LIC has finally got the green signal from all of its Stakeholders to hold S1% shares in IDBI Bank and most of the formalities have also been completed. LICI may pick up 30% more stake in IDBI Bank through the issuance of fresh shares. The Central Government must not use LIC as a savior in case of financial distress. UC is a profitable and a valued organization. Its fund should be used for development of the country and not for bailing out other PSU companies or meeting goals of the Central Government.
IRDAI has asked all the Insurers to issue long term policies for two wheelers and cars since most of the vehicles are plying on the roads without any third party insurance. Long Term issuing of policies will make the insurers cash rich as well as the vehicles owners will get relief of getting the same renewed every year. Long Term policies may be issued for the same discount which may be beneficial for both the insureds as well as the insurers. The Supreme Court has also directed mandatory issuance of long term policies for two wheelers.
IRDAI is probing illegal practices by some of the private insurers paying more commission to bankers in the cases of Bancassurance . However IRDA must act swiftly and take some strict action rather than just imposing fines.
SBI General insurance company plans to introduce an inherent defects insurance policy for real estate developers. The ‘inherent defects’ policy will cover issues discovered because of poor workmanship, structural defects.
GIC Re has recommended a dividend of 13.5 per equity share of take value for the year ended March, 2018 as well as Rs.5 each issue of Bonus Share in the Ratio 1:1 subject to the shareholders approval.
LICI buys first issuance of longest maturity bonds for 30 years @8.55% currently subject to review after 10 years in respect of interest rate by the National Highways Authority.
Risk Management Association of India a NGO working in the area of promoting risk management discipline in India is developing very fast with multifarious activities of Online repository, International tie-ups, Quarterly bulletin etc.
