National Insurance Company

Irdai set to meet insurance CEOs on dematerialisation of policies

This initiative was started by insurance regulator a few years ago, but did not take off as the operational challenges and associated cost for insurers outweighed customer convenience

Regulator allows insurance firms 'use & file' procedure for agri products

Companies can introduce a product in the market and then file with the Insurance Regulatory and Development Authority of India (Irdai) for approval

Online players, agents may have to disclose insurance commission

IRDAI is considering a proposal that seeks to have a single limit for expenses made by insurance companies

Claim can't be avoided by suppressing vital report

The National Commission castigated the insurer for suppressing the second report, which favoured the insured. It concluded this report made it evident the claim was genuine

Govt-owned insurers go for organisational rejig, look for consultants

Four general insurers have decided to restructure the organisation towards profitable growth and have called for Request for Proposal (RFP) from consultancy firms

CBI files charge sheet against 15 for causing loss to National Insurance

The accused made forged, fabricated complaints and other documents to avail benefit of false motor accident claims during the period of 2015-2017 and caused loss of Rs 47.68 lakh to the insurer.

Insurers must reimburse Customs under marine policy

The National Commission ordered the insurer to pay the Rs 16.65 cr together with interest at 9% per annum from January 1

Insurer is liable to pay for loss due to defective packaging

The Commission observed that the policy excluded defects in packaging from inception. But the package had been checked by the insurer's representatives and found to be in order

Govt looking at final bill after cabinet okays funds for 3 insurance firms

The companies would soon announce the formation of joint Lok Adalats as well as take the help of the insurance Ombudsman

AIC enters coinsurance deal with 3 public sector insurance firms for PMFBY

Under the scheme, while AIC will use offices, manpower and rural reach of the three companies, it will offer 12.5 per cent of the premium collected to each of the three companies

EY sets 18-month timeline for merger of three insurance companies

It will also conduct a valuation exercise of the assets of the firms

A large single non-life PSU is needed for market health: United India CMD

In an email interview, Girish Radhakrishnan says such an entity would have the muscle to control market behaviour and curb the "adventurous" marketing practices of private firms

Ahead of IPO, National Insurance improved solvency ratio to 1.9 in March

In an effort to clean its balance sheet before launching an Initial Public Offer of equity (IPO), central government-owned National Insurance Company (NIC) has improved its solvency ratio substantially, from 1.26 in September 2016 to 1.9 in March 2017.With the capital position improving, it has asked the government for approval to launch an IPO in the next financial year. The solvency ratio indicates an insurance company's financial capacity to meet both its short-term and long-term liabilities. It identifies whether the company has enough buffer to settle all claims in extreme situations. The Insurance Regulatory and Development Authority (Irdai) has mandated a standard solvency ratio of 1.5. If the ratio goes below 1, the company cannot do business. A ratio in excess of 1.5 is seen as healthy.To clean its balance sheet before IPO launch, NIC has exited 119 loss-making group health policies. More, subordinate debt issuance of Rs 895 crore and a quota share reinsurance arrangement ...

State-owned insurers face Irdai's litmus test before IPO

Irdai has barred National Insurance's actuary for 'overstating profits and distorting solvency'

Listing will take seven to eight months: K Sanath Kumar

K Sanath Kumar, chairman and managing director of National Insurance spoke to Namrata Acharya

NIC expects Rs 12,000 cr income from premium during FY16

During FY15, the company's premium income stood at Rs 11,235 crore, up by nearly 10%.