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18 October 2010, 07:10:57

Life insurers ask Irda not to cap charges on ULPs

“We have to see what the level of cap is. It is not appropriate for the regulator to control price. There is a ceiling on the overall expenses and companies functions well within it,” said a senior executive at a life insurance company selling ULPs. Sources close to the development said...

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17 October 2010, 11:10:57

Insurers can take over loans of only govt-guaranteed projects

This has been told by the Insurance Regulatory and Development Authority (Irda) to the government and the Planning Commission. “Insurance companies will be allowed to give long-term finance for infrastructure projects only if they are backed by...
15 October 2010, 12:10:25

Despite Ulip spat, life insurers log 36% rise in new income

After the Securities & Exchange Board of India (Sebi) banned 14 life insurance companies from selling Ulips on April 9, the industry expected sales to fall substantially. A day later, Irda asked insurance companies to ignore the order and...
13 October 2010, 08:10:25

Higher medical claims erode insurers earnings

The claim ratio in ICICI Lombard’s health portfolio was around 100 per cent. This is despite an increase in premium income during the quarter by 27 per cent to Rs 1,118 crore from Rs 878 crore in the first quarter of the last financial...
13 October 2010, 07:10:25

Insurers focus on single premium products

In single-premium products, policyholders need to pay the premium only once during the policy term. Insurers said it would be easy to sell single premium products due to the zero cost of pursuing the product. The average ticket size is also higher...
12 October 2010, 11:10:25

Private insurers to adopt PSU rates for cashless mediclaim

“Private players have expressed interest in following the packaged rates decided by the PSU insurers,” said a senior General Insurance Public Sector Association (Gipsa) member who did not want to be quoted. The rates worked out by Gipsa are...
12 October 2010, 06:10:25

New Ulip rule to reduce insurers income

“Pension is mainly a savings instrument. Bundling it with life cover is not a very good idea. This will take away the charm of the product. We expect our share from pension plans to dip significantly, from 55 per cent to 25-30 per cent,” said a...
12 October 2010, 02:10:25

Insurers relieved from bundling pension plans with life

After the current ruling on Unit-linked insurance plans (Ulips), it is clear that an insurance contract offering one out of the three — life insurance cover, health insurance cover or annuitisation on human life — is sufficient to categorise it...
12 October 2010, 07:10:25

Insurers want 180 days grace period for premium default

Insurers say there is not enough time for them to adopt the guidelines and enforce them within the stipulated time. All leading life insurance companies, which met recently, have listed a host of issues on which they will seek clarifications from...
11 October 2010, 10:10:25

Non-life insurers to seek withdrawal of capital gains tax

“Profit made on sale of investment will be taxable now, which has become a matter of concern before us. It is all set to have its impact on our PAT,” said M Ramadoss, Chairman and Managing Director New India Assurance on the sidelines of Skoch...
11 October 2010, 10:10:25

Life insurers new biz collection jumps 70%

Insurers had anticipated an adverse effect of the change in norms, as the lock-in period had been increased from three years to five years. They had increased their sales target for the year to August. Most companies were selling their pension...
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