Irda gazettes new norms on various segments, including IPO guidelines for general insurers

No denial of new health insurance till 65 years

BS Reporter

Irda has said if the polices are procured through direct marketing, no commission would be allowed

Non-linked variable products, Ulips to be treated on a par

Insurance Regulatory and Development Authority (Irda) has finalised the norms for initial public issue (IPO) by general insurers and said that only those who have been in operation for 10 years, will be entitled to bring out an IPO

General insurers can bring out an IPO, post 10 years of operation

Business Standard

Traditional product guidelines for life insurance companies will be out in the next 45 days, according to insurers. Sources said the much-awaited guideline for the life insurance industry have been finalised and will seek the nod of the standing committee of the Insurance Regulatory and Development Authority (Irda) for the same.

Traditional product norms for insurers in 45 days

Bharti AXA General Insurance will need Rs 150-200 crore capital over the next two years to meet its business needs and drive expansion of its operations, Chief Executive and Managing Director Amarnath Ananthanarayanan said here on Monday.

Bharti AXA General needs Rs 200 cr capital in next two years

Private life insurer HDFC Life on Monday announced the launch of two pension plans, HDFC Life Pension Super Plus and HDFC Life Single Premium Pension Super. The former is a regular premium unit linked plan whereas the latter is a single premium unit linked plan. HDFC Life is the first private life insurance company to launch a pension product post the new pension guidelines.

HDFC Life launches two new pension products

Soon you can claim reimbursement from your insurer on your travel-related expenses if your car is getting repaired.

Coming soon: Get refund on travel expenses while repairing your car

The Insurance Regulatory and Development Authority (Irda) on Tuesdayf said life insurance companies were not permitted to participate in repo transactions. In the case of reverse repo (lending) transactions in government securities and corporate debt securities, the regulator said the exposure should not exceed 10 per cent of all funds taken together.

Life insurers can't participate in repo transactions: Irda

Global reinsurer Munich Re has signed a deal with wind energy turbine company REpower, a subsidiary of Suzlon Energy, to offer serial loss cover for the latter&rsquo;s offshore units.

Munich Re offers serial loss cover for REpower's offshore wind turbines

Faster product approvals through the use-and-file routes, perceived to be the biggest motivators behind the product standardisation concept, have not found favour with insurers. Life insurance companies are of the view the Insurance Regulatory and Development Authority (Irda) proposals mandate pricing and structure to the minutest level, leaving no room for improvisation and customisation by companies.

'Product standardisation may be detrimental'

In a move to facilitate greater flow of funds to the infrastructure sector, insurance firms have now been allowed to take their exposure to 20 per cent of their total funds in the infrastructure sector as compared to 10 per cent earlier.

Irda allows higher flow of insurance funds to infra sector

The Insurance Regulatory and Development Authority (Irda) on Monday said raising investment limit for insurance companies to 30 per cent would be &ldquo;imprudent&rdquo; and insurers should be conservative in their approach, not as aggressive as venture capitalists.

Raising investment limit for insurers will be imprudent: Irda

Press Trust of India

The life insurance industry would see a 15 per cent compound annual growth rate (CAGR) in new business premiums in the next two years, according to a report by financial service company JM Financial. The sector presents a good investment opportunity and is at the cusp of a significant re-rating, which will drive valuations, it added.

'Life insurers will get better valuation'

The government on Friday said there was a 8.2 per cent fall in the number of new life insurance policies sold during 2011-12 against the previous financial year. &ldquo;Insurance Regulatory and Development Authority (Irda) has informed the life insurance industry witnessed 8.2 per cent decline in number of new policies issued during the last financial year 2011-12 as against policies issued in financial year 2010-11,&rdquo; Minister of State for Finance Namo Narain Meena said in the Lok Sabha.

Life insurance policy sales fall 8.2% in FY12: Govt

The Life Insurance Corporation of India (LIC), which has invested in offer for sale (OFS) of NMDC and Hindustan Copper, will invest only in good scrips that come up for disinvestment, said LIC Chairman D K Mehrotra.

LIC will look only at good scrips: Mehrotra

Indian reinsurer General Insurance Corporation of India (GIC Re) will be going aggressive on expanding overseas from the next financial year. Speaking on the sidelines of a summit, A K Roy, chairman and managing director of GIC Re, said that the company had faced some crisis on finances and will be looking to grow in international locations from next year onwards.

GIC Re to go aggressive on overseas expansion from 2013-14

Anita Nair, 45, an artist here, recently purchased a unit-linked plan from a private insurance company. The agent had told her it would be a five-year term. After she paid the premium and signed the proposal form, she realised it was a 10-year policy term and, immediately, sent a mail of complaint to the company. She was not only refunded the money; the agent was also reprimanded.

Life insurers take some practical steps to reduce mis-selling

The insurance giant American International Group said on Monday that it had launched a process to sell off its entire stake in the Asian insurer AIA Group, ending an association that dates back more than 90 years. AIG's 13.7-per cent stake was worth 52.2 billion Hong Kong dollars, or $6.7 billion, based on AIA's most recent share price.

AIG to sell remaining stake in Asian insurer AIA

The Insurance Regulatory and Development Authority (Irda) has proposed an exposure draft to regulate opening of new offices by insurance companies. According to the draft, insurers that have completed 10 years of business have to ensure at least 25 per cent of proposed new offices be in places with a population of 1,00,000 or below.

Irda for insurance offices in semi-urban, rural areas

The Insurance Regulatory and Development Authority (Irda) has invited a request for proposal (RFQ) from organisations for finding a solution for fraud in the health segment.

Irda invites tender to find solution for fraud in health segment

It&rsquo;s a dog&rsquo;s life &ndash; in insurance, too. Though public sector general insurers and some private ones have offered this cover to tap the growing number of canine lovers in the country, interest in the product has been languishing.

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