In a bid to make insurance a significant part of the ongoing financial inclusion initiatives in rural areas, the Insurance Regulatory and Development Authority (Irda) has come up with the concept of an &lsquo;everything product&rsquo; to address several risks of a typical household, with a single premium.

Irda suggests an 'everything product' for villagers

Business Standard

Soon, insurance companies in India will not be able to pass on a majority of their risk to reinsurers. The Insurance Regulatory and Development Authority (Irda) is set to specify the retention limit in this regard for insurance companies.

Irda to cap risk passed on to reinsurance firms

In April, private companies continued to be a drag on the life insurance sector&rsquo;s new premium collection. Data collected by the Insurance Regulatory and Development Authority (Irda) showed private insurers collected Rs 1,125 crore by writing new policies in April, down 16.3 per cent compared with Rs 1,345 crore in the same month last year.

Life insurance firms' premium collection down 16.3 % in April

The insurance regulator has capped the agents&rsquo; commission paid by insurers for selling policies with limited premium payment tenure.

Irda caps commission on limited tenure policies

Insurance ombudsmen may soon be allowed to deal with the grievances of individual consumers involving claims higher than the Rs 20 lakh permitted at present. The scope may also be increased to cover all kinds of complaints, including mis-selling, from the issue of a policy to its maturity.

Irda likely to strengthen insurance ombudsmen

The finance ministry has asked state-run general insurers to increase premiums on health insurance, motor and other policies, and refrain from undercutting each other to get new business.

State-run insurers asked to raise premiums

The collection of premium on heavy commercial vehicles by various non-life companies in the state are down by about 15 per cent compared to the previous fiscal.

Mines closure takes a toll on insurance premium collection

ICICI Prudential Life Insurance Company is hiring close to 300 people every month. The life insurance arm of the country&rsquo;s largest private-sector lender does it not to expand workforce, but to maintain its strength, as almost a similar number of staffers keeps leaving every month.

ICICI Prudential losing 300 staff every month

The Insurance Regulatory and Development Authority (Irda) has strongly come out in support of an upcoming government-backed health insurance policy aimed at providing health cover to a large population of the country.

Irda for state-backed health insurance scheme

The Irda on Thursday said no timeframe had been set for Life Insurance Corp of India to reduce its holding in companies in which it has more than 10 per cent stake.

'No time limit for LIC to cut stake in companies'

Private insurer Bharti AXA General Insurance said on Wednesday it plans to double its business in the southern region by the end of the ongoing calendar year. "The company is planning to double its business in the southern region by the end of the calendar year 2012," the company said in a release.

Bharti AXA aims to double business 

Press Trust of India

General insurers in India feel the recent increase in premium rates of motor third party premiums has not been adequate. Through the General Insurance Council, the insurers have made a representation to Insurance Regulatory and Development Authority (Irda), asking for further revision of rates.Two weeks ago, Irda had announced a proposal to increase motor TP premium rates by an average of 35 per cent for vehicles, including private cars and commercial vehicles from April 1.G Srinivasan, CMD of New India Assurance, said, "In segments like commercial vehicles, we need a 60 to 70 per cent raise to make it a viable business." Meanwhile, other transporter organisations, including the All India Transporters' Association (AITA) have opposed the Irda proposal to increase motor TP premiums.Irda, in its proposal, had said all stakeholders' views would be taken into account, before taking a final decision to increase premiums and quantum of increase would be also finalised thereafter.

General insurers want further rise in third-party premium

BS Reporter

Insurance Regulatory and Development Authority (Irda) will take a call on altering its 'Place of Business' Regulation, which called for insurers to take permission of the regulator to open offices in any location in India

Irda for changing 'Place of Business' regulation

Insurance Regulatory and Development Authority (Irda)  has published in the Gazette of India, five key reforms related to the insurance sector

Irda publishes five key reforms in gazette

The Insurance Regulatory and Development Authority (Irda) has told life insurance companies to reinsure with domestic reinsurers a percentage of the sum assured on each policy.The Irda (Life Insurance-Reinsurance) Regulations, 2013, said this percentage would be notified by the regulator and not exceed 30 per cent of the sum assured.Indian life insurers have reinsurance contracts with the sole reinsurer, General Insurance Corporation of India (GIC Re). However, there was no instruction to reinsure a percentage of the sum assured with it. Further, Irda has asked the life insurers in their reinsurance programme to have the maximum retention within the country. GIC Re has welcomed this.The gazette notification says the retention limit ranges from Rs 5 lakh to Rs 30 lakh, based on the age of the insurer and the type of product.For instance, a pure protection one such as a term, insurance or personal accident product would have a retention limit of Rs 5 lakh for a zero to three-year-old ins

New reinsurance rules for life insurers

Aegon Religare Life Insurance today announced the launch of its Aegon Religare Assured Returns Insurance Plan

Aegon Religare Life Insurance launches guaranteed benefits plan

The provision given to Life Insurance Corporation of India (LIC) to invest up to 30% in a company by finance ministry, still remains a grey area for the life insurer. A senior LIC official said that it is still unclear whether the equity investment cap applicable to them is 15% or 30%. The finance ministry is yet to notify this provision.

LIC equity investment cap provision still not clear

<P>General Insurance Corporation (GIC), the country's only reinsurer, will be launching Retakaful  reinsurance based on Shariah principles  in this financial year.

GIC eyes Takaful reinsurance

<P>ING Vysya Life Insurance is expecting over 100 per cent growth in premium collection in Andhra Pradesh during the current fiscal, as against about 57 per cent last year, said Madhav Kumar Rachapudi, regional vice-president (Andhra Pradesh).

ING Vysya Life expects 100% growth in premium

New India Assurance, which has its presence in 22 countries plans to open three more branches in Myanmar, Qatar and Canada

New India keen to insure state against calamities

The euphoria over the National Highways Authority of India&rsquo;s (NHAI) bond issuance not only allowed the public sector entity to raise money for financing its operations, but also benefited banks by helping them expand their low-cost deposit base.

Page 99 - Insurance