Indian News

Reinsurance regulations to be out by February end: IRDAI

Reinsurance       Jan 19, 2018

Mumbai: The final reinsurance regulations are due by the end of February, Insurance Regulatory and Development Authority of India (IRDAI) Chairman T S Vijayan today said.    "The reinsurance regulations are coming by February end," Vijayan, who is retiring in the end of February, told reporters...

Lloyd's eyes USD 10 mn prms from India operations in 2018:Inga Beale

Reinsurance       Jan 17, 2018

Mumbai: Lloyd's of London which has earned USD 240 million from the Indian markets in 2017, is eyeing USD 10 million premiums  within one year from its newly set up branch operation in India   Inga Beale, CEO, Lloyd of London,  who is on a visit...

Narayana Murthy's Anviti Insurance Brokers Launched

Intermediaries       Jan 17, 2018

Mumbai: N.R. Narayana Murthy promoted Anviti Insurance Brokers launched its composite insurance broking services in India.The broking firm has been set up by Catamaran, a proprietary investment firm of Murthy and Sudha Murty. Murthy has also  stakes in Coverfox, a e-insurance broking company  and Acko...

ICICI Lombard Q3 PAT rises 5 pc to Rs 232 cr

Non Life-News       Jan 16, 2018

Mumbai: ICICI Lombard General Insurance today reported a 5.20 per cent increase in profit after tax (PAT) at Rs 231.76 crore for the quarter ended December 31, 2017.A subsidiary of ICICI Bank, the general insurance firm had earned a PAT of Rs 220.30 crore in...

General Insurance Industry grows by 20 pc to Rs 108,784 crore in Q3

Non Life-News       Jan 15, 2018

  Mumbai: The domestic  general  insurance industry led by the recently listed  New India Assurance(NIA) at Rs 108, 784 crores has recorded almost a  growth of 20  per cent during the first nine months of the current fiscal.   Largely driven by the Prime Minister Fasal Bima...

Tax free Rs 20 lakh gratuity for employees may be a reality soon

Pension       Jan 14, 2018

NEW DELHI: Payment of Gratuity Amendment Bill 2017 is likely to be passed in the forthcoming Budget session, which will make formal sector workers eligible for tax free Rs 20 lakh gratuity.  At present formal sector workers with five or more years of service are...

Govt may stall plan to cut drug prices after facing resistance from pharma companies

Health       Jan 12, 2018

Mumbai: India’s proposal to curb drug prices by stripping generic medicines of their brand names has stalled after the plan faced pushback from the country’s pharmaceutical companies, according to people with knowledge of the discussions.   The Draft Pharmaceutical Policy circulated last summer by the Department...

```We will be abiding by the SAT order,’’ says Mr Nilesh Sathe, Member, Life, IRDAI

SAT quashes IRDA's order to transfer Sahara Life's business to ICICI Pru Life

Life-News, Regulation       Jan 11, 2018

  Mumbai: Giving partial relief to the Subrat Roy promoted Sahara India Life Insurance Company, the Securities Appellate Tribunal (SAT) on Thursday has quashed an order passed by the insurance regulator IRDAI  in July 2017 to transfer the insurance business of financially embattled life inurer to...

Crop insurance scheme likely to get Rs 13,000 cr in FY19 budget

Non Life-News       Jan 10, 2018

NEW DELHI: The Centre is likely to increase the budget allocation for the Pradhan Mantri Fasal Bima Yojana (PMFBY) to ₹13,000 crore for 2018-19 from ₹10,701 crore for the current financial year, sources said.   The Union Budget for 2018-19 will be presented on February 1.  ...

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