The authorities of Life Insurance Corporation (LIC) have decided to give relaxation to the policyholders affected by the natural calamity in Uttarakhand. If death of insured person was caused in the floods or landslides in Uttarakhand, no investigation would be done and a payment up to Rs. 10 lakh would...
A vice governor of China’s Central Bank said that China will introduce a bank deposit insurance system at an appropriate time. Pan Gongsheng, vice governor of the People’s Bank of China, didn’t give any hint of a fresh timetable for the move, which is seen as a key step in...
Banks may face fresh curbs on sales of third-party insurance products, according to sources in the banking industry. The restrictions could be brought in after RBI releases detailed guidelines on distribution of third party products by June end. Cash investments in third-party insurance products may also be restricted. An investigation...
The Securities and Exchange Commission of Pakistan (SECP) issued a license to the Sahara Insurance Company Limited (SICL), a wholly owned subsidiary of the Employees Old-age Benefits Institution (EOBI), to transact non-life insurance business in Pakistan. With continuing emphasis on social insurance, the EOBI decided to incorporate the SICL...
India First Life Insurance expects to break even in 2015-2016, two years ahead of the original deadline, according to a senior company official. “We originally set break even targets in the eighth year of our operation, but we think we could break even in the sixth year at the current...
Mapfre Warranty has signed a strategic partnership with Aioi Nissay Dowa Insurance to work together in the market for vehicle warranty services in Japan. Both companies will cooperate to increase customer satisfaction with a portfolio of warranty services to suit the requirements of Japanese motorists and are going to launch...
Securities and Exchange Commission of Pakistan (SECP) has directed all the insurance companies to make sure that their agents are properly qualified and have completed their respective foundation courses. A circular issued by the SECP’s insurance division has stated that the insurance companies need to make sure their agents meet...
SKS Microfinance said it has paid Rs. 50 lakh as penalty imposed by insurance regulator-Insurance Regulatory and Development Authority (IRDA), along with a request to file a review petition to drop the charge made against the company. “The company has paid Rs. 50 lakh to IRDA with a request to...
The Ministry of Commerce (MOC) has reminded Chinese working in the Republic of Korea (ROK) of their right to claim back insurance premiums when their work ends and they return home. In a statement posted online, the MOC said that so far, nearly 10,000 qualified Chinese workers are yet to...
Pension fund regulator PFRDA has allowed investors in the New Pension Scheme (NPS) to withdraw lump sum amount at the time of their exit, as opposed to the current practice of ‘phased withdrawals’ every year. The replacement of ‘phased withdrawal’ with ‘deferred withdrawal’ was taken after PFRDA received feedback from...
