Chennai, June 23 (IANS) The long pending wage revision talks between the General Insurers' (Public Sector) Association of India (GIPSA) and the various employee unions have begun in a bad taste. The talks were held on Wednesday. The GIPSA, the lobby body for the four government owned multiline non-life insurers and the General Insurance Corporation of India (GIC Re) made their offer that was expected to be rejected and the unions rejected the same. The wage revision for the public sector general insurance employees was due from August 1, 2017. "The GIPSA offered seven per cent hike on the wage bill (without any wage arrears from 2017) or five per cent wage hike with two per cent of arrears...
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The Indian market snapped six days of gaining streak on Monday amid positive global cues. Sensex climbed 237 points to settle at 51,597 and Nifty gained 56 points to close at 15,350. HDFC, HUL, UltraTech Cement, Asian Paints, and HDFC Bank were the top Sensex gainers, rising up to 3.97 per cent. Tata Steel, IndusInd Bank, NTPC and RIL were among the top Sensex losers, falling up to 5.03 per cent in the previous session. Here's look at stocks that are likely to remain in news today. Reliance Industries: The Securities and Exchange Board of India (SEBI) has imposed a monetary penalty of Rs 30 lakh on Reliance Industries and its compliance officers - Savithri Parekh and K Sethuraman - for...
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Reliance, LIC, Bharti Airtel, Future Retail, Wipro, Asian Paints, IDBI Bank stocks in focus on 15 June 2022 Domestic equity market benchmarks BSE Sensex and NSE Nifty 50 were staring at a tepid start on Wednesday, a day before weekly F&O expiry, as suggested by trends on SGX Nifty. Nifty futures were ruling 19 points or 0.12 per cent down at 15,703 on Singaporean Exchange. Currently, BSE Sensex sits at 52,693, down 153 points or 0.29% while the NSE Nifty 50 was at 15,732 shedding 43 points or 0.27%. “The US FED outcome along with its commentary on Wednesday would set the tone for the near term market direction. High inflationary environment around the globe, fresh curbs in China...
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Happy with the winds of change, the sector wants more relaxation. The Insurance Regulatory and Development Authority of India (IRDAI) under its new Chairman Debasish Panda has been reviewing various sectoral regulations and is the process of relaxing many of them. The IRDAI has slashed the number of offline returns submitted by the life insurers to four from 40 and the online returns to five from eight. Further the regulator has extended the 'Use and File' procedure for most of the life insurance products. "The announcement has empowered insurers since the entire process of product approval and launch has been simplified, thereby addressing a key challenge faced by insurers. While the move...
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Canara HSBC Oriental Bank of Commerce Life Insurance on Wednesday rebranded and renamed itself as Canara HSBC Life Insurance and launched its first brand campaign #PromisesKaPartner aligned to its new positioning - ‘Powering India to re-imagine their dreams and aspirations’. Continuing with the legacy and the new brand identity, Canara HSBC Life Insurance will continue its transformational journey by bringing more thrust on customer touch points and introduce host of innovative products and digitally enabled services. The Company’s new brand identity and its positioning embodies the promise to its customers that the Company stay true to its commitment and secure the lives of individuals and...
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COVID-19 has led to increased awareness among people about insurance. This is the reason health and life insurance policies have seen a steep surge since the onset of the pandemic. There is, however, one more category that has shown a sharp increase over the last few years. Given the lingering fear of another wave of COVID-19, more people are now buying travel insurance policies than before. According to Go Digit General Insurance, all travel insurance products between April 2019 and March 2022, revealed a spike in demand for travel policies in FY21-22 compared to pre-COVID levels in FY19-20. The study also captures how trends moved during the first four months of the current calendar year...
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Life Insurance plans can be launched without prior approval now. How will it impact the insurance sector? The Insurance Regulatory and Development Authority of India (IRDAI) recently said that life insurance companies can now launch their products without prior approval. The announcement came just a few days after the regulator permitted General and health insurance companies to “Use and File”, i.e. launch the product first and then file it with the regulator. “In its continuous endeavor towards the reform agenda taken up towards having a fully insured India, Insurance Regulatory and Development Authority of India (IRDAI) has extended the ‘Use and File’ procedure for most of the Life...
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Piramal offers to reduce stakes in competing insurance firms Piramal Group, a serious contender to acquire debt-laden Reliance Capital ’s (RCap) assets, is willing to reduce its stake in competing insurance firms to comply with the country’s insurance sector regulations. The group has already informed the same to the Insurance Regulatory Authority of India (IRDAI), which had earlier raised concerns over its holding in two insurance companies. “The group has replied to IRDA’s earlier letter, expressing its willingness to bring down the stake within the given time frame. This needs to be adhered to only if Piramal Group is emerging as the winner. The group, which is serious in its bid, will...
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Reliance Nippon Life Insurance for NRIs (Non-Resident Indians) Reliance Nippon Life Insurance is a leading insurance company and an integral part of Reliance Capital. The company offers a variety of life insurance plans for NRIs. With Reliance Nippon Life Insurance for NRIs, Indians living abroad can get protection and meet their financial goals. Reliance Nippon Life Insurance offers protection, savings and investment plans for NRI customers. Reliance Nippon Life Insurance plans for NRIs Reliance Nippon Life offers a host of life insurance plans for NRIs to cater to the insurance requirements of an individual as well as a group. NRIs can meet their insurance requirements with a range of...
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Reliance Capital bid submission date may be extended © Provided by The Financial Express “The CoC is looking into it and they would probably provide an extension till August 10,” one of the sources added. The deadline to submit resolution plans for the beleaguered Reliance Capital (RCap) is likely to be extended to August 10, after potential bidders sought more time to submit their bids. A poor response, with just three active bidders in the fray, is another reason. Two prospective bidders, Piramal Enterprise and IndusInd Bank, have sought extension of the deadline as they needed more time to complete the due diligence procedures. This is due to “insufficient data” to conduct...
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