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Insurance agent malpractices to be made public
Insurance agent malpractices to be made public as per IRDA rules. Corrective steps taken after getting several complaints from the customers. The names of the errant agents to be published on the insurance websites of each insurance firm.
Future Group in insurance venture
Future group and Italian Assicurazioni Generali S.p.A comes together to start a life insurance venture and have received a liscence to conduct life and non-life insurance business in India.
Max New York in pact with Anantapur district co-op bank
MNYL signed a bancassurance agreement with Anantapur District Cooperative Central Bank Ltd. All over India it is the 13th rural bancassurance Joint Venture (JV) and in Andhra Pradesh it is the 12th JV.
Rural life insurance pays Rs.100 crore to ICICI Prudential
ICICI Prudential Life Insurance has earned more than Rs 100 crore businesses by selling more than 1 million policies, from its venture into rural markets.
Birla Sun Life raises capital
Birla Sun Life Insurance Company Ltd. had a capital base of Rs. 877 crore and increased it by Rs.123 crore. IRDA had levied certain norms for the solvency margin requirements.
MNYL perceives India as a potential market
MNYL perceives India as a potential market and India's demographics supports the growth strongly.
MNYL expansion plans
MNYL Insurance aims to increase its capital base by Rs.2, 600 crore. It will increase its branch network by 90 to 100 branches every year and would increase the agents force to 2, 00,000 in the coming 4 to 5 years.
BoI, Dai-ichi, UBI signs pact
The trio, Bank of India (BoI), a Japan-based Dai-ichi Mutual Life Insurance Company and Union Bank of India (UBI) have jointly come up with a life insurance company.
SBI Life launches Dhanaraksha Plus; group insurance scheme
SBI Life launches umbrella scheme which will cover a variety of loans such as home loan, car loan and personal loan distributed through a group insurance policy.
Birla Sun Life introduces two micro insurance plans
Birla Sun Life Insurance (BLSI) introduced two micro insurance products- Bima Suraksha Super and Bima Dhan Sanchay.
IRDA committee to examine insurance distribution networks
A committee has been constituted by IRDA to examine the functioning of the various distribution channels for life insurance products
General Insurance Corporation gets stakes in Kenyan firm
GIC obtains 'East African Reinsurance Company' based in Nairobi for which they have got the consent of the Kenyan regulator.
Foreign direct investment of $540 mn in insurance sector
$540 million of FDI has been pumped in Indian insurance sector for the period ending on March 31, 2007. As per the regulations, Foreign Direct investment in the insurance sector is capped at 26 per cent.
Credit card by LIC in next 7 months
LIC to launch its credit card in early 2008.
Kotak Life to enhance business in Kerala, new branches
Kotak Life Insurance will come up with two new branches in Kerala by the end of September 2007.
ICICI Pru, Dubai co. pact for NRI customers
ICICI Prudential Life's non resident Indian (NRI) customers will now be able to pay their premiums locally with the insurer tying up with Dubai-based UAE Exchange House for premium payments and such like.
Inadequate life insurance cover for majority Indian households
About 94% of indian households will not survive the first year if their household income were to stop.
LIC's bancassurance business growing steadily
Life Insurance Corporation of India (LIC) is growing its bancassurance business steadily.
Bharti AXA expands network in Kerala
Bharti AXA Life Insurance Company Ltd. opens third branch in Kerala. Plans to come up with 10 new branches in Kerala.
ICICI Pru Life's rural push - micro offices and biometric cards
ICICI Prudential Life Insurance plans to cater to the rural market using a mix of biometric smart cards and micro offices.
SBI Life to take advantage of parent bank network
SBI Life, the life insurance spin-off of the public sector banking giant, plans to step up its operations in rural and semi-urban areas by better utilizing the State Bank of India (SBI) branch network.
Gratuity, a right not reward
The Supreme Court ruled that gratuity is an unchallenged right of an employee, not a reward that is offered by the management.
Andhra Bank tops in LIC business of bancassurance
Description: Andhra Bank out-performed all other banks in the bancassurance business of Life Insurance Corporation of India (LIC).
IRDA warns insurers, proposal mandatory
IRDA says it's compulsory to issue a proposal form when issuing a policy. The said direction was issued following numerous complaints in this regard.
New health product by SBI Life
SBI Life Insurance Company Ltd is coming up with a new health product at the start of the next fiscal year.
SBI life insurance expands branch-network
SBI Life Insurance is increasing the number of branches by 100 to increase business and provide excellent customer service.
Metlife insurance raise capital to Rs. 1,230 crore by 2009-10
Metlife Insurance Company Ltd. wants to raise its paid-up equity capital by Rs.350 crore by the next fiscal year to a sum of Rs.1,230 crore. Plan to expand network.
Kotak Mahindra Old Mutual Life Insurance's 119th branch at Mangalore
Kotak Mahindra Old Mutual Life Insurance Ltd. opens its 119th branch at Mangalore. The number of branches will increase to 150 at the end of the fiscal year.
Women SHGs to get LIC cover
All women's self-help groups (SHG) credit-linked to banks will be covered by the Life Insurance Corporation of India (LIC).
LIC explores non-life segment
LIC explores non-life segment, having achieved success into health and life insurance sector. It aims at selling 75 lakh policies in this financial year. 60 per cent of the set target has already been met with.