Page 38 - Insurance
Max Bupa appoints Ashish Mehrotra as MD & CEO
Mehrotra, earlier MD and head (retail banking) at Citibank, will replace Manasije Mishra
LIC diet sees more equity chomp
In a clear trend, investing markedly more in stocks during recent years, with marked participation in some large issues
 "LIC diet sees more equity chomp")
ICICI to sell stake in life insurance unit to Temasek, Premji
Proposed investment values ICICI Prudential Life at Rs 32,500 cr
 "ICICI to sell stake in life insurance unit to Temasek, Premji")
New cashless insurance scheme mandatory for Punjab govt employees
The government has also issued directions to the effect that member enrolment forms regarding this should be submitted till November 30
 "New cashless insurance scheme mandatory for Punjab govt employees")
50 lakh Telenor customers opt for free life insurance
Company in September announced partnership with Shriram Life Insurance and MicroEnsure
Lloyds India to have all operations in one location, says Irdai
Following passage of Insurance Laws Act, Lloyds UK has been permitted to set up branch office in country
 "Lloyds India to have all operations in one location, says Irdai")
High group health discounts continue to worry insurers
Several private insurers exiting or cutting down on this business due to discounts
 "High group health discounts continue to worry insurers")
General insurers see 13% growth in premium in Apr-Oct
Private non-life insurers collected Rs 22,535 cr premium, a growth of 11%
 "General insurers see 13% growth in premium in Apr-Oct")
 "Insurance commissions could have minimum, maximum caps")
No need to carry motor policy in physical form: Irdai
Will be first implemented in Telangana, those issued via repositories won't need paper policy
 "No need to carry motor policy in physical form: Irdai")
Pension products by insurers can be managed by IRDAI: Nilesh Sathe
Meanwhile, IRDAI has taken up the issue of taxation in insurance with the govt
 "Pension products by insurers can be managed by IRDAI: Nilesh Sathe")
Tata Docomo to give Rs 3 lakh of free accidental insurance
To avail oneself of this free insurance benefit, customer has to do a recharge of Rs 107 followed by a cumulative recharge of Rs 200 every three months
 "Tata Docomo to give Rs 3 lakh of free accidental insurance")
 "IRDAI fixes third-party motor insurance for e-carts, e-rickshaws")
PolicyX.com looks to raise $25 mn Series A funding
Proceeds to complement company's plans to capture major chunk of online insurance market space by 2018
 "PolicyX.com looks to raise $25 mn Series A funding")
Tighter norms for global reinsurers opening branches
Irdai to monitor appointment and chief executive remuneration
 "Tighter norms for global reinsurers opening branches")
Drought in Odisha likely to force insurer to take a Rs 1000 cr hit
The state government has declared 139 blocks in 21 out of total 30 districts as drought affected
 "Drought in Odisha likely to force insurer to take a Rs 1000 cr hit")
Only established foreign reinsurers can set up India branch office
All appointments and remuneration of senior management in this branch office will need Irdai's nod
 "Only established foreign reinsurers can set up India branch office")
ICICI Bank to sell 9% stake in ICICI Lombard to Fairfax
The bank said in a statement that its board has approved the sale of 9 per cent shareholding in ICICI Lombard to its joint venture partner
 "ICICI Bank to sell 9% stake in ICICI Lombard to Fairfax")
Prem Watsa's Fairfax to increase stake in ICICI Lombard to 35%
ICICI Bank to sell 9% stake sale in general insurance venture to foreign partner
 "Prem Watsa's Fairfax to increase stake in ICICI Lombard to 35%")
