Page 44 - Insurance
Barrage of insurance laws to flood industry from Q3
Irdai likely to implement these as early as December
 "Barrage of insurance laws to flood industry from Q3")
Solvency-II in insurance may take longer to be implemented
Not all players in the Indian insurance sector are ready for a solvency mechanism based solely on risk
 "Solvency-II in insurance may take longer to be implemented")
IRDAI to announce host of new norms from October
Insurance Laws (Amendment) Act 2015 has made fundamental changes in the way insurance is manufactured, sold and brought
 "IRDAI to announce host of new norms from October")
General insurance posts a robust 12.5% growth in Q1
State-owned general insurers collected Rs 12,430 crore premium, while the private sector earned a premium of Rs 9,733 crore
 "General insurance posts a robust 12.5% growth in Q1")
 "Irdai sets up 3 committees to review regulations in insurance")
Irdai tightens norms to check insurance mis-selling by banks
Periodic declarations that no policy was forcefully sold will be given by banks
 "Irdai tightens norms to check insurance mis-selling by banks")
Life insurance market clocks 20% growth in first qtr
The sector mopped up Rs 23,570 crore during the April-June period riding on group single premium policies
 "Life insurance market clocks 20% growth in first qtr")
Life insurers oppose mandatory investment of Ulip funds in G-secs
Irdai had proposed a minimum of 25% of Ulip funds be invested in government securities
Insurance firms offer HNIs exclusive products
High net-worth individuals are no longer required to buy regular insurance from companies
 "Insurance firms offer HNIs exclusive products")
CCI imposes Rs 671-cr penalty on four public sector general insurers
They were found manipulating the bidding process initiated by Govt of Kerala for selecting an insurance service provider for Rashtriya Swasthya Bima Yojna
 "CCI imposes Rs 671-cr penalty on four public sector general insurers")
Managing change in insurance is top risk for companies: CSFI-PwC survey
Regulation came at the bottom of the risk ranking study
 "Managing change in insurance is top risk for companies: CSFI-PwC survey")
Irdai explores e-commerce in insurance
Less than 5% of overall insurance industry premiums come from the online channel
Life insurers rope in credit info firms to verify customers' details
The details include identity and address details of customers, and going forward
 "Life insurers rope in credit info firms to verify customers' details")
Life insurers train agents for social media use
Sector could also use information from social media, said insurers, to assess customer habits
 "Life insurers train agents for social media use")
E-insurance to see big numbers as LIC joins in
The initiative is expected to save more than Rs 100 crore for the industry
 "E-insurance to see big numbers as LIC joins in")
FII holding in Indian insurance promoter not part of total FDI
Foreign equity investment cap of 49% is applicable to all Indian insurance companies as per earlier definitions by FIPB in their rules in Feb 2015
 "FII holding in Indian insurance promoter not part of total FDI")
Now, life insurers train agents to click to social media
Social media networks including Facebook and Twitter being used extensively by insurance cos, life and non-life to promote their brand and values they represent
 "Now, life insurers train agents to click to social media")
Life insurers to see 12-15% growth on annual premium equivalent basis in FY16: ICRA
APE is calculated as annualised regular premiums plus 10% of single premiums
 "Life insurers to see 12-15% growth on annual premium equivalent basis in FY16: ICRA")
LIC targets 3 cr new policy sales this year, Q1 premia up 31%
To sell policies worth around Rs 31,000 cr this fiscal year
 "LIC targets 3 cr new policy sales this year, Q1 premia up 31%")
Irdai group to explore opportunities in insurance e-commerce
The two groups will look into identifying opportunities of e-commerce in insurance sector
