• About Us
  • Contact Us
Tuesday, February 7, 2023
  • Login
  • Register
B2B Infomedia
No Result
View All Result
  • Home
  • Fintech
    Credit card numbers continue to slip after RBI’s deactivation order

    Digital economy push offers hope for multiple players: Mastercard

    PayU reports over 50% jump in revenue, clocks net profit of Rs 126 crore

    Paytm Payments Bank gets final RBI nod to operate as Bharat Bill Payment Operating Unit

    Indian Bank to hold vostro A/cs of 3 Sri Lankan banks

    Indian Bank expands digital offerings under ‘Project WAVE’ initiative

    India records over 23 billion digital payments worth Rs 38.3 lakh crore in Q3

    Cabinet approves promotional incentives worth Rs 2,600 crore for Rupay debit cards, low value UPI transactions

    RBI response sought on PIL seeking uniform banking code for forex transactions

    Reserve Bank of India puts on hold NUE licensing

    Fresh KYC process can be done through video, says RBI

    Fresh KYC process can be done through video, says RBI

  • BFSI
    Bonds out, Adani Group looks for new ways to refinance ACC, Ambuja M&A loans

    Bonds out, Adani Group looks for new ways to refinance ACC, Ambuja M&A loans

    Our loans to Adani Group are secure: JK Bank

    Standard Chartered stops lending against Adani dollar bonds amid volatility

    Axis Bank enters into revised pact with Max Financial Services for acquiring additional 7% stake in Max Life

    Axis Bank says exposure to Adani Group at 0.94 pc of total loans

    SBI says further financing to Adani projects to be evaluated on merit

    SBI says further financing to Adani projects to be evaluated on merit

    Bank of Baroda says reduced exposure to Adani Group in two years, no concern on asset quality

    Bank of Baroda says reduced exposure to Adani Group in two years, no concern on asset quality

    Our loans to Adani Group are secure: JK Bank

    Our loans to Adani Group are secure: JK Bank

  • Education
    Education ministry sets up panel to strengthen assessment, accreditation of higher educational institutions

    Thousands of orphans will get opportunity to study at DU free of cost: VC

    Increase in SC, ST and OBC students enrolment in higher education institutions: AISHE 2020-21

    Increase in SC, ST and OBC students enrolment in higher education institutions: AISHE 2020-21

    AISHE 2020-21: Enrolment of Muslim students for higher education decreases to 4.6%

    AISHE 2020-21: Enrolment of Muslim students for higher education decreases to 4.6%

    IIM Raipur introduces executive certificate programme for Strategic Chief Marketing officers

    IGNOU launches PG diploma Journalism; course available in three languages

    UPCON and Jadooz to set up edutainment centres called ‘Magic Rooms’ in rural Uttar Pradesh

    School dropout rate declines, gender parity improves: Economic Survey

    Entry of foreign varsities in India will lead to healthy competition: Private Universities’ VCs

    Gender gap in undergraduate programmes widens, gains of last few years lost to pandemic: AISHE Report

  • Enterprise
    Bonds out, Adani Group looks for new ways to refinance ACC, Ambuja M&A loans

    Bonds out, Adani Group looks for new ways to refinance ACC, Ambuja M&A loans

    Our loans to Adani Group are secure: JK Bank

    Standard Chartered stops lending against Adani dollar bonds amid volatility

    Axis Bank enters into revised pact with Max Financial Services for acquiring additional 7% stake in Max Life

    Axis Bank says exposure to Adani Group at 0.94 pc of total loans

    Bank of Baroda says reduced exposure to Adani Group in two years, no concern on asset quality

    Bank of Baroda says reduced exposure to Adani Group in two years, no concern on asset quality

    Our loans to Adani Group are secure: JK Bank

    Our loans to Adani Group are secure: JK Bank

    SBI sees 14%-15% corporate credit growth in FY23

    SBI, BoB say Adani exposure within limits, payments on track

  • Technology
    Web Werks – Iron Mountain JV launches its First Greenfield Data Center in Mumbai

    Web Werks – Iron Mountain JV launches its First Greenfield Data Center in Mumbai

    New Course by IITs: BTech in Computational Engineering

    New Course by IITs: BTech in Computational Engineering

    Niti Aayog’s AIM, CBSE, Intel India collaborate to bring change in education sector

    Niti Aayog’s AIM, CBSE, Intel India collaborate to bring change in education sector

    Indian Bank to hold vostro A/cs of 3 Sri Lankan banks

    Indian Bank expands digital offerings under ‘Project WAVE’ initiative

    India records over 23 billion digital payments worth Rs 38.3 lakh crore in Q3

    Cabinet approves promotional incentives worth Rs 2,600 crore for Rupay debit cards, low value UPI transactions

    Amid layoffs, American tech giants recruit less from IITs in 2022-23 placement season

    Amid layoffs, American tech giants recruit less from IITs in 2022-23 placement season

  • Events
    • Upcoming Events
    • Past Events
  • Home
  • Fintech
    Credit card numbers continue to slip after RBI’s deactivation order

    Digital economy push offers hope for multiple players: Mastercard

    PayU reports over 50% jump in revenue, clocks net profit of Rs 126 crore

    Paytm Payments Bank gets final RBI nod to operate as Bharat Bill Payment Operating Unit

    Indian Bank to hold vostro A/cs of 3 Sri Lankan banks

    Indian Bank expands digital offerings under ‘Project WAVE’ initiative

    India records over 23 billion digital payments worth Rs 38.3 lakh crore in Q3

    Cabinet approves promotional incentives worth Rs 2,600 crore for Rupay debit cards, low value UPI transactions

    RBI response sought on PIL seeking uniform banking code for forex transactions

    Reserve Bank of India puts on hold NUE licensing

    Fresh KYC process can be done through video, says RBI

    Fresh KYC process can be done through video, says RBI

  • BFSI
    Bonds out, Adani Group looks for new ways to refinance ACC, Ambuja M&A loans

    Bonds out, Adani Group looks for new ways to refinance ACC, Ambuja M&A loans

    Our loans to Adani Group are secure: JK Bank

    Standard Chartered stops lending against Adani dollar bonds amid volatility

    Axis Bank enters into revised pact with Max Financial Services for acquiring additional 7% stake in Max Life

    Axis Bank says exposure to Adani Group at 0.94 pc of total loans

    SBI says further financing to Adani projects to be evaluated on merit

    SBI says further financing to Adani projects to be evaluated on merit

    Bank of Baroda says reduced exposure to Adani Group in two years, no concern on asset quality

    Bank of Baroda says reduced exposure to Adani Group in two years, no concern on asset quality

    Our loans to Adani Group are secure: JK Bank

    Our loans to Adani Group are secure: JK Bank

  • Education
    Education ministry sets up panel to strengthen assessment, accreditation of higher educational institutions

    Thousands of orphans will get opportunity to study at DU free of cost: VC

    Increase in SC, ST and OBC students enrolment in higher education institutions: AISHE 2020-21

    Increase in SC, ST and OBC students enrolment in higher education institutions: AISHE 2020-21

    AISHE 2020-21: Enrolment of Muslim students for higher education decreases to 4.6%

    AISHE 2020-21: Enrolment of Muslim students for higher education decreases to 4.6%

    IIM Raipur introduces executive certificate programme for Strategic Chief Marketing officers

    IGNOU launches PG diploma Journalism; course available in three languages

    UPCON and Jadooz to set up edutainment centres called ‘Magic Rooms’ in rural Uttar Pradesh

    School dropout rate declines, gender parity improves: Economic Survey

    Entry of foreign varsities in India will lead to healthy competition: Private Universities’ VCs

    Gender gap in undergraduate programmes widens, gains of last few years lost to pandemic: AISHE Report

  • Enterprise
    Bonds out, Adani Group looks for new ways to refinance ACC, Ambuja M&A loans

    Bonds out, Adani Group looks for new ways to refinance ACC, Ambuja M&A loans

    Our loans to Adani Group are secure: JK Bank

    Standard Chartered stops lending against Adani dollar bonds amid volatility

    Axis Bank enters into revised pact with Max Financial Services for acquiring additional 7% stake in Max Life

    Axis Bank says exposure to Adani Group at 0.94 pc of total loans

    Bank of Baroda says reduced exposure to Adani Group in two years, no concern on asset quality

    Bank of Baroda says reduced exposure to Adani Group in two years, no concern on asset quality

    Our loans to Adani Group are secure: JK Bank

    Our loans to Adani Group are secure: JK Bank

    SBI sees 14%-15% corporate credit growth in FY23

    SBI, BoB say Adani exposure within limits, payments on track

  • Technology
    Web Werks – Iron Mountain JV launches its First Greenfield Data Center in Mumbai

    Web Werks – Iron Mountain JV launches its First Greenfield Data Center in Mumbai

    New Course by IITs: BTech in Computational Engineering

    New Course by IITs: BTech in Computational Engineering

    Niti Aayog’s AIM, CBSE, Intel India collaborate to bring change in education sector

    Niti Aayog’s AIM, CBSE, Intel India collaborate to bring change in education sector

    Indian Bank to hold vostro A/cs of 3 Sri Lankan banks

    Indian Bank expands digital offerings under ‘Project WAVE’ initiative

    India records over 23 billion digital payments worth Rs 38.3 lakh crore in Q3

    Cabinet approves promotional incentives worth Rs 2,600 crore for Rupay debit cards, low value UPI transactions

    Amid layoffs, American tech giants recruit less from IITs in 2022-23 placement season

    Amid layoffs, American tech giants recruit less from IITs in 2022-23 placement season

  • Events
    • Upcoming Events
    • Past Events
No Result
View All Result
B2B Infomedia
No Result
View All Result
Home BFSI

LIC may look at composite licence after passage of Insurance Laws (Amendment) Bill

The proposed amendments suggest that the minimum paid up capital be specified by the Insurance Regulatory and Development Authority of India (IRDAI) considering the size and scale of operations, class or sub-class of insurance business and the category or type of insurer. Currently, solvency ratio is pegged at 150 per cent while paid up capital is Rs 100 crore as per the existing law.

Prashant Dwivedi by Prashant Dwivedi
December 26, 2022
in BFSI
A A
0
LIC increases stake in Capri Global to 9%, buying 2% more at Rs 257 crore
0
SHARES
1
VIEWS
Share on FacebookShare on Twitter

The country’s largest insurer LIC may take a call on composite licence clause after the passage of Insurance Laws (Amendment) Bill in Parliament, sources said. As per the proposed Bill, an applicant may apply for registration of one or more classes/sub-classes of insurance business of any category or type of insurer.

However, reinsurers are prohibited from seeking registration of any other class of insurance business. A composite licence will allow insurers to undertake general and health insurance via a single entity.

Sources said LIC would take a call on composite licence and other issues emanating out of passage of the Bill in a comprehensive manner taking into consideration Life Insurance Corporation Act, 1956.

The Bill, with proposed amendments to the Insurance Act 1938 and Insurance Regulatory and Development Authority Act, 1999, is expected to be tabled in Parliament in the upcoming Budget session starting next month, sources said.

If the proposal for composite insurance registration is passed, there would be change in solvency margin and capital requirement for these companies.

The proposed amendments suggest that the minimum paid up capital be specified by the Insurance Regulatory and Development Authority of India (IRDAI) considering the size and scale of operations, class or sub-class of insurance business and the category or type of insurer. Currently, solvency ratio is pegged at 150 per cent while paid up capital is Rs 100 crore as per the existing law.

The finance ministry has recently circulated for wider consultation the amendment in insurance law, including reduction in minimum capital requirement, with a view to enhancing insurance penetration, improve0 efficiency, and enable product innovation and diversification.

Insurance penetration in India during 2021-22 was 4.2 per cent, remaining same as in 2020-21. Insurance density in India increased from USD 78 in 2020-21 to USD 91 in 2021-22. The level of insurance density has reported consistent increase from USD 11.5 in 2001-02 to USD 64.4 in the year 2010-11.

The proposed amendments primarily focus on enhancing the promoting policyholders’ interests, improving returns to the policyholders, facilitating entry of more players in insurance market leading to economic growth and employment generation, enhancing efficiencies of the insurance industry – operational as well as financial and enabling ease of doing business.

Presently, there are 24 life insurance companies and 31 non-life or general insurance firms, including specialised players like the Agriculture Insurance Company of India Ltd and ECGC Ltd. Last year, the government brought an amendment in the Insurance Act to allow increasing foreign holding in insurers from 49 per cent to 74 per cent.

Besides, Parliament passed the General Insurance Business (Nationalisation) Amendment Bill, 2021, allowing the central government to pare stake to less than 51 per cent of the equity capital in a specified insurer, paving the way for privatisation.

In 2015, the Insurance Act was amended for raising the foreign investment cap from 26 per cent to 49 per cent. All these amendments since privatisation of the insurance sector have led to exponential growth.

0Like
0Dislike
50% LikesVS
50% Dislikes
Source: Economic Times
Tags: bfsiInsurance LawLICLicence
Previous Post

Credit card spends fall for the first time in six months

Next Post

Byju’s to stop selling tuition to lower-income families, start ‘affordability checks’: report

Prashant Dwivedi

Prashant Dwivedi

Related Posts

Bonds out, Adani Group looks for new ways to refinance ACC, Ambuja M&A loans
BFSI

Bonds out, Adani Group looks for new ways to refinance ACC, Ambuja M&A loans

February 6, 2023
Our loans to Adani Group are secure: JK Bank
BFSI

Standard Chartered stops lending against Adani dollar bonds amid volatility

February 6, 2023
Axis Bank enters into revised pact with Max Financial Services for acquiring additional 7% stake in Max Life
BFSI

Axis Bank says exposure to Adani Group at 0.94 pc of total loans

February 6, 2023
Next Post
Byju’s finalising IPO valuing tutoring unit at up to $4 billion

Byju’s to stop selling tuition to lower-income families, start ‘affordability checks’: report

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

14th NBFC & FINTECH CONCLAVE & AWARDS 2023
Subscribe to our Newsletter
johnsmith@example.com

Recent News

Bonds out, Adani Group looks for new ways to refinance ACC, Ambuja M&A loans

Bonds out, Adani Group looks for new ways to refinance ACC, Ambuja M&A loans

February 6, 2023
Education ministry sets up panel to strengthen assessment, accreditation of higher educational institutions

Thousands of orphans will get opportunity to study at DU free of cost: VC

February 6, 2023
Our loans to Adani Group are secure: JK Bank

Standard Chartered stops lending against Adani dollar bonds amid volatility

February 6, 2023
Axis Bank enters into revised pact with Max Financial Services for acquiring additional 7% stake in Max Life

Axis Bank says exposure to Adani Group at 0.94 pc of total loans

February 6, 2023
B2B Infomedia

Be To Be Infomedia Pvt. Ltd. represents the inovative platfrom to the clients and widely recognised as one of the ponier networking platfrom with the team of young, creative, dynamic & dedicated professionals.

Quick Links

  • Home
  • About Us
  • Contact Us
  • Privacy Policy
  • Refund Policy
  • Terms and Conditions

All News

  • BFSI
  • Edtech
  • Education
  • Enterprise
  • Financial Inclusion
  • Fintech
  • Pharma
  • Startup
  • Technology
Subscribe to our Newsletter
johnsmith@example.com
  • About Us
  • Contact Us

© 2022 b2binfomedia - Designed & Maintain by hscreativehub.com.

No Result
View All Result
  • Home
  • About Us
  • Upcoming Events
  • Fintech
  • BFSI
  • Education
  • Technology
  • Startup
  • Enterprise
  • Pharma
  • Contact Us
  • Login
  • Sign Up

© 2022 b2binfomedia - Designed & Maintain by hscreativehub.com.

Welcome Back!

Sign In with Google
OR

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Sign Up with Google
OR

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In