In order to make insurance products transparent and to ensure fair treatment to policyholders, Insurance Regulatory and Development Authority (IRDA) has proposed that insurance companies should create a ‘Key Feature Document’ for each policy. This is being proposed as an amendment to IRDA (Protection of Policyholders Interests) Regulations, 2002 An exposure draft for comments from [...]
First Insurance World Broking Services Pvt Ltd, an insurance broker registered with Insurance Regulatory and Development Authority (IRDA) has launched an insurance buying portal www.insuranzone.com which enables the public to compare and buy policies of any General insurance company online. Brand named Green Insurance and Any Time Motor (ATM) Insurance, Mr. Mathews Prabhakaran , Director [...]
United India Premium Grows 22% United India Insurance Company Limited, (UIIC) the Chennai headquartered public sector General insurance company has finished the financial year 2009-10 with a gross premium of Rs 5,239.05 crore, up 22.4 per cent from the Rs 4,277.77 crores collected in the year 2008-09. Announcing the financial results of the company at [...]
utual Fund vs ULIP Where are the Earnings? Since August 2009 when Securities Exchange Board of India (SEBI) barred entry loads on mutual fund products, there has been concern among AMFI certified agents about their earnings through selling mutual funds. Meanwhile in September 2009 came the discussion paper of the Swarup committee which argued that [...]
SEBI vs IRDA The Turf War over ULIPs In January, when Securities Exchange Board of India (SEBI) sent show cause notices to Life insurance companies demanding to know how they launched unit linked insurance policies without its approval, the insurance industry was totally taken aback. SEBI’s stand was that ULIPs were collective investment schemes and [...]
When insurance companies merge K Nitya Kalyani In the last week of March there were two news developments relating to insurance companies’ ownership stakes. News reports, unconfirmed, said that both Reliance Life Insurance Company and Reliance General Insurance Company were talking to investors from abroad for selling them a stake. The point of interest here [...]
The Union Budget is less exciting these days as policy decisions are announced throughout the year. Speaking of insurance, there were some measures relating to the industry but no major policy announcements about increasing the ceiling for foreign equity found a place among them and there was no update on the Insurance Laws (Amendment) Bill, 2008 either.
Knowing your customer has always been a critical success factor for an insurance agent’s profession. Now, it has become a critical legal factor too. Read about new, tighter guidelines for following KYC norms meant for insurance agents.
With the announcement of the new Club membership rules by Life Insurance Corporation of India (LIC), agents will have to work harder to qualify, but will earn higher rewards
December, 2009 witnesses the launch of IndiaFirst Life Insurance Company, the 23rd in India. A joint venture between two public sector banks and the UK-based Legal & General (L&G) holding 44 per cent, 30 per cent and 26 per cent share respectively. Initially about one-fourth of the promoter bank branches will sell IndiaFirst policies.
