IRDAI considering managed general agencies in insurance
The insurance industry could see a new set of licences in the form of managed general agencies, or MGAs, as the insurance regulator is looking at the viability of such…
IRDAI retains mandatory cession of business in favour of GIC Re at 4% for FY24
IRDAI has maintained the status quo on obligatory cession of business for the financial year 2023-24 at 4 per cent in favour of GIC Re, disappointing the private sector general…
Govt begins search for IRDAI members in advance
The government has started looking for suitable candidates to fill the two posts of Members — Finance and Investment and Actuary for IRDAI nearly six months in advance. It is…
New laws to usher in insurance reforms
The government plans to introduce legislation during Parliament’s monsoon session to implement comprehensive reforms, including provisions for a composite insurance licence, relaxed entry barriers for companies, and simplified investment rules,…
IRDAI moves SC against SAT stay on Sahara Insurance order
IRDAImoved the Supreme Court, challenging the Securities Appellate Tribunal's decision to stay its order directing Sahara India Life Insurance Company to transfer its life insurance business to SBI Life Insurance…
IRDAI allows combi products under use-and-file system
In a significant move, the IRDAI has allowed insurance companies to launch individual and group ULIPs (unit linked insurance plans) and combi plans — combination of life and health insurance…
PSBs hold more fully insured deposits than private banks
Public sector banks (PSBs) have a much higher insured deposit ratio vis-à-vis private sector banks (PVBs), indicating concentration of larger-sized deposits with the latter, according to the latest Financial Stability…
Insurers may soon come under GST Audit
Insurance companies may soon face goods and services tax (GST) audits as tax authorities plan a “deep dive” into their business practices to check for the possibility of a raft…
New radar tech to spruce up cyclone forecasting
India is investing in new supercomputers, high-resolution radar systems and automated weather observatories to improve cyclone forecasting efforts over the next five years, its top weather official said. The most…
Insurance cover for export losses to be extended to A/Cs with limits up to Rs. 50 crore
Export promotion organisation Export Credit Guarantee Corporation of India (ECGC) announced the expansion of 90 per cent insurance cover for exporters with a credit limit of Rs 50 crore, a…