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.
Even though Irda has allowed banks to tie-up with three insurers from each segment of life, non-life and health to sell their products, State Bank of India has said it will only market schemes of its subsidiaries.
Apex body of life insurers, Life Insurance Council is working hard towards making the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) attractive for its member companies apprehending its viability under the present pricing policy.
To protect the interests of health insurance policyholders, India's insurance regulator has ordered insurers and claims processing agencies to mandate hospitals to reflect the negotiated discounts on the bills.
The Employees' State Insurance Corporation will discuss Tuesday a proposal to provide an option to its 1.95 crore subscribers to choose health insurance products available in the market in lieu of mandatory scheme run by it.
Insurance regulator IRDA has slapped a fine of Rs 20 lakh on Apollo Munich Health Insurance Company, mostly for selling its policies through the website of makemytrip.Com, which is not authorised to sell insurance.
Insurance industry has welcomed the new law that empowers regulator Irda to fix agency commission, saying this will help arrest the high attrition rate, which has been dogging the sector for many years.