Insurance

LIC emerges as the most profitable life insurer.

She is likely to succeed Nilesh Sathe who has been appointed as the Member (Life) at IRDAI.

The pension fund regulator has allowed partial withdrawal of up to 25% after 10 years of contribution.

The company was found to have violated various norms like soliciting insurance policies through unauthorized agents, luring distributors and customers with gift vouchers of its parent company’s retail arm Big Bazaar and delaying claim settlement.

German reinsurance giant- Hannover RE is betting big on India. With the insurance industry opening up to foreign investors, this 800 million dollar company is looking to spread its footprint beyond Mumbai & Delhi working with central as well as state governments.

On the occasion, Ambarish Dasgupta, President Designate, The Bengal Chamber, said that this flagship event of BCC & I has only one objective - “How to increase the penetration of insurance in all schemes in India and what can be done to increase this penetration”.

Colorado-based Reed Group, which analyses medical data, is planning to set up a joint venture in India to promote data analytics-based sickness income protection insurance policy.

The insurance regulator has barred Pioneer Insurance from teaming up with the Life Insurance Corporation (LIC) of India to launch a joint venture in life insurance business in Bangladesh.

Life Insurance Corporation of India (LIC), the largest domestic investor with annual investments of over Rs 50,000 crore in the stock market, has brushed aside the concerns raised by the Reserve Bank of India on the insurer’s high equity investments in public sector banks, saying it has the permission from the insurance regulator to hold up to 15 per cent stake in any company.