A.M. Best Co. has affirmed the financial strength rating of B++ (Good) and issuer credit rating of “bbb+” of United India Insurance Company Limited. The outlook for both ratings is stable. The ratings reflect United India’s strong capitalisation, strong business profile in India’s insurance industry and the management’s commitment to improve the company’s underwriting performance, [...]
Union Finance Minister Mr Pranab Mukherjee has instructed the Life Insurance Corporation of India (LIC) and non-Life insurance companies to ensure that all districts have at least one branch or a satellite office of theirs in 2012. Out of the 156 districts in the seven States/Union Territories in South India, 18 do not have a [...]
Max New York Life Insurance has awarded 1,022 students with the 2nd igenius Scholarships 2011, a unique parent-child engagement initiative that recognises excellence among school goers and promotes their all-round development. In the senior category, Aastha Agarwal from Nasik and in the junior category, Vaania Kapoor of Bangalore, have been awarded the scholarships of Rs10 [...]
Individual wealth of Indians zoomed by over 18 per cent – compared with a mere 9.7 per cent for global high networth individuals (HNIs) – to Rs 86.5 lakh crore in fiscal 2010-11, says a report. According to financial services provider Karvy, individual wealth is projected to nearly triple to Rs 249 lakh crore by [...]
With directors of the Kolkata-based AMRI Hospital in jail on charges of culpable homicide not amounting to murder, following a fire in the hospital that killed close to a hundred people, ‘liability cover’ looks like being a buzzword soon with such vulnerable senior corporate executives and, of course, insurance companies. With the Companies Bill 2011, [...]
Kerala-based Dhanalakshmi Bank has said it has signed an MoU with Life Insurance Corporation of India (LIC) to help policyholders receive policy payments through electronic funds transfer. As per the agreement, the bank will provide electronic payment services to LIC, using the national electronic funds transfer (NEFT) mode to credit funds to the policyholders’ bank [...]
ICICI Lombard General Insurance and CNBC-TV18 have announced the second edition of the Indian Healthcare Awards. The award categories cover General Service, Tertiary Care Hospitals (multi- and single-specialty hospitals), Rashtriya Swasthya Bima Yojana Award to hospitals for outstanding service to the community and WHO Awards for excellence in primary healthcare. “The process is extensive and [...]
The Delhi police have arrested two persons for fraudulently withdrawing insurance amount from postal life insurance. The police suspect the role of senior officers in the scam “which could be just the tip of the iceberg,” Indian postal sources were quoted as saying. According to sources, the postal department officials diverted the funds into a [...]
Quantum Mutual Fund, India’s only direct-to-investor mutual fund, has tied up with YES Bank to use the latter’s drop box facility across Mumbai, in a bid to boost investor convenience and ease of accessibility, media reports said. Investors can now drop their subscription applications at any of the bank’s drop box bearing the Quantum MF [...]
Edelweiss Financial Services is looking for global investors to partner in its mutual funds arm Edelweiss Asset Management, which manages assets worth about Rs 450 crore. “We are being approached by some global investors for the assets management business. We may bring in a joint venture partner in the next six months,” said Mr Rashesh [...]
