Insurance

IRDA said that it has seen various reports appearing in the media on the alleged violations of the KYC and AML guidelines by some insurance companies.

IRDA data shows that the number of insured lives under group scheme is 7.8 crore against 6.5 crore in the corresponding period last year.

Experts said the growth is driven by increase in health insurance penetration across B-15 cities.

Experts attributed the decline to slow economic growth and high inflation rate. However, they are optimistic of recovery within 6 months.

At a time when the life insurance industry is struggling, SBI Life claims impressive results.

The role of insurance councils is to coordinate between the government, regulatory board and the public.

Insurance companies and financial advisors attribute this growth to increase in demand of health insurance products.

With IRDA allowing kirana shops, PCO owners to sell the micro insurance products, some finance planners say that chances of mis-selling could increase. With IRDA allowing kirana shops, PCO owners to sell the micro insurance products, some distributors say that chances of mis-selling could increase.

Insurance market regulator has asked the insurers to carry out campaigns to ensure that maximum licenses are renewed. However, IFAs feel that this will not encourage the drop-out agents.

After examining the demands of insurers, the insurance market regulator has allowed the insurance companies to invest at their own discretion. IRDA has said that the repo/ reverse repo transaction will now be treated at par with Collateralized Borrowing and Lending Obligation (CBLO)

Future Generali’s general insurance sector has registered a robust growth of 20 percent in the financial year 2012-13.The private insurer has done business of Rs 1,126 crore in the non-life segment this year by selling over 8 lakh policies across the nation, said KG Krishnamoorthy Rao, MD & CEO of Future Generali General Insurance.

Life insurance CEOs say that the NAV data of 31st March i.e. last day of financial year is essential for valuation.

An insurance ombudsman deals with the disputes related to claim settlement, mis-selling, premium payment, legal construction of policy wordings etc.

Insurance regulator asks private life insurers to clarify their stance.

Life Insurance sector registers steepdownfall in premium collection for the second consecutive year.