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HDFC Life Insurance profit up by 10% in April-December period
20-Jan-2017 (09:40)
GIC Re, 4 other PSU General insurers to be listed soon on bourses
19-Jan-2017 (09:46)
Government gives nod for listing 5 PSU General Insurance companies
18-Jan-2017 (16:55)
ICICI Pru acquires 8.41% stake in Fino Paytech for Rs 100 crore
17-Jan-2017 (17:39)
Edelweiss Tokio Life Insurance launches its new ULIP product 'Wealth Ultima'
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Life insurance companies new business premiums grow by 21%
17-Jan-2017 (09:56)
Insurance regulator IRDAI forms committee to review life insurance product norms
16-Jan-2017 (09:43)
SBI Life Insurance faces extra penalty of 2% over bank rate for violation
13-Jan-2017 (16:26)

In a stark change from the regular rulings for penalty payments on violations, the Insurance Regulatory and Development Authority of India (IRDAI) has asked SBI Life Insurance to pay a refundable amount with an interest rate of 2 percent above the bank rate.

This was in reference to a case where the regulator said that additional payments of administrative expenses were made by the insurer.

IRDAI said that with respect to their group insurance product Super Suraksha, SBI Life has made payments at the rate of 20 percent of single premium towards reimbursement of administrative expenses amounting to Rs 204.71 crore to 14 Group Master Policyholders.

This amount, said the regulator, will be calculated from the expiry of six months from the date of these directions to the date of actual payment.

When the order was passed in October 2012 on the same case, IRDAI had said that the insurer should identify the members/beneficiaries as the case may be of each master policy against which the life insurer has reimbursed the administrative expenses as a percentage of premium. The insurer had also later appealed to the Government of India which had in turn remanded the matter to IRDAI for deciding the case.

Further, the insurer was also asked to distribute the wrongful administrative charges paid, amongst the respective members/beneficiaries of each master policy by way of refund.

As per the new insurance norms, an insurance company can approach the Securities Appellate Tribunal if they are not satisfied with an order of IRDAI.
Inform policyholders 90 days in advance about changes: Irdai
12-Jan-2017 (09:37)
Insurance regulator IRDAI slaps Rs 15 lakh fine on HDFC Standard Life Insurance
11-Jan-2017 (19:21)
Future Generali India Life Insurance partners with Vastu Housing Finance for group credit insurance
10-Jan-2017 (19:14)
Government to push insurance, pension regulators to invest in startups
10-Jan-2017 (09:33)
Indian Accounting Standards: Insurance companies seek clarity on many issues as deadline nears
09-Jan-2017 (09:35)
Reits & InvITs: Sebi for easy entry of insurers, pension funds
07-Jan-2017 (09:40)
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