Pension fund regulator PFRDA has chosen state-run LIC as the default annuity service provider for subscribers exiting from New Pension System (NPS) and seeking withdrawal of accumulated pension wealth. PFRDA has empanelled seven Annuity Service Providers (ASPs) for providing annuity services to NPS subscribers. While subscribers are required to select...
China’s Ministry of Environmental Protection (MEP) and the China Insurance Regulatory Commission (CIRC) jointly released the “Guiding Opinions on Carrying Out the Pilot Program on Compulsory Environmental Pollution Liability Insurance” on February 21, which forces heavily-polluting enterprises to join an environmental liability insurance system to ensure they can provide adequate...
Welcoming the Budget for 2013, the insurance industry said that the proposal to have bancassurance through the broking route would help widen the distribution reach. “Insurance broking is a specialised business and may require banks to develop additional skills. This move by the government will allow insurers to take advantage...
Tata AIA Life Insurance launched an online term insurance plan ‘iRaksha Supreme’ with coverage up to 80 years especially catering to the needs of working women. “Studies show that India has a protection gap of over USD 6.67 trillion (about Rs. 374 lakh crore). This implies that for every Rs....
XIANG JUNBO, CHAIRMAN OF THE CHINA INSURANCE REGULATORY COMMISSION (CIRC) According to China’s insurance regulator, the growth of Chinese insurance companies’ slowed in 2012 after decades of robust increases. Xiang Junbo, chairman of the China Insurance Regulatory Commission (CIRC) believes that in 2012, total premium income of China’s insurers...
SBI General Insurance garnered premium of Rs. 425.47 crore in the first eight months of the ongoing financial year, with a rise of 219 percent over the same period in the previous fiscal. “We are delighted with the performance as we were able to establish a strong foundation across retail,...
According to Guangzhou’s 21st Century Business Herald reports, insurers in the mandatory third-party liability car insurance business in China have been incurring losses, but foreign insurers are still lining up to enter the market that has been recently opened. According to the China Insurance Regulatory Commission, 36 companies selling...
The Insurance Regulatory and Development Authority (IRDA) is likely to miss the November 30 deadline set by the government for the final guidelines on standardized products for the insurance sector. The 12-point agreement which the IRDA reached with the government in order to provide fillip to the industry is still...
Ping An Insurance (Group) Co of China Ltd has threatened to take legal action against the New York Times for reports that suggest that Wen Jiabao’s relatives had accumulated massive wealth, largely through holdings in the firm. A written statement said, “Recent media coverage related to the company contained serious...
According to the Life Insurance Association (LIA) Singapore, the industry achieved a total of $1,608.1 million in weighted new business premiums for the first nine months of 2012, representing a 10 percent improvement over the corresponding period in 2011. The overall performance was driven by the positive quarter-to-quarter growth in...
