BUSINESS
Indian Insurance News
Here are highlights of the Indian Insurance News in the recent times. "The insurance industry of India is dynamic", and the news below are testimonials of the saying.
Ceiling on ULIP Charges in India:
The year 2010 brought many changes in the insurance industry. The Insurance Regulatory and Development Authority (IRDA) decided to reduce the erroneous selling of Unit-linked Insurance Plans (ULIPs). Ceilings have been imposed on the charges of the ULIPs. The SEBI (Securities and Exchange Board of India) and the IRDA had been at loggerheads with each other in the last fiscal year. The ULIP centric regulations have been brought into effect from the 1st of September 2011. It has made noticeable differences in the process the buying and selling of insurance products. Many insurers withdrew the cashless facility in leading hotels. However, the mediclaim facilities which resulted in large-scale losses for many insurers saw no changes.
IRDA's Approves Edelweiss Tokio Life Insurance Company:
The Edelweiss Tokio Life Insurance Company got approval of IRDA to enter the insurance (life) segment. This firm is a joint venture between Edelweiss Group (financial services conglomerate) and Tokio Marine and Nichido Fire Insurance (insurance group of Japan). The firm was registered under Section 3 of Insurance Act of 1938 by IRDA. Thus, the number of life insurance companies in the country rose to 24. The company is planning to venture into the protection and savings plans in the long run.
Discrimination of the Central Administration towards AIDS Patients:
The Delhi High Court has questioned the discrimination of the administrators and policy makers in the center towards the HIV positive patients. A section bench including Dipak Misra (chief justice) and Sanjiv Khanna (justice) has criticized the partiality. The point of highlight was that if at all an existing policy holder is tested HIV positive the individual is deprived of all the benefits of the policy. The only life insurance company in India to give privileges to the AIDs patients is - Star Health and Allied Insurance Company Limited. This company even opens new accounts of HIV positive individuals.
Two New Insurance Products by Star Union Dai-chi Life:
Two new products of Star Union Dai-chi Life or SUD Life has called 'Dhan Suraksha Express' (ULIP) and 'Defined Growth Endowment Plan' (traditional business category) were launched in the market. The support of the Bancassurance partners has made the ventures feasible. Additionally, the Union Bank of India, Bank of India and seven rural (regional) banks have supported the launch of these two products.
Training for Advisors at Kotak Life Insurance:
A new training program has been launched by the Kotak Mahindra Old Mutual Life Insurance Limited (now called Kotak Life Insurance) to upgrade the skills of the existing employees. The certification awarded at the end of the program is called Certified Personal Financial Advisors (CPFAs). The National Institute of Securities Markets (NISM) has designed the curriculum. The first phase of training included the 45 best advisors as well as 350 payroll staff from all over the country.
Rakesh Singh Takes Charge (Additional) of LIC Chairman:
The Additional Secretary of the Department of Financial Services Shri Rakesh Singh got the additional charge of the LIC. He replaced the Shri T S Vijayan. The maximum tenure of the job is five years. The age of retirement from the chair is 60 years. Rakesh Singh succeeded the Indian Administrative Service Examination in the year 1978. He has rich experience with the National Bank for Agriculture and Rural Development (NABARD).
Other Important Highlights in the Insurance Sector in India:
Ceiling on ULIP Charges in India:
The year 2010 brought many changes in the insurance industry. The Insurance Regulatory and Development Authority (IRDA) decided to reduce the erroneous selling of Unit-linked Insurance Plans (ULIPs). Ceilings have been imposed on the charges of the ULIPs. The SEBI (Securities and Exchange Board of India) and the IRDA had been at loggerheads with each other in the last fiscal year. The ULIP centric regulations have been brought into effect from the 1st of September 2011. It has made noticeable differences in the process the buying and selling of insurance products. Many insurers withdrew the cashless facility in leading hotels. However, the mediclaim facilities which resulted in large-scale losses for many insurers saw no changes.
IRDA's Approves Edelweiss Tokio Life Insurance Company:
The Edelweiss Tokio Life Insurance Company got approval of IRDA to enter the insurance (life) segment. This firm is a joint venture between Edelweiss Group (financial services conglomerate) and Tokio Marine and Nichido Fire Insurance (insurance group of Japan). The firm was registered under Section 3 of Insurance Act of 1938 by IRDA. Thus, the number of life insurance companies in the country rose to 24. The company is planning to venture into the protection and savings plans in the long run.
Discrimination of the Central Administration towards AIDS Patients:
The Delhi High Court has questioned the discrimination of the administrators and policy makers in the center towards the HIV positive patients. A section bench including Dipak Misra (chief justice) and Sanjiv Khanna (justice) has criticized the partiality. The point of highlight was that if at all an existing policy holder is tested HIV positive the individual is deprived of all the benefits of the policy. The only life insurance company in India to give privileges to the AIDs patients is - Star Health and Allied Insurance Company Limited. This company even opens new accounts of HIV positive individuals.
Two New Insurance Products by Star Union Dai-chi Life:
Two new products of Star Union Dai-chi Life or SUD Life has called 'Dhan Suraksha Express' (ULIP) and 'Defined Growth Endowment Plan' (traditional business category) were launched in the market. The support of the Bancassurance partners has made the ventures feasible. Additionally, the Union Bank of India, Bank of India and seven rural (regional) banks have supported the launch of these two products.
Training for Advisors at Kotak Life Insurance:
A new training program has been launched by the Kotak Mahindra Old Mutual Life Insurance Limited (now called Kotak Life Insurance) to upgrade the skills of the existing employees. The certification awarded at the end of the program is called Certified Personal Financial Advisors (CPFAs). The National Institute of Securities Markets (NISM) has designed the curriculum. The first phase of training included the 45 best advisors as well as 350 payroll staff from all over the country.
Rakesh Singh Takes Charge (Additional) of LIC Chairman:
The Additional Secretary of the Department of Financial Services Shri Rakesh Singh got the additional charge of the LIC. He replaced the Shri T S Vijayan. The maximum tenure of the job is five years. The age of retirement from the chair is 60 years. Rakesh Singh succeeded the Indian Administrative Service Examination in the year 1978. He has rich experience with the National Bank for Agriculture and Rural Development (NABARD).
Other Important Highlights in the Insurance Sector in India:
- Punjab National Bank Enters Insurance Business
- MIP 5' of ICICI Prudential Enters Indian Market
- IRDA Relaxes Insurance Firms' Accounting Rules
- IRDA gives Green Signal to joint venture Magma-HDI
- IRDA Announces 15 Percent Decline in ULIP Sale
List of Life Insurance Companies in India (2011)
- Life Insurance Corporation of India
- MetLife India Life Insurance Company Limited
- ICICI Prudential Life Insurance Company Limited
- Bajaj Allianz Life Insurance Company Limited
- Max New York Life Insurance Company Limited
- Sahara India Life Insurance Company Limited
- TATA AIG Life Insurance Company Limited
- HDFC Standard Life Insurance Company Limited
- Birla Sun Life Insurance Company Limited
- SBI Life Insurance Company Limited
- Kotak Life Insurance Company Limited
- Aviva Life Insurance Company Limited
- Reliance Life Insurance Company Limited (Formerly called as AMP Sanmar LIC)
- ING Vysya Life Insurance Company Limited
- Shriram Life Insurance Company Limited
- Bharti AXA Life Insurance Company Limited
- Future Generali Life Insurance Company Limited
- IDBI Fortis Life Insurance Company Limited
- AEGON Religare Life Insurance Company Limited
- DLF Pramerica Life Insurance Company Limited
- Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited
- Star Union Dai-ichi Life Insurance Company Limited
- IndiaFirst Life Insurance Company Limited
- Edelweiss Tokio Life Insurance Company Limited
List of General Insurance Companies in India (2011)
- Bajaj Allianz General Insurance Company Limited
- ICICI Lombard General Insurance Company Limited
- IFFCO Tokio General Insurance Company Limited
- National Insurance Company Limited
- The New India Assurance Insurance Company Limited
- The Oriental Insurance Company Limited
- Reliance General Insurance Company Limited
- Royal Sundaram Alliance Insurance Company Limited
- Tata-AIG General Insurance Company Limited
- United India Insurance Company Limited
- Cholamandalam MS General Insurance Company Limited
- HDFC ERGO General Insurance Company Limited
- Star Health and Allied Insurance Company Limited
- Apollo DKV Insurance Company Limited
- Future Generali India Insurance Company Limited
- Shriram General Insurance Company Limited
- Bharti Axa General Insurance Company Limited
- Raheja QBE General Insurance Company Limited
Best Health Insurance Companies in India (2011)
- Star Health Insurance
- Apollo-DKV Insurance
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- Aviva Life Insurance
- Bajaj Allianz Life Insurance
- Birla�Sun�Life Insurance
- HDFC Standard Life Insurance
- ING Vysya Life Insurance
- Life Insurance Corporation of India
- Max Life Insurance Company
- MetLife India Insurance
- Reliance Life Insurance
- Sahara India Life Insurance
- SBI Life Insurance
- Tata AIG Insurance Company Ltd
- Om Kotak Mahindra Insurance
Company
- Agriculture Insurance Company of India Ltd
- Amsure Insurance
- ANZ Insurance
- Cholamandalam General Insurance
- Employee's State Insurance Corporation
- ICICI Lombard General Insurance
- IFFCO-Tokio General Insurance
- National Insurance Company Ltd
- Oriental Insurance Company Ltd
- Peerless Smart Financial Solutions
- Royal Sundaram Alliance Insurance India
- Tata AIG Insurance Company Ltd
- Export Credit Guarantee Corporation of
India Ltd
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