IRDAI to end licensing system for insurance agents, media reports
Insurance companies can directly recruit agents; existing agents may not be required to pay license renewal fee.
by Team Cafemutual Feb 26, 2015
IRDAI rejects SBI Life’s plea, directs the company to refund Rs. 275 crore to policyholders
SBI Life had allegedly violated IRDAI norms by paying excess commission (47.5%) to SBI and its subsidiary.
by Team Cafemutual Feb 24, 2015
IRDAI lets off LIC on 39 out of 41 violations
Though IRDAI has examined 41 violations of LIC, the insurance regulator has let off the company with a nominal penalty.
by Nishant Patnaik Feb 16, 2015
Private insurers giving LIC a run for its money
The market share of private life insurance companies has increased to 30% in April-December 2014 compared to 22% in the corresponding period last year.
by Team Cafemutual Feb 12, 2015
Investors continue to shun ULIPs
The premium collections in ULIPs declined by 23% to Rs. 37,550 crore in FY2013-14 from Rs, 48,000 in FY 2012-13.
by Team Cafemutual Jan 30, 2015
Direct collections explode
While agents contribute 80 percent of new business premium under individual policies in FY 2013-14, online distribution channel registers exponential growth.
by Team Cafemutual Jan 28, 2015
Life insurers to charge fees to incorporate changes in nomination details
IRDAI has proposed life insurance companies to charge up to Rs.100 to change or cancel nomination in offline policies and up to Rs.50 to carry out such services in online policies.
by Team Cafemutual Jan 27, 2015
Insurance penetration drops for the fourth consecutive year
Both life and non-life insurance sector witnessed a decline in their penetration.
by Team Cafemutual Jan 24, 2015
Life insurance industry adds 66,000 new agents in FY 2013-14
However, high attrition remains a cause of concern for the industry.
by Team Cafemutual Jan 23, 2015
Commission payouts increase moderately in FY2013-14, shows IRDAI data
However, in terms of commission expense ratio, commission payout has declined marginally due to slowdown in sales after implementation of new product guidelines.
by Team Cafemutual Jan 21, 2015
IRDAI gives go ahead to 4 new web aggregators
With the new entrants coming in, the number of web aggregators firms has increased from 9 to 13.
by Team Cafemutual Jan 20, 2015
100 percent grievances redressed by insurance firms but no clarity on outcome
There is no data on whether such grievances were upheld, partially upheld or denied.
by Nishant Patnaik Jan 20, 2015
Non-life insurers incurred claim ratio falls marginally in FY 2013-14
Low incurred claim ratio indicates healthy growth prospects in general insurance business.
by Team Cafemutual Jan 13, 2015
The top nine non-LIC players record a modest 2 percent growth in half yearly profits
ICICI Prudential emerged as the most profitable life insurer with a net profit of Rs. 781 crore in HY 2014-15.
by Nishant Patnaik Jan 13, 2015
Life insurers AUM grows to Rs.19.6 lakh crore in FY 2013-14
Traditional plans and annuity policies accounted for 83% of the total life insurance AUM.
by Nishant Patnaik Jan 12, 2015
