Page 9 - Insurance

Exide Life appoints Sanjay Vij as Executive Director and Principal Officer

Exide Life has announced the appointment of Sanjay Vij as the Executive Director and Principal Officer with effect from January 10. On January one, 2022, HDFC Life Insurance Company Limited announced the completion of the acquisition of Exide Life Insurance Company Limited, subsequent to receiving all relevant regulatory approvals, an Exide Life statement noted on Monday. Pursuant to the agreement, there was a cash pay-out of Rs. 726 crore and 8,70,22,222 equity shares at an issue price of Rs 685 per share were allotted to Exide Industries Limited. Exide Industries now holds 4.1 per cent stake in HDFC Life. The process for merger of Exide Life into HDFC Life will be initiated shortly, the statement said. Vij joined HDFC Life in July 2001. As the Group Head - Bancassurance and Chief Values Officer (CVO) in HDFC Life, he was responsible for managing the P&L, market growth, and business of crucial bancassurance channels, it was stated.

Non-life insurance firms register 7% rise in gross premium at Rs 18,953 cr

The non-life insurance companies had underwritten gross premium valuing at Rs 17,662.32 crore in December 2020

Insurance cover likely for traders under national retail trade policy

Proposed national retail trade policy to support kirana stores

Life insurers' new biz premium flat in Dec, but rises 10.5% in Q3

In Q3 of FY22, insurers earned NBP to the tune of Rs 73,249.97 crore

Life insurers' new biz premium income nearly flat at Rs 24,466 cr in Dec

The new business premium, or the first year premium, of 24 life insurance companies had stood at Rs 24,383.42 crore in December 2020

Irdai seeks to revise formula for fixing insurers' obligation for Motor TP

The regulator has asked for comments from stakeholders, which they have to submit by January 25

15-year cap on tenure of MD, CEOs of insurance companies on cards

Proposed remuneration to be divided between fixed/variable pay, perquisites

IRDAI caps value of surety insurance contracts at Rs 500 crore

The IRDAI has also stipulated that the non-life insurers wanting to underwrite the surety insurance risks should have a solvency margin of 1.25

Covid insurance policies will also cover Omicron treatment costs: Irdai

The regulator has issued the directive to general and health insurers in view of the growing number of cases of the Omicron variant

HSBC wins regulatory nod to take over insurance business in China

HSBC will buy the remaining 50% stake in HSBC Life China from The National Trust Ltd

Irdai directs Go Digit to withdraw product offering life insurance benefits

The Insurance Regulatory and Development Authority of India (Irdai) also asked the insurer to wthdraw advertisements regarding the product from all media

Incurred claims of standalone health insurers grow at slower pace in FY21

The incurred claims of the overall general insurers too grew at a lower rate of 2.92 per cent compared to 7.26 per cent during financial year 2019-20

MFIN to launch natural catastrophe insurance cover for micro borrowers

The MicroFinance Institutions' Network is planning to introduce this product with Cholamandalam MS General Insurance as insurer

LIC warns of legal action over misuse of its logo on social media

LIC has asked the public not to fall prey to proposals which are misusing its logo on social media platforms like Twitter, Facebook, Instagram and YouTube and other social media

Deposit insurance reforms to instil confidence in people on banking: PM

At Vigyan Bhawan, the Prime Minister said banks play an important role in the progress of any nation

PM Modi to address bank deposit insurance programme today

Prime Minister Narendra Modi will address the function on 'Depositors FirstAs per an official statement from Prime Minsiter's Office, Union Finance Minister Nirmala Sitharaman, MoS Finance and RBI Governor will also be present on the occasion."Deposit insurance covers all deposits such as savings, fixed, current, recurring deposits, etc. in all commercial banks, functioning in India. Deposits in State, Central and Primary cooperative banks, functioning in States/Union Territories are also covered," said the PMO."In a path-breaking reform, bank deposit insurance cover was enhanced from Rs 1 lakh to Rs 5 lakh," it added.With deposit insurance coverage of Rs 5 lakh per depositor per bank, the number of fully protected accounts at end of the previous financial year constituted 98.1 per cent of the total number of accounts, as against the international benchmark of 80 per cent.The first tranche of interim payments has been released by the Deposit Insurance and Credit Guarantee Corporation .

'PFRDA may look beyond annuities if Act's tweaked,' says chairman

New annuity products, however, will require no modifications to Act

Bolster your finances before third Covid-19 wave with an emergency corpus

Buying a personal health cover and reducing loan burden will put you in better shape to handle a crisis

Bharti AXA Life posts 33% growth in weighted new biz premium in H1FY22

The insurer's asset under management witnessed a strong growth of 28 per cent and has doubled over the past three years

Insurer can't alter loss assessed by surveyor

The National Commission concluded a surveyor's report must be given due importance unless there are valid reasons for disagreeing with it