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ICICI Pru Life Insurance, open to acquisition
17-Apr-2018 (10:02)
Insurers set fresh terms for 'liability insurance' for bank boards' directors
16-Apr-2018 (15:02)

Insurance companies that sell liability insurance have begun to reprice the costs of cover they offer to directors on bank boards.

Market leaders in this line of business - New India Assurance and Tata AIG - have begun to reassess the premium on risk exposure of their portfolio in the director's and officer's (D&O) liability business.

"The rules are simple. If there is a claim, our policies are locked in for payout for years, so it is better to renegotiate now," said a top source in the non-life insurance sector.

Insurers are in a hurry because as in the health and fire businesses, premiums have been reduced to a minimum. Most of the listed banks buy insurance policies to cover the action of their directors on the boards against any claims, whether of shareholders or customers or even other stakeholders.

"ICICI Bank and HDFC Bank, which are listed abroad, have D&O policies that would be valued at $100 million," said a senior executive of a company that sells liability insurance. But other banks too have signed on to these policies. Insurance companies do not divulge the client-wise premium they have booked, but sources say the combined exposure of these banks could be close to Rs 1 billion.

The risks for non-life insurance companies have risen sharply because of the non-performing asset crisis. Insurance companies, through D&O policies, offer cover to firms against claims made by shareholders, customers or any other stakeholders for supposed losses suffered by them because of the actions of the boards of companies. This includes the money to pay for legal action to defend board members against class action suits that may be filed by investors.

ICICI Bank Chief Executive Officer (CEO) Chanda Kochhar is in the middle of a controversy over her role in sanctioning a Rs 32.5-billion loan to Videocon. The company, in turn, had allegedly invested in NuPower, run by her husband, Deepak Kochhar, in 2010. He has come under the scanner of the Central Bureau of Investigation, which is investigating allegations of a quid pro quo. In unrelated developments, Axis Bank CEO Shikha Sharma, who had been given an extension of her term by the bank's board, has been asked by the Reserve Bank of India (RBI) to step down. And, public sector Punjab National Bank has been buffeted by controversies on whether its board should have been more vigilant in monitoring its human resource as mandated by the RBI.
Indian Life Insurers partner with Cognizant to develop Industry-wide Blockchain solution
16-Apr-2018 (14:43)
Listed private insurance companies offer better gains than state-led ones
16-Apr-2018 (10:15)
IndiaFirst Life Insurance sees 43% jump in APE over last year
12-Apr-2018 (20:18)
Non-life insurers' premiums grow 17 percent in FY18
12-Apr-2018 (17:05)
PSU general insurance companies form committee for initiating mergers
05-Apr-2018 (19:28)
SBI Life Insurance appoints Sanjeev Nautiyal as new MD & CEO
03-Apr-2018 (11:24)
HDFC Life Insurance joins Rs 1-trillion market cap league
03-Apr-2018 (10:21)
Insurance companies create policies to protect IRPs
02-Apr-2018 (10:57)
Life Insurance Corp trims stake in Sterlite Technologies by 2% to 3.3%
02-Apr-2018 (09:59)
'Insurance blockchain' to ease consumers' burden
31-Mar-2018 (09:57)
Irdai fixes motor third-party insurance premiums for FY19
30-Mar-2018 (09:47)
GST Council decides to exempt 24 insurance schemes for reinsurance
29-Mar-2018 (17:07)
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