Aviva may sell 30% stake to Syndicate Bank
Aviva Life Insurance may sell as much as 30% stake to state-run lender Syndicate Bank to raise its fortunes in a competitive market.
Dabur India owns 74% stake in the insurer while Aviva Group owns the rest..... Read More
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MNYL to launch new products, add 3000 people
Max New York Life Insurance (MNYL) is planning to roll out three new insurance products this fiscal to fuel its growth. The company has already launched four products this year to take the total tally to 22.... Read More
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Compulsory annuity provision in unit-linked pension products may hurt policyholders
IRDA’s draft norms require customers to buy annuity from the same insurer
The insurance regulator’s proposal requiring beneficiaries to compulsorily buy annuity from the same insurer from whom the pension plan was bought may go against policyholders’ interest, say insurance industry experts.. .. Read More
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IRDA may issue norms on rural insurance products
IRDA is considering issuing guidelines on rural insurance products, pricing, coverage and servicing, unhappy with how insurers are meeting their rural and social obligations.
The Insurance Act requires companies to undertake. ....Read More
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Edelweiss Capital to dilute stake in life insurance venture
Tokio Marine Holdings, the foreign partner in Edelweiss Tokio Life, is expected to increase its stake in the company to 49 per cent, as soon as the government allows it to. The transaction would take place on the basis of a pre-determined....Read More
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ICICI Lombard eyes art insurance
ICICI Lombard General Insurance Company is eyeing the ‘relatively small and untapped’ Indian art insurance market to expand its product portfolio.
The Indian art market has seen a 500 per cent jump in sales in the last five years...Read More
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IRDA plans online exchange for reinsurance
The insurance regulator plans to set up an electronic reinsurance exchange through which insurers will be able to purchase reinsurance cover.
This was indicated by IRDA chairman J Hari Narayan while inaugurating....Read More
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Name hospitals not on cashless list, says CIC
Insurers Told To Give Reasons For Taking Hospitals Off Network
The Central Information Commission has ordered that public sector health insurance companies must provide names of hospitals that do not feature in the Preferred Provider Network (PPN) for cashless services to an applicant under the....Read More
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Insurers cannot reject claims for delay in intimation: IRDA
Insurance companies cannot mechanically reject claims on technical grounds, such as delay in intimation and submission of documents, particularly if the delay is due to unavoidable circumstances, according to the insurance...Read More
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Chola MS, Mitsui Sumitomo launch ‘’Partners portal’’
Chola MS General Insurance,the joint venture between diversified business conglomerate Murugappa Group and Japan-based Mitsui Sumitomo Insurance Group today announced the launch of “Partner’s Portal”. “The portal enables partners ..Read More
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Automakers benefit from insurers’ feedback on claim data
Insurers are gently pushing automakers into tweaking vehicle design, creating a win-win situation for both as it helps trim unwieldy claims ratio and keeps car owners and manufacturers happy with reduced turnaround time at workshops. ..Read More
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Delays in approvals holds up new launches
IRDA is taking longer than usual to process product proposals, leading to delay in launches and hindering business plans of insurance companies, industry experts said. A product, which could be earlier launched within 30 days of seeking ....Read More
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Non-life insurance sector to reach Rs. 90,000 cr by 2015
The non-life insurance industry is expected to grow by over 18 per cent by 2015 to become a Rs. 90,000-crore sector from the current level of Rs. 47,000 crore, the Associated Chambers of Commerce and Industry of India.. ...Read More
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Royal Sundaram receives renewal of ISO 9001:2008
Royal Sundaram Alliance Insurance Company Limited has announced renewal of ISO 9001:2008 certification for their Accident and Health Claims Processes. The renewal is extended for next 3 years. The accreditation signifies Company’s....Read More
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