Life insurers ask Insurance Regulatory and Development Authority (IRDA) not to cap charges on universal life policies (ULPs) Business Standard
Insurance: Non-life business now enters growth phase The Economic Times
Policy-holders to be told about alternate hospitals Yahoo News
Pension Fund Regulatory and Development Authority (PFRDA) sets up panel to overhaul National Pension System Business Standard
Third party administrators (TPAs) warn of legal action against PSU insurance majors The Times of India
Comptroller and Auditor-General of India (CAG): PSU insurers incur huge losses in group mediclaim plans The Hindu Business Line
Cashless facility in corp hospitals to resume from Friday The Economic Times
IRDA tells firms to put disclaimers in bigger print, disclose costs Mint
Unit-linked insurance policies (ULIPs) may lose flavor sans spice of tax advantage The Hindu Business Line
Insurance Regulatory and Development Authority (IRDA) eases deadline for life insurers to bundle life covers with pension plans The Economic Times
Insurance Regulatory and Development Authority (IRDA) to launch vehicle insurance tracking system The Hindu Business Line
Securities and Exchange Board of India (SEBI) moves Supreme Court over unit linked insurance products (ULIPs); notices issued to centre, 14 insurers The Times of India
Bancassurance to generate 40% of pvt insurers premium income The Economic Times
Insurance needs competent advisers, that's why the load Mint
Finance Minister says Securities and Exchange Board of India (SEBI), Insurance Regulatory and Development Authority (IRDA) to maintain unit-linked insurance product (ULIP) current status Reuters
Public sector general insurers' savings-linked plans, the first casualty The Hindu Business Line
RSA MAY BE RELIANCE GEN PARTNER
Anirudh Laskar and Baiju Kalesh, Mumbai
Chennai-based financial services firm Sundaram Finance Group will exit its general insurance venture Royal Sundaram Alliance Insurance Co. Ltd, with its British partner RSA Insurance Group Plc buying out its 74 percent stake, according to two persons familiar with the deal.
RSA will then merge the company with Reliance General Insurance Co. Ltd to create a new firm and take a 26 percent stake in it, the two added, asking not to be identified.
"The process may take about a month," said one of the two.
Once Sundaram Finance exits the partnership in Royal Sundaram General, RSA will have to acquire the entire stake in the joint venture. But Indian regulations do not allow a foreign company to own more than 26 percent of an insurance firm. RSA will, therefore, merge the business (which is currently under Royal Sundaram General) with Reliance General, and the combined entity will transfer a 26 percent stake to RSA.
According to a third person familiar with the transaction who too did not want to be identified, Reliance General is valued at $500 million (Rs 2,255 crore). At this valuation, a 26 percent stake would be worth at least Rs 600 crore.
29 March, 2010
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ING Life launches new unit-linked insurance plans (ULIP) plan, ING Flexi Life Plus
The Economic Times