GIC Re's financial results are summarised below:
Life insurance companies in India are looking at new avenues and strategies to counter the impact of the removal of tax exemptions for non-unit-linked insurance policies with premium of over INR500,000 ($6,040) that was given effect in the 2023 Budget.
The IRDAI is working to implement, by 1 August, two high-tech projects - Health Claims Exchange and Bima Sugam - to deepen insurance penetration and simplify claims procedures.
The IRDAI is working on proposals to amend insurance legislation that would provide for rationalised capital requirements, composite registration, one-time registration of intermediaries, value-added services by insurers, and the sale of other financial products by insurers, according to Mr Debasish Panda, IRDAI chairman.
The Directorate General of GST Intelligence (DGGI) has widened its investigations of insurance companies for alleged GST violations to 10 more insurers, taking the total number of insurers covered by the probe to 30.
Insurance regulator IRDAI has relaxed norms for surety bonds with the goal of growing the surety insurance market by increasing the availability of such products.
The insurance regulator IRDAI has set up a 12-member task force to ease the Know Your Customer (KYC) process for insurers using Aadhaar, the 12-digit identification number for individuals.
ICICI Prudential Life Insurance has launched a new debt fund. Called ICICI Pru Constant Maturity Fund, it is available with the insurer's Unit-linked insurance plans (Ulips). The fund carries a lock-in of five years.
Star Health and Allied Insurance Company, a leading standalone private health insurer, plans to set up 1,000 new sales offices in the current fiscal year ending 31 March 2024 (FY2024) as part of its overall efforts to deepen its penetration in rural India.
The capital requirement of three public-sector general insurers (PSUs) is estimated to be INR172bn ($2.1bn) to INR175bn as of March 2024 to enable the insurers to meet the minimum solvency ratio of 1.50x, assuming the inclusion of 100% fair value change account (FVCA) in the available solvency margin, says Indian credit rating agency ICRA.