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.
Thousands of agents from all over the country congregated at Delhi’s Ram Lila Maidan for a Maha Sammelan to protest the Swarup Committee proposal to phase out agents’ commission. After taking out a rally to the Prime Minister’s Office, a few representatives handed over a memorandum at the PMO.
September 1, 2009 marked the completion of 53 years of the formation of the Life Insurance Corporation of India (LIC) and the anniversary was celebrated through the first week of September as insurance week. In a press release, LIC highlighted its recent IT initiatives and the recent awards it has received.
The General Insurance Corporation of India (GIC) has declared a dividend of 65 per cent for the financial year 2008-09. Announcing this, Mr Yogesh Lohiya, Chairman cum Managing Director, GIC, said that the profit after tax for the year was Rs 1,407.20 crore as against Rs 992.70 crore in 2007-08. However, there was a Rs 200 crore underwriting loss in 2008-09.
Qualifying for MDRT on the very first day, Professor Sharad P Chavan, agent, Life Insurance Corporation of India (LIC,) Sangli branch is indeed a super achiever!
Triggering Demand The mood in the economy is dull and the sentiment is depressed. Unfortunately, each time anyone discusses it, it not only sounds worse but feels as if it has become much worse.There are efforts from all sides to sweeten things. Due to the fact that it’s the last quarter of the financial year [...]
Competition from Within! The Insurance Regulatory and Development Authority (IRDA) had permitted corporate houses to promote both an insurance company and an insurance broking company. Here are some of the concerns of the insurance broking community on this situation. In-house broker vs. the outside broker Insurance brokers feel that there can be no comparison on [...]
