Irda
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IRDA slaps Rs 1 cr fine on Cholamandalam MS General Insurance; penalty to be paid within 15 days
Fp Staff •Cholamandalam MS General Insurance has to pay the penalty amount of Rs 1 crore within 15 days of receiving the order, according to news reports
Public listing of Life Insurance Corporation of India on cards; dilution to happen with sale of small tranche, says report
Fp Staff •The process is in the early stage and has been discussed within the government, sources were quoted as saying in media reports
Govt mulls merger of state-owned general insurance companies with New India Assurance to create synergy
•The idea is to fast track stake sale in the public sector general insurance companies, which has been pending for the past two years, sources said
Govt plans to merge all four state-run insurers to form single, mega entity under New India Assurance Co
Fp Staff •The government is reportedly planning to form a single, mega entity by merging all four state-run insurers - New India, Oriental National, United India and New India Assurance
ESI contribution rate cut a step in right direction, but quality of services at hospitals leaves a lot to be desired
Muralidharan •With this reduction, the employers’ contribution to the ESI Act has been reduced to 3.25% from 4.75% and the employees’ contribution has been reduced to 0.75 percent from 1.75%.
IL&FS should be allowed to fail than forcing a LIC-sponsored bail-out; time to stop gambling with policyholders' money
Dinesh Unnikrishnan123 •IL&FS should be allowed to fail than forcing a LIC-sponsored bail-out
IDBI Bank board seeks government approval for majority stake sale of 51% to LIC
•IDBI, which has the worst asset quality among all the banks with a 28 percent bad loan pile, said it has received a letter from LIC on Monday expressing interest to increase its holding to 51 percent through preferential allotment of shares or an open offer or a combination of both.
Insurance regulator IRDA permits LIC to pick up to 51 percent stake in debt-ridden IDBI Bank
•LIC has been looking to enter the banking space by acquiring a stake in IDBI Bank as the deal is expected to provide business synergies
Ex-bureaucrat Subhash Chandra Khuntia to head insurance regulator IRDAI for three-years, succeeds TS Vijayan
•Former IAS officer Subhash Chandra Khuntia was on Tuesday appointed as the new Chairman of Insurance Regulatory Development Authority of India (IRDAI)
PNB fraud: RBI had no clue on Rs 11,400 cr scam for seven long years; can a super regulator do the job?
Dinesh Unnikrishnan123 •The PNB fraud highlighted a larger systemic problem raising questions about the effectiveness of regulatory framework followed by Indian banking system, risk management practices and vulnerability of Indian banks to fraudulent transactions that extends across the border