Govt inches closer to raising foreign investment cap in insurance to 49%

Last Updated: Wednesday, December 10, 2014, 19:07

The hike in foreign investment limit is estimated to attract about Rs 25,000 crore of overseas funds in the sector.

India has potential to be reinsurance hub for SE Asia: Irda

Last Updated: Friday, December 5, 2014, 16:44

Given its talent pool, India has the potential to become reinsurance hub for South Asian market, Irda Chairman T S Vijayan said Friday.

IRDA sets up 9-member panel to review FSLRC recommendations

Last Updated: Sunday, February 2, 2014, 12:29

The committee will also examine the extant legislative and regulatory framework in compliance 14 non-legislative recommendations (NLRs), IRDA said in an order.

Comply with anti-money laundering norms: Irda to LIC, ICICI Pru

Last Updated: Tuesday, January 21, 2014, 20:57

Irda has asked LIC to put in place systems and controls to comply with AML provisions. It said there were no systems in place to detect and monitor when a person made multiple cash transactions aggregating over Rs 50,000 in cash.

Know fund source for premium of Rs 1 lakh/yr: IRDA to Birla Sun

Last Updated: Sunday, January 19, 2014, 14:59

Insurance sector regulator IRDA has asked Birla Sun Life Insurance Company to adopt effective procedure to know source of funds by policyholders and not merely rely on documentation for premium payment of over Rs 1 lakh per annum.

IRDA may make insurance broking model compulsory for banks

Last Updated: Friday, January 17, 2014, 17:38

The Insurance Regulatory and Development Authority may make the broking model for banks compulsory soon if significant traction is not achieved in insurance penetration.

Irda imposed Rs 5-cr fine on 12 insurance cos in FY13

Last Updated: Sunday, January 12, 2014, 13:22

HDFC Life paid a fine of Rs 1.47 crore, while ICICI Prudential Life had to shell out Rs 1.18 crore for failure to comply with various provisions of the Insurance Act 1938.

'Multiple policies for basic cover affecting insurance spread'

Last Updated: Wednesday, January 8, 2014, 18:52

A single comprehensive policy covering basic insurance requirements like life and health will help penetration of insurance products as multiple policies for various covers are cumbersome, Irda chief T S Vijayan said today.

Form unified agency to redress all financial complaints: RBI

Last Updated: Tuesday, January 7, 2014, 21:47

At present, a customer has to approach different regulators like RBI, Irda and Sebi for various financial services and there is absence of a single co-ordinating agency which will take care of all customer grievances.

PSU general insurers' market share dips marginally: IRDA

Last Updated: Thursday, January 2, 2014, 19:08

Meanwhile, market share of private sector insurers rose to 44.39 percent during the reporting period from 42.20 percent in FY12, the report said.

LIC's claim settlement better than pvt insurers: Irda

Last Updated: Thursday, January 2, 2014, 15:41

Private insurance companies fared poorly in terms of settlement of death claims in 2012-13 as compared to state-owned LIC, says sectoral regulator Irda.