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Government To Provide Insurance Cover Under Jan-Dhan Yojna
[Posted by: InsuringIndia News on Friday, August 29, 2014 10:58 AM]
Prime Minister Mr. Narendra Modi on Thursday launched ambitious financial inclusion scheme Pradhan Mantri Jan-Dhan Yojna (PMJDY), under which at least one bank account will be opened per Indian household.

Under the scheme, account holders would get a RuPay debit card launched by the National Payments Corporation of India (NPCI) and a personal accident cover of up to Rs 100,000. All those who open account by January 26, 2015, will also get life insurance cover of Rs 30,000.

Cardholders would also get an overdraft facility of up to Rs 5,000.

NPCI has signed a three-year agreement with private general insurer HDFC Ergo to provide personal accident cover to RuPay cardholders; while similar agreement would be signed with country’s largest insurer the Life Insurance Corporation (LIC) of India to offer a life cover.

LIC will provide unconditional cover; while HDFC Ergo will provide cover to the cardholders in case of death or permanent disability. As per the agreement between HDFC Ergo and NPCI, a claim will be disposed only if the card is active.

A card will be considered active if the cardholder has swiped it within 45 days of making a claim. However, the NPCI is in talks with HDFC Ergo to improvise the scheme so that the claim can be made if the card was swiped within the preceding 90 days.

PMJDY also aims at curbing corruption as it would facilitate routing of subsidies directly into the accounts of intended beneficiaries, Mr. Modi said.

GSB Seva Mandal Ganapati Pandal Insured For Rs 259 Cr
[Posted by: InsuringIndia News on Friday, August 29, 2014 12:00 AM]
Committee member of the GSB Seva Mandal, Mr. Satish Nayak said, “This year, we have gone for a larger cover as we have taken it for a one kilometre radius from the pandal. This includes cover for all devotees and the deity’s ornaments against terror attacks, accidents, flooding or external damage.”

The Ganesh idol at GSB Seva Mandal Ganapati pandal is decked with at least 50 kg of gold.

The popular Ganesh pandal - Lalbaugcha Raja in Lalbaug, has insured for Rs 51 crore by New India Assurance, the cover includes Rs 3.5 crore for the pandal, Rs 10 crore for risks which include food poisoning from prasad, a Rs 7.5 crore cover to insure the idol's jewellery and Rs 30 crore cover that insures security officials, volunteers and local residents.

Ganeshotsav festival, especially in Mumbai, has always been a profitable season for insurance companies.

The 10-days long festival has started on August 29, 2014. It is expected that nearly one crore people from around globe will pour on to Mumbai’s roads for ‘Darshan’.

Congress To Support Insurance Bill
[Posted by: InsuringIndia News on Thursday, August 28, 2014 12:00 AM]
Long-pending economic reform bill Insurance Laws (Amendment) Bill seeking to raise FDI (foreign direct investment) ceiling in insurance, may get parliamentary nod in the Winter session.

“We are totally in favour of FDI. It is our baby and it was the BJP which was opposed to the bill in 2008. We were given to understand that our bill is going to be passed in the House. But the NDA government has made some substantive amendments to the bill,” Leader of Opposition in Rajya Sabha Mr. Ghulam Nabi Azad told reporters.

“We have recommended that the substantive issues like the FDI, which have been diluted by the FII, along with other issues should be discussed, examined dispassionately and objectively by the Select Committee. The bill can be passed in the Winter session and we will ensure its passage,” he added.

The Insurance Laws (Amendment) Bill was first introduced by the UPA government in 2008, but it could not be taken up in the Rajya Sabha, the Upper House of the Indian Parliament, because of opposition from then main opposition party the BJP.

Modi-led NDA government have made as many as 97 amendments in the original bill proposed by the UPA government. Due to the stiff resistance from as many as 9 parties including the Congress, the bill could not be passed in the Budget session. They were demanding it to refer to a Select Committee of Parliament.

The government agreed to the opposition demand and eventually referred to a Select Committee.

SBI Life Buys 3.43 Lac Shares Of MCX India @ Rs 830
[Posted by: InsuringIndia News on Wednesday, August 27, 2014 12:00 AM]
Private sector life insurance firm SBI Life Insurance Company Ltd, on August 27, bought 3,43,400 shares of Multi Commodity Exchange (MCX) of India @ Rs 830.

Financial Technologies India Limited sold 13,70,000 shares of MCX @ Rs 827.59 on the BSE and sold 11,79,919 shares @ Rs 834.76 on the NSE.

In the previous trading session, the share closed at Rs 856.85, up Rs 41.40, or 5.08 percent. The share touched its 52-week high Rs 895 on July 21, 2014 and 52-week low Rs 338.30 on August 28, 2013.

SBI Life Insurance Company Ltd is a joint venture between country’s largest lender State Bank of India (SBI) and BNP Paribas Cardif, an insurance arm of French bank and financial services company BNP Paribas. SBI holds 74 per cent stakes in the JV and BNP Paribas Cardif, the remaining 26 percent.

LIC Ties-Up With Five Insurance Repositories To Convert Policies Into Digital Form
[Posted by: InsuringIndia News on Monday, August 25, 2014 12:00 AM]
Insurance behemoth the Life Insurance Corporation (LIC) of India has tied-up with all five insurance repositories in order to comply with the Insurance Regulatory and Development Authority (IRDA) last week.

The insurance regulator had launched a two-month pilot project for Mumbai last month, making it mandatory for all life insurance firms to digitise traditional paper policies a minimum of 1,000 or 5 % of the total individual policies issued. Further, this facility may be extended across the country.

The sector regulator has recently provided insurance repository licence to five companies i.e. - Central Insurance Repository Limited, NSDL Database Management Limited, Karvy Insurance Repository Limited, CAMS Repository Services Limited and SHCIL Projects Limited.

To avail the facilities, policyholders will only need to open an e-insurance account with any of the five insurance repositories. It’s free of cost for the policyholders. However, insurance companies will be required to bear the cost with the repositories.This electronic format will enable policyholders to renew policies online. Also, there will be no risk to lose the physical documents.

Indian Insurers Can Invest In Onshore Rupee Bonds Of IFC, ADB
[Posted by: InsuringIndia News on Friday, August 22, 2014 12:00 AM]
Accepting the request of International Finance Corporation (IFC), Indian insurance regulator, the Insurance Regulatory and Development Authority (IRDA), on Wednesday, allowed Indian insurers to invest in onshore rupee bonds issued by IFC and Asian Development Bank (ADB).

The International Finance Corporation , World Bank’s financing arm for the private sector, said that it would raise $2.50 billion (about Rs.15,000 crore) from rupee-denominated bonds to support infrastructure development in India.

IFC Executive Vice President and CEO Jin-Yong Cai said, “The IFC will use a combination of rupee-denominated bonds and swaps to raise local-currency financing of up to Rs.15,000 crore over the next five years.”

“It will also create a new momentum in the development of corporate bond market and long-term bond market. It will create a yield curve which can then be followed by others”, Economic Affairs Secretary Mr. Arvind Mayaram said at the time of launching the scheme.

The central government has allowed onshore rupee bonds issued by multilateral agencies like ADB and IFC to be classified as securities under the Securities Contracts (Regulation) Act.

Following this, the insurance watchdog too classified such bonds as approved investments for the Indian insurance cos.

According to the insurance regulator, the public issue onshore rupee bonds by ADB or IFC should be approved by Securities and Exchange Board of India (SEBI) and be subject to the rating criteria as per its investment regulations.

However, if SEBI exempts rating of the bonds by the credit rating agencies registered with it owing to the rating received from international rating agencies then it will be considered as approved investments, the insurance regulator said.

The valuation of these bonds will be similar to other corporate bonds and debentures, IRDA said.

Jharkhand Govt Moots Insurance Scheme For Farmers
[Posted by: InsuringIndia News on Thursday, August 21, 2014 12:00 AM]
The Congress supported Jharkhand Mukti Morcha government, led by Mr. Hemant Soren plans to bring a free insurance scheme for the farmers of the state.

During his visit to Central Coalfields Limited (CCL), Piparwar, the Jharkhand Agriculture Minister Mr. Yogendra Saosaid, “The government is prepare to tackle the situation of drought in the state while on the other hand it would also implement free insurance scheme for the farmers.”

By this insurance scheme farmers would be highly benefitted, he said adding, “The modalities of this free insurance scheme for the farmers, is being worked out.”

There would be at least one agricultural bank established in every block, he said.

Mr. Sao also held separate meetings with the CCL officials and the local Congress workers of the area.

Reliance General Profit Up 138% In First Quarter Of FY’ 2014-15
[Posted by: InsuringIndia News on Thursday, August 21, 2014 12:00 AM]
The Anil Ambani-led Reliance General Insurance Company has registered its profit more than double to Rs 24.3 cr in the first quarter of fiscal year 2014-15. During the period, the leading private general insurance firm sold more than 10 lac policies.

In the first quarter that ended on June 30, 2014, the insurer’s profit rose by 138% to Rs 24.3 crore from Rs 10.2 crore in the same period of previous year.

"While the industry is going through a phase of slow growth, we at Reliance General are trying to reach out to the under-insured population and businesses to sustain growth. We have one of the biggest agency strength which has helped us significantly," Reliance General Insurance Company Chief Executive Officer Mr. Rakesh Jain told reporters.

The insurer registered its first full-year net profit at Rs 64 crore for the last fiscal year that ended on March 31, 2014.

LIC Unveils Protection-cum-Saving Plan-Jeevan Rakshak
[Posted by: InsuringIndia News on Wednesday, August 20, 2014 12:00 AM]
Country’s largest insurer the Life Insurance Corporation (LIC) of India, on Tuesday, unveiled its new endowment plan, Jeevan Rakshak. It offers a combination of protection and saving features.

After launching the new plan at its Raichur divisional office, Senior Divisional Manager Mr. S.V.K. Ranga Rao said, “Jeevan Rakshak plan has multiple benefis such as low premium and high insurance coverage.” It is a people-friendly plan, he added.

This regular premium paying Non-linked plan is available to standard lives only under non-medical scheme.

People between the age group of 8 yrs to 55 yrs can avail this policy. The maximum maturity age is 75 years. The minimum sum assured is Rs. 75,000 and the maximum is Rs. 2 lac.

The minimum policy tenure is 10 years and maximum is 20 years.

Policyholders can take loan on the policy after three premium payment years.

HDFC Life With Manipal University To Offer Course In Insurance
[Posted by: InsuringIndia News on Wednesday, August 20, 2014 12:00 AM]
Leading private insurance firm HDFC Life Insurance Co. Ltd. has joined hands with Manipal University to offer a post-graduation diploma course in insurance. The university has tailored a year-long course customised for HDFC Life Insurance. Earlier, this partnership had put a three-month certificate course for HDFC Life.

The university, through its latest programme, will provide graduates with domain knowledge, communication and team-handling skills relevant to the insurance sector. After the successfully completion of the programme, the candidates will be absorbed by HDFC Life.

According to the Executive President (Education Services), Manipal Global Education Mr. R. V. Sivaramakrishnan, HDFC Life is the only partner of Manipal University in the insurance sector.

“This course will surely help us to bring down the attrition rate at the same time, ensure the availability of good talent," said Mr. R Chandrasekhar, Executive Vice-president, Learning and in Development, HDFC Life Insurance.

Insurance Repository System May Introduce Health, Motor Insurance By Year-End
[Posted by: InsuringIndia News on Tuesday, August 19, 2014 12:00 AM]
Insurance Repository System (IRS) which facilitates customers to convert their traditional paper policies into electronic format, likely to introduce conversion of health and motor insurance policies by December this year.

IRDA's Insurance Repository System is the first of its kind in the world, which was launched in September 2013 by then Finance Minister, Mr. P. Chidambaram. IRDA has provided insurance repository licenses to five companies i.e. - Central Insurance Repository Limited, NSDL Database Management Limited, Karvy Insurance Repository Limited, CAMS Repository Services Limited and SHCIL Projects Limited.

Presently, the Insurance Repositories only convert life insurance into e-insurance.

"We are going to complete one year in September and with low awareness the growth is slower and mostly concentrated in the urban areas. However, we expect the growth pace to increase after the regulator makes e-insurance mandatory. We expect the decision in another one year”, Karvy Insurance Repository Executive Director Mr. Viiveck Verma said.

Govt To Relaunch Insurance-cum-Pension Plan For Senior Citizens
[Posted by: InsuringIndia News on Monday, August 18, 2014 12:00 AM]
The Union Finance Minister Mr. Arun Jaitely has recently announced the re-launch of an insurance-cum-pension scheme for benefit of senior citizen of the country that will provide monthly pension ranging from Rs 500 to Rs 5,000.

This revived scheme Varishtha Pension Bima Yojana (VPBY ) will be administered by country’s largest insurer Life Insurance Corporation (LIC) of India. This scheme aims at to provide financial security to citizen aged 60 years and above by ensuring regular income during their advancing years.

Highlights of VPBY:

1) Minimum age to enter into the scheme: 60 years.

2) Minimum investment (purchase price) : Rs 66,665.

3) Maximum investment (purchase price) : Rs 6,66,665.

4) Single lump sum premium.

5) Minimum pension Rs 500/month

6) Maximum pension Rs 5,000/ month

7) Assumed return 9.38 percent annual

8) Pension payment period: Monthly, Quarterly, Half-yearly or Yearly.

9) On demise of the insured, nominee will receive the investment amount.

IRDA Allows 3-Yrs Insurance Cover For Bikes In One Go, Soon For Cars
[Posted by: InsuringIndia News on Thursday, August 14, 2014 12:00 AM]
The Insurance Regulatory and Development Authority (IRDA), on Tuesday, accepted the demand of general insurance companies to provide compulsory third-party insurance cover for two-wheelers for a period of three years in one go, as against the current practice of annual renewal. However, the own-damage cover can be renewed annually.

If everything goes fine, the same could be replicated for four-wheeler and commercial vehicles, the regulator said in the circular to all general insurance companies.

According to the industry experts, this move would help general insurers increase their premium collection and reduce policy issuance cost, which could also lead to lower premiums as insurers could share the cost savings. Besides, it would also be convenient for customers to get their vehicles insured for three years in one shot.

“In the two-wheeler segment, there are a large number of owners who forget to renew their policy after the first year and a long-term cover will help reduce the number of uninsured vehicles on the road," said New India Assurance Chairman Mr. G. Srinivasan.

As per the circular, the total premium for third-party insurance cover for three years would be 3-fold the annual premium, and no revision in premium can be made during the tenure of the policy.

Other terms and conditions will remain the same as against the one year policy.

Insurance Bill Sent To Select Committee, Chandan Mitra To Head
[Posted by: InsuringIndia News on Thursday, August 14, 2014 12:00 AM]
Following the stiff opposition of 9-political parties, including the Congress, the BJP-led NDA government has finally sent the insurance bill to the select committee.

The government is keen to get this key economic reform bill passed. Therefore, the government bowed to the demand of the opposition party and constituted a Select Committee on insurance. The committee will be headed by senior BJP MP from Rajya Sabha Mr. Chandan Mitra.

“The committee would submit its final report on the last day of the first week of the next Parliament session”, Union Finance Minister Mr. Arun Jaitley said.

The committee consists of representatives from BJP, Congress, BSP, JDU, TMC, CPIM, AIADMK, SAD, SP. Members are: Mukhtar Abbas Naqavi, J.P. Nadda, Anand Sharma, B.K. Hari Prasad, J.D. Seelam, S.C. Mishra, K.C. Tyagi, Derrek O'Brien, V. Maitrayan, Ram Gopal Yadav, P. Rajiv, Kalpataru Das and Naresh Gujral.

Insurance Bill May Be Reffered To Select Committee Of Parliament
[Posted by: InsuringIndia News on Wednesday, August 13, 2014 12:00 AM]
The much awaited economic reform bill Insurance Laws (Amendment) Bill-2008, is likely to be sent to the Select Committee of Parliament.

Insurance Laws (Amendment) Bill, which proposes to increase foreign direct investment (FDI) ceiling in insurance market to 49 per cent from 26 per cent, has been caught in a logjam due to the stiff opposition of 9 political parties, including the Congress. They are insisting the BJP-led NDA government to refer it to a Select Committee of the Parliament. And, according to the sources, the government has accepted the demand of the opposition on the condition that the panel finishes its scrutiny in a time-bound manner and, more important, speedily enough for the bill to be presented in the Rajya Sabha at the beginning of the winter session.

The government is confident of getting the bill passed in the Lok Sabha but is wary about the Upper House where the ruling NDA has not necessary numbers.

Interestingly, the bill was first introduced by the Congress-led UPA government in 2008, but could not get passed due the opposition of the BJP. Since the government has made some changes in the original bill, now the Congress wants it to be sent to a Parliamentary Select Committee for threadbare examination of the issue.

PSU General Insurance Cos Begin Hiring
[Posted by: InsuringIndia News on Wednesday, August 13, 2014 12:00 AM]
With a view to keep momentum with business growth and to spread business network to remote areas, four public sector non-life insurance companies have decided to strengthen their workforce.

According to the sources, the four public sector non-life insurance companies - New India Assurance, United India Insurance, National Insurance and Oriental Insurance will recruit about 1,500 officials and 5,000 clerks during this fiscal year.

“As a whole, each of the four State-owned non-life insurance companies will recruit 1,000 officers and 10,000 agents on a yearly basis for the next five years from now on,” Chairperson of the General Insurance Public Sector Association (GIPSA) and New India Assurance CMD Mr. G. Srinivasan said.

Tata AIG Gen Launches 3 New Health Insurance Plans
[Posted by: InsuringIndia News on Tuesday, August 12, 2014 12:00 AM]
Private insurance firm Tata AIG General Insurance Company Limited has recently announced the launch of three new health insurance plans - MediPlus, MediSenior and MediRaksha.

‘MediPlus’ is a smart and affordable top-up health insurance plan, while ‘MediSenior’ is a health insurance plan tailored for senior customers above 61 years of age and ‘MediRaksha’ is a basic medical insurance plan designed to cater the medical needs of residents in the semi-urban and rural locations and for the economically weaker sections of the society.

"With the ever-rising costs of healthcare services and rising inflation, senior citizens are grappling to keep up with basic medical expenses”, said MD & CEO of Tata AIG General Mr. K.K. Mishra.

“These new plans are a comprehensive offering with a unique set of features that distinguishes itself from the existing gamut of health insurance products currently available for all”, he added.

HDFC Life Unveils New Version Of ‘Click2Protect’
[Posted by: InsuringIndia News on Tuesday, August 12, 2014 12:00 AM]
Country’s leading long-term life insurance solutions provider HDFC Life Insurance Company Ltd. (formerly HDFC Standard Life Insurance Company) has recently launched ‘Click2Protect Plus’, an extension of its flagship plan Click2Protect, with some additional features.

Click2Protect Plus is a traditional, non-participating pure term insurance plan. While Click2Protect is an online term insurance policy, this new offering of HDFC Life can be bought through all sales channels.

“The success of Click2Protect can be attributed to its competitive pricing, simple process and convenience in buying, enabling customers to make more informed choice since the customer makes an independent decision and faster turnaround time”, Senior EVP (Marketing, Product, Digital and E-Commerce) Mr. Sanjay Tripathy said.

Its Click2Protect plan has insured over 1.6 lac lives during the period of about two years.

Click2Protect Plus comes with some unique features such as an option to increase sum insured at key milestones during the lifetime. It also provides the customer with an option to secure ones family’s expenses by way of monthly income under Income and Income Plus option along with lump sum payment at the time of the claim based on the needs.

Reliance General Asked To Pay Rs 1lac Compensation For Repudiating A Claim
[Posted by: InsuringIndia News on Monday, August 11, 2014 12:00 AM]
The Thane District Consumer Redressal Forum has ordered the Reliance General Insurance Company, a part of Anil Ambani’s-led Reliance Capital, to pay a compensation amount of Rs 1 lac, besides medical claim of Rs 3 lac to a Bhayander resident Arvind Chhaganlal Jain.

Arvind Chhaganlal Jain, in his complaint to the forum said that he had taken a medical insurance policy of sum insured Rs 3 lac from a private insurance firm Reliance General Insurance in March 2009. Soon after, Jain suffered a cardiac problem and was advised to undergo a bypass surgery. He then sought the insurance amount under the policy. The insurer rejected the claim alleging the policyholder of hiding the disease at the time of taking the policy.

Then, Jain moved to the forum and demanded Rs 3.69 lac with 18 % interest and Rs 50,000 towards compensation and Rs 15,000 as legal expenses.

In its order, the forum president Umesh Jhavalalikar and member N D Kadam directed the insurer Reliance General and the claim settler Medi Assist to pay claim amount of Rs 3 lac to the complainant, besides Rs 1 lac towards compensation.

Insurance Bill May Be Presented In Winter Session Of The Parliament
[Posted by: InsuringIndia News on Friday, August 08, 2014 6:26 PM]
The most awaited and discussed key economic reform bill Insurance Laws (Amendment) Bill-2008 may not be presented in the current session of the Parliament due to the Stiff opposition of 9 political parties, including the Congress.

Both sides seek to negotiate a deal where the government will agree for the bill to be sent to the Select Committee in exchange of an assurance for its passage at the beginning of the winter session.

According to the sources, the BJP-led NDA government has accepted the demand of the opposition for sending the bill to the Select Committee on the condition that the panel finishes its scrutiny in a time-bound manner and, more important, speedily enough for the bill to be brought to the Upper House of the Parliament at the beginning of the winter session of the Parliament.

Interestingly, the Insurance Laws (Amendment) Bill, which proposes to raise FDI (foreign direct investment) cap in insurance sector to 49 per cent from 26 per cent, was first introduced by the Congress-led UPA government in 2008, due to the opposition of the BJP.

Apollo Munich Rolls Out Optima Vital, Optima Super
[Posted by: InsuringIndia News on Thursday, August 07, 2014 6:26 PM]
Apollo Munich, a leading standalone private health insurance company, on Thursday, announced the launch of its two new plans under its Optima series - Optima Vital and Optima Super. Optima series products have been receiving tremendous response since its launch.

As per a company release, Optima Vital is a critical illness plan, which covers 37 critical illnesses against normal industry standards of providing cover for around 7 to 20 of these conditions. Under the plan, customers can seek e-opinion from Apollo Munich's panel doctors, as and when required by them.

Another plan, Optima Super, aims to cater to the need of having a low cost cover while one is employed. It comes with Switch benefit where the policyholders have an option to switch to a full-fledged nil deductible plan without any underwriting or consideration of your current health status at two occasions. It offers a lifelong renewal benefit and an option to avail a single cover for the entire family.

The minimum entry age for the plans is 18 years, and the maximum age at which one can have these plans is 65 years.

Apollo Munich Health Insurance Chief Executive Officer Mr. Antony Jacob said that due to the modern lifestyles and increased stress level Indians are encountering critical illnesses more than ever before. Hence, there is a deep-felt need in the market for a one stop shop plan that covers all the major critical illnesses to help reduce the financial trauma related to critical illnesses.

Govt Considers Bringing Health Insurance Cover For All
[Posted by: InsuringIndia News on Wednesday, August 06, 2014 12:00 AM]
The BJP-led NDA government is mulling to bring affordable health insurance scheme with a view to provide basic minimum health insurance cover to all. In order to achieve the basic health care need, the Union Health Minister Dr. Harsh Vardhan has been working on series of reforms. The government has also announced to open branches of All India Institute of Medical Sciences (AIIMS) in different states and to improve health infrastructure.

The government’s aim is to cover a range of diseases like diabetes, cardiac and cancer with the nominal premium. The rate of the premium for middle class people could be determined on one’s income. But for the poor it would be very nominal.

SBI Life Appoints Arijit Basu As Its New MD & CEO
[Posted by: InsuringIndia News on Wednesday, August 06, 2014 6:24 PM]
Private insurance firm SBI Life Insurance Company has announced the appointment of Mr. Arijit Basu as new Managing Director and Chief Executive Officer of the company. Mr. Basu will succeed Mr. Atanu Sen who retired on July 31, 2014 as the CEO of the SBI Life Insurance Company.

SBI Life’s new MD & CEO has huge experience of over three decades in the banking sector. Mr. Basu started his career with State Bank of India in 1983 as a Probationary Officer (P.O).

Mr. Basu is a graduate in Economics and MA in History. He is also a Certified Associate of the Indian Institute of Bankers.

Before being appointed as MD & CEO of one of the largest private life insurance firm, Mr. Basu has held several key positions in various circles of State Bank of India (SBI), including the bank’s office at Tokyo. Prior to this appointment, his latest assignment was as Chief General Manager of the Delhi Circle.

Speaking about the company’s future course of action, the new MD & CEO said that there is huge potential in the market as millions of people are still uninsured, and the company’s main focus would be to reach them.

SBI Life Insurance Company is a joint venture between the country’s largest public sector lender the State Bank of India and BNP Paribas Assurance, an international insurance firm. The lion’s stake of 74 per cent in the JV is owned by SBI and the remaining 26 per cent is held by BNP Paribas Assurance.

All-Party Meet On Insurance Bill Ends Inconclusively, Will Meet Again
[Posted by: InsuringIndia News on Monday, August 04, 2014 12:00 AM]
All-party meeting on insurance bill today failed to iron out disagreements. The Insurance Laws (Amendment) Bill was supposed to be tabled in Rajya Sabha. However, they agreed to meet again in the next two days to arrive at a consensus on the possible formulation of the legislation.

The meeting was a part of the government initiative to take opposition leaders in Rajya Sabha on board on the key bill.

Finance Minister Mr. Arun Jaitley and Parliamentary Affairs Minister Mr. M. Venkaiah Naidu attended the meeting which took place against the backdrop of nine opposition parties giving a notice to Rajya Sabha Chairman Mr. Hamid Ansari for referring the bill to a Select Committee.

The BJP-led NDA government does not have a majority in the Rajya Sabha and will have to seek the support of other parties to move its first major economic reforms bill for consideration.

In a major boost to the government, the NCP and the BJD have decided to support the bill in the form it was cleared by the Union Cabinet recently.

Biju Janta Dal To Support Insurance Bill
[Posted by: InsuringIndia News on Saturday, August 02, 2014 12:00 AM]
The Biju Janta Dal on Saturday announced to support long awaited Insurance Laws (Amendment) Bill, which proposes to hike FDI (foreign direct investment) limit to 49 per cent from 26 per cent.

Senior BJD leader Mr. Bhartruhari Mahtab said, "We will support Insurance (Amendment) Bill with the new amendments being moved by the Government.”

The party has seven members in the Rajya Sabha where the Bill will be taken up for discussion on Monday.

This announcement of the BJD has cracked the unity of Opposition parties as claimed by the Congress against the Bill.

The BJP floor managers have been reaching out to non-Congress non-Left parties on the Bill. Eleven Opposition parties have demanded that the Bill should be sent to a select committee of the Rajya Sabha.

Employees Unions Oppose 49 % FDI In Insurance
[Posted by: InsuringIndia News on Friday, August 01, 2014 12:00 AM]
The BJP-led NDA Government is receiving extreme criticism from some political parties, insurance employees unions over Insurance Laws (Amendment) Bill since the Union Finance Minister Mr. Arun Jaitely hinted to hike FDI ceiling in insurance in his recent budget speech.

The All India Insurance Employee Association (AIIEA) and The Insurance Corporation Employees’ Union (ICEU) have come strongly against the bill. Alleging the government’s move, AIIEA General Secretary Mr. V. Ramesh said, “Increasing FDI limit in the insurance sector from 26 to 49 per cent is nothing but further liberalising the economy.”

“Interestingly, it was the BJP that kept opposing the bill every time it was tabled in the House. The party opposed the bill for six years in a row. As soon as it came to power, it is holding discussions for the bill’s passage,” he further said.

“Since the US secretary of state Kerry is on a visit to India, it looks like this is what our government is offering him as a gift,” he added.

According to ICEU, increasing FDI limit in insurance sector will hurt the interests of public. It is apprehended that foreign companies will be able to move domestic savings which are infused in the insurance sector by millions of people.

The long awaited Insurance Laws (Amendment) Bill, which proposes to raise FDI (foreign direct investment) cap in insurance to 49 per cent from 26 per cent has been pending in Upper House of the parliament since 2008, due to the opposition of the BJP.


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