Friday, July 31, 2009
To enable selling of shares of LIC,
increase capital & bring LIC into IRDA purview
Bill introduced todayin Rajyasabha
LIC employees go on 2 Hr walk out strike on 4.8.2009 Tuesday
Go with them, explain the public
about govt's ill-conceived move
Like previous day
yesterday also Sensex -43 pts.
But all our NAVs are grown.
Not even a single NAV got de-growth!
That is the power of LIC!
Do U remeber my yesterday's prediction?
Though sensex is -ve, all NAVs of LIC are grown or stable.
Not even a single NAV got de-growth!
It ha s be e n de cide d to m a nda te the re quire m e nt o f P AN o n a ll high va lue insura nce
All Insure rs a re the re fo re a dvise d to co lle ct P AN fro m a ll pe rso ns purcha sing
insura nce pro ducts whe re the co ntra cte d a nnua l pre m ium pa ya ble o n the insura nce
po licie s, pe r po licy ba sis, e x ce e ds R s. 1.00 la k h.
T his circula r co m e s into fo rce with im m e dia te e ffe ct. All Insure rs a re a dvise d to
co m ply with the dire ctio ns issue d in this circula r unde r co nfirm a tio n to the Autho rity
no t la te r tha n 01.08.2009.
Monday, July 27, 2009
passed soon: IRDA
Category » Business Posted On Friday, July 24, 2009
New Delhi July 24:
The insurance industry expects the Insurance Bill, which has already been tabled in the Rajya
Sabha and is currently pending with the Standing Committee on Finance, to be passed soon,
Insurance Regulatory and Development Authority Chairman J Hari Narayan said. ''The
Insurance Bill has been placed in Parliament and it has been referred to the Standing
Committee...we are looking forward that the Bill will be considered by the
Committee...Sooner than later, the Bill will be passed that is what the industry is hoping,'' he
said on the sidelines of 'National Summit on Indian Insurance Induatry, 2009,' organised by
Mr Narayan said, ''the matter is before Parliament which is a supreme body, so I can't
comment on the timeframe''. Talking about the recent capping on overall charges, which the
life insurance firms can levy on customers of their Unit Linked Insurance Policies (ULIPs), he
said the move will enable companies to become more efficient as well as benefit the
customers. ULIPs are the products, which could be invested in equity markets, and
investments in them are subject to market risk.
For insurance contracts, which have a tenor of less than or equal to 10 years duration, the
difference between gross and net yields shall not exceed 300 basis points, of which fund
management charges shall not exceed 150 basis points. For other contracts of above 10-year
period, the difference between gross and net yields shall not exceed 225 basis points, of
which the fund management charges shall not exceed 125 basis points, according to the new
Saturday, July 25, 2009
‘IRDA gave unauthorised benefits to members’
NEW DELHI, 24 JULY: Insurance regulator IRDA has been pulled up by the Comptroller and Auditor General for allegedly giving unauthorised benefits to its over Rs 25 lakh members.
“Insurance Regulatory Authority (IRDA) spent Rs 25.38 lakh on unauthorised benefits to its members during March 2004-June 2008,” the CAG said in its report tabled in Parliament today.
The auditor said in March 2008 it was found that the IRDA provided facilities such as payment of actuarial allowance at Rs 10,000-65,000 per month, club membership, besides providing treadmills and inverters at the residence of the members.
The facilities provided was in “contravention to the rules”, CAG said.
The auditor had also asked the finance ministry to direct the IRDA to withdraw the benefits given to the members and recover Rs 25.38 lakh paid to them or spent on them.
However, the insurance regulator said in March last year that the inverters were provided due to frequent power cuts and treadmills were provided at the residences due to paucity of space in the office gymnasium. ; PTI
Friday, July 24, 2009
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Wish you all the Best!
Thursday, July 23, 2009
stake in Tata Steel to 12.10 per cent af ter purchasing shares
worth Rs 573.40 crore, through an open market transaction.
LIC has bought 1,54,48,085 shares, representing 2.114 per
cent in the company , f or Rs 573.40 crore, Tata Steel said in a
disclosure on the Bombay Stock Exchange.
Prior to the purchase, LIC held 9.89 per cent, while now it
holds 12.1 per cent stake or 8,84,09,445 shares of Tata Steel.
Shares of Tata Steel today closed at Rs 414.75 on the BSE,
up 4.13 per cent f rom prev ious f iscal.