the
top position among private players with a premium income of
Rs 2,391 crore in the first half of this fiscal.

IRDA constitutes Insurance Information Bureau

Insurance regulator IRDA on Friday constituted an Insurance Information Bureau (IIB) to provide reliable data on the sector to researchers and policy makers.

AIG to sell Taiwan life insurance unit for $2.15 bn

American International Group will be selling its life insurance unit in Taiwan to a consortium of companies for USD 2.15 billion.

IDBI Fortis Life to hire 7,500 agents in next 5 months

Private sector insurer IDBI Fortis Life Insurance plans to double the number of its advisers to 15,000 in the next 5 months.

J&K starts insurance scheme for female sericulturists

Jammu and Kashmir Agriculture
Minister GH Mir today started a novel health insurance scheme
for the female sericulture workers of the state today.

Air India brings in Reliance General for fleet insurance

State-run carrier Air India is
believed to have roped in Reliance General Insurance, part of
Anil Ambani group, as the insurer for its entire fleet.

Valuation norms for insurance cos soon: IRDA chief

Insurance regulator IRDA will come out with standardised method for valuation of insurance companies to enable them to go for Initial Public Offering of shares in a couple of weeks, a top official said on Friday.

Income from insurance premium may cross Rs 850 cr: ECGC

Export Credit Guarantee Corporation of India (ECGC) today said its income from insurance premium is expected to jump by over Rs 100 crore this fiscal to Rs 850 crore, as more and more exporters are
facing payment defaults.

Aviva ties up with DBS for distribution of insurance plans

Private sector life insurer Aviva India today forged a strategic tie-up with DBS bank for distribution of its insurance products through the bank`s branches to affluent and high net worth (HNI) customers.

Panel open to commission, fee model during intervening phase

A government-appointed panel, which had earlier proposed doing away with commission charged by insurance agents by 2011, today said it is open to both the commission system and adviser fee during the intervening period.

IPO guideline for insurance companies by Oct: IRDA

Insurance sector regulator IRDA on Monday said it is likely to come out with initial public offer (IPO) guidelines by October.

‘Insurance-specific accounting norms likely in 2-3 months’

The Institute of Chartered Accountants of India (ICAI) is likely to come out with insurance specific accounting standards in the next three months, a top official said.

Disclosure norms for insurance companies soon: IRDA

Insurance regulator IRDA would
soon announce disclosure norms for insurers wanting to raise
money from the capital markets.

IRDA tightens anti-money laundering norms for insurance cos

Insurance regulator IRDA on Tuesday
tightened the anti-money laundering guidelines by asking the
insurance companies to ensure that no policies are issued to
persons with fictitious names.

No surrender charge from 5th policy year: IRDA

Insurance regulator IRDA on Thursday asked life insurers not to levy any charge on customers if they surrender their policies from fifth year.

Insurance cos lose over Rs 15K cr to fraud each year: Survey

The insurance sector seems to be
the most vulnerable to frauds as companies are losing a
whopping over Rs 15,000 crore every year due to exaggerated
claims by customers or agents, a survey has found.

SBI may commence general insurance biz by March 2010

The country`s largest lender, State Bank of India, on Monday said it is likely to start its general insurance business by March next year.

IRDA issues final guidelines on corp governance for ins sector

Insurance regulator, IRDA,
issued its final guidelines on corporate governance for the
insurance sector focusing on key areas such as control
functions, Board of Directors, governance structure and
disclosures, among others.