LIC needs to set time-line for reducing IDBI Bank stake
IRDAI has not set any timeline for LIC to bring down its stake in IDBI Bank from the present 51 percent holding to the law mandated under-15 percent, according to senior official…
IRDAI asks insurers to make provisions for IL&FS exposure
Insurance companies will have to make provisions for their exposure to the crippled infra lender IL&FS, industry regulator Irdai said. The IL&FS group with a debt of over Rs 94,000…
SBI General Insurance Q3 profit up 53%
SBI General Insurance reported a 53 percent rise in net profit at Rs 89 crore for the quarter ending December. Its net profit was Rs 58 crore in the corresponding…
LIC performs better in grievance redressal
LIC has scored better than private insurers in complaint resolutions in FY18. According to the IRDAI Annual Report 2017-18, released earlier this month, LIC resolved 100 percent of the complaints…
General and health insurers seek more exemptions for health insurance and reduction in GST
General and Health insurers want more exemptions in health insurance and reduction in GST in Union Budget 2019-20 in order to boost mass insurance schemes and increase penetration. “Providing health…
IRDAI to take action against insurers paying high commissions on motor insurance
IRDAI chairman Subhash Chandra Khuntia expressed concern over the practice among motor insurance service providers to offer commissions higher than the amount stipulated by the regulator. “Whenever it is coming…
IAG considering stake sale in SBI General Insurance
Insurance Australia Group is considering selling a stake in SBI General Insurance. IAG, currently holds 26% in the general insurer. IAG is likely to sell its stake in multiple tranches.…
LIC’s South Central Zone registers Rs 35,000 cr premium in Quarter 3
According to Mr TC Suseel Kumar, Zonal Manager, LIC South Central Zone, LIC has collected Rs 35,000 crore premium for the quarter ended December 2018. LIC South Central Zone plans…